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What can you do if your pet has a serious illness or accident? Veterinarian medical technology has paralleled that of human
medical technology in terms of increasing sophistication over the past 10 years. But how can you pay the bills? It's no cheaper
for your dog to get medical treatment than it is for you.
Pet insurance may be a good option for you. It became available in the
United States in 1982, and it has been a bumpy road since then. About 30 different pet insurers have come and gone between 1982 and the present. Currently,
10 companies are offering this coverage in the US and an additional 3 companies operating in Canada. There are even more serving the European market.
Consumer experience with companies' claim departments range from fair to pretty good. Those that have
ranked the carriers suggest that these three companies are highly regarded by their customers - Embrace, PetPlan US, and Petfirst Healthcare.
At the other end of the satisfaction scale are Pet Pratners (AKC), VPI, and Hartville/ASPCA.
You can read reviews on the various companies by visiting this website:
http://www.petinsurancereviews.com. Whether or not they are completely unbiased, we cannot say.
Even though we are a nation of animal lovers, pet insurance hasn't caught on in a big way here. According to the most
recent statistics only about one percent of pet owners in the United States insure their animals, compared to about 19
percent in England and 49 percent in Sweden. But given the advances in medical technology, including everything from
magnetic-resonance imaging scans (MRIs) to bone-grafts and advanced cancer treatments that are now available for dogs,
it's worth looking into -- especially in case of catastrophic accident or illness.
How Does It Work?
Pet insurance works a lot like people insurance does. There are traditional Blue Cross/Blue Shield-type plans where you pick the
veterinarian of your choice for services, pet HMOs and even discount clubs, where, for an annual fee, you get a discount on
veterinarian services, animal health, and grooming products.
Unfortunately, like people insurance, most pet insurance policies involve
a lot of fine print, including coverage levels, waiting periods for policies
to take effect, exclusions, deductibles, payout caps per incident, per year
and per ailment, and extremely limited coverage for older dogs, so do your
homework before you buy. Ask your veterinarian. He or she may offer a locally-based
discount plan for pets, which might be better for you than one of the bigger
plans, depending on both your financial situation and the kind of dog you own.
Watch Out For Pre-Existing Conditions Frequently, congenital and hereditary illnesses, as well as pre-existing conditions,
are not covered by pet insurance. So if you have a large dog and it develops
hip dysplasia, you might be out of luck. Talk to several companies before you
buy. Some will insure shar-peis, which are notorious for hereditary problems,
with accident-only coverage. Sometimes a 20 percent surcharge is added for
large-breed dogs. Ask about their pre-existing conditions, as there are some
questions as to what constitutes a pre-existing condition.
Make sure you find
out what
the waiting period is for your pet's insurance coverage. Also, ask if a telephone
call to a vet before the policy takes effect would count as a diagnosis.
Nearly all companies' premiums are based on your dog's age, and some policies
will
insure dogs for accident-only coverage after they reach the age of 8 or
10 years. Find out before you buy. Elderly dogs are far more likely to be stricken
by cancer than young ones, and this is one situation where insurance can
make the difference between life and death for your pet.
Some Other Questions to Ask
Will the insurer cover routine wellness care, such as inoculations against
distemper, rabies and other diseases? What about testing and treatment
for heartworms? Dental and eye care? Does the policy cover neutering
or spaying costs? Cesearean sections? Nail trimming and grooming? Flea and
tick control? Does it pay for prescriptions?
Some insurance companies
will do these things, but only if you add on a "wellness rider" to your existing
policy. The cost for this additional protection generally runs about
$100 per year.
What are the deductible levels on the policy? Is there a lifetime
limit on payouts? What are the annual caps on payment? What are the
caps for specific illnesses and specific incidents? For example, if the
vet charges $1,000 for mending Rover's broken leg, and the insurer's cap
on
bone fractures is $500, you'll have to pay that extra $500 out of
your own pocket.
Can you pay for the policy on a monthly basis? Will you
get a discount for insuring extra pets? Are you limited to the insurer's
choice
of veterinarians, or can you choose your own? How long does it
take, on average, for a claim to be processed?
Costs for Traditional Plans
Let's look at two of the larger U.S. traditional-style insurance plans -- where
you go to the veterinarian of your choice -- available in most states, VPI
and
Ohio-based Petshealth Insurance Co. Each offers three levels of insurance coverage
for your dog. The first, called Basic by Petshealth and Gold by VPI, includes
coverage for accident, illness, non-elective surgery and hospitalization,
less deductible. Depending on the age and sometimes the size of your dog,
VPI charges
USD $101 - $146 for this plan; PetsHealth charges $120 - $144. The
mid-range plans, called Value by PetsHealth and Advantage PLUS by VPI, cost
$230 -$276
and $171
- $251, respectively.
The mid-range plans offer some preventive health
care screening services like testing for heartworms, as well as basic accident
and illness coverage. PetsHealth has a top-level plan called Choice, costing
from
$362 - $434. VPI has a wellness rider that can be added on to either
of its
other plans for $99.
Both PetsHealth Choice plan and VPI's wellness rider
offer more in the way of coverage for routine veterinary services, such
as inoculations,
testing and treatment for heartworms, discounts for flea control and
the like. Deductible levels may also vary depending on the plan you choose.
HMOs for Dogs?
What if you want to insure your pet, but the breed is known to have congenital
or hereditary problems? Pet Assure isn't exactly an HMO, but it offers
its members discounts on all veterinary bills and services as well as on
many pet health and grooming products, even if the condition your dog is
being treated for is hereditary or pre-existing.
The membership fees for
these plans are fairly modest, running about $100 per year, with discounts
usually averaging 25 percent for veterinarian visits and treatments.
The only catch is that you can only go to a veterinarian who is involved in
the program, the equivalent of a "preferred provider physician." And there
may not be one in your area. But depending on your finances and the type
of dog you have, one of these plans may be worth checking out. Maybe your
local veterinarian has this kind of plan in place. Ask.
Is Pet Insurance Right For You?
Pet health insurance has its problems, but is well worth looking into for most dog owners.
In cases of catastrophic accident and illness, it can and has been a lifesaver for pets without
draining the owners financially, or forcing them to make a decision to have a pet put down because
they couldn't afford its medical treatment. But be an intelligent consumer, and check out all your options before you buy.
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