What You Should Know About Pet Insurance

It is amazing what veterinarians can do today these days – it’s really people medicine for pets. And like people medicine, the price tag for some of these procedures can be staggering.

Maybe you should consider pet insurance?

Jessica Anderson, a columnist at Kiplinger’s Personal Finance, looked into the pros and cons of buying pet insurance.

“The average policy costs about $30 to $35 a month,” she said. “The more expensive the policy, the more it’s going to cover.”

About a dozen companies sell pet insurance and there are all sorts of plans to choose from. For example, you can get accident-only protection or comprehensive coverage that may include wellness care.

Note: Consumer experts tell me it probably doesn’t make a lot of sense to pay extra for coverage for routine care. You want insurance to help you with those really big bills.

With most pet insurance companies you file a claim and get a percentage back — typically 80 to 90 percent — on covered procedures.

One company, VPI, the oldest pet insurance company in the country, uses a benefit schedule, so there’s a ceiling on what they’ll pay for any procedure.

“The upside is that premiums tend to be less expensive, and you know exactly what you will receive. The downside is that in more-expensive areas of the country, the schedule may not reflect what you’ll be charged,” Anderson explained.

It can be a challenge to compare which is why Kiplinger’s recommends going to a site called petreview.com.

Remember, there’s typically a waiting period and these policies never cover pre-existing conditions.

Reprinted from KomoNews.com