It is true most pet owners across the country may want to take pet insurance for their pets but are always confused whether or not it is a good move. It should be mentioned there are about 400 million pets in the United States alone. Sadly, only a tiny percentage of these are covered by pet insurance. This is partially attributed to the fact that many pet owners lack clarity on how pet insurance works with so much myth surrounding it. Here is an in-depth look into pet insurance, how it works and why you could be doing yourself and your pet a great disservice for not having one.
For starters, do you know what pet insurance is in the first place? As the name may suggest, this is a policy that a pet owner purchases to help lessen the costs of veterinary services. It is similar to the human health insurance policy that you take for yourself and your family and provides full or partial coverage when your pet visits the vet. The other important point to note is the fact that pet insurance has more or less the same features as human health insurance. For starters, there is the deductible amount which your policy allows you to pay from your pocket to complement what the insurance covers. For some owners, the best deductible is per incident, and to others, an annual deductible makes more sense.
The other notable feature of pet insurance is co-pay which represents the amount you will be expected to pay once you have met the minimum deductible amount. Once the set co-pay is paid, you will then have the remaining amount paid by the insurer. The next notable feature of pet insurance is known as maximum payout which covers how much money the service provider is willing to reimburse you as the policy owner. And then there are premiums which basically refer to the amount you will be expected to pay either annually or on a monthly basis based on how you agree with your insurer. The payable premiums of your policy will be determined by a lot of things top among them your medical cover, co-pay amount, and type of pet among many other aspects. The same way you would when taking your health insurance, it is highly recommended that you do a thorough pet insurance comparison. At the very least, you will decide on the most appropriate based on what is and is not covered by the pet insurance policy that you are willing to take.