If you’re considering pet insurance for your dog, it’s important to understand the coverage terms such as “deductible,” “reimbursement rate” and “annual maximum.” Understanding these terms can help you compare quotes from providers and choose the right plan for your pup.
Deductibles are the amount you pay out of pocket before your pet insurance company begins to reimburse for a covered claim. Some companies use an annual deductible, while others apply the deductible per incident type. For example, if your dog gets into a fight with another animal and needs stitches, the veterinarian will likely bill you for the cost of the surgery plus any additional hospitalization costs that may be incurred.
The reimbursement rate is the percentage of your vet bills that your pet insurance company will cover. Different plans offer a variety of reimbursement rates, ranging from 80% to 90%. Generally speaking, higher reimbursement rates mean lower premiums, while lower reimbursement rates typically lead to higher premiums.
Pet insurance companies also set annual maximums, the highest amount they will reimburse for any given condition or treatment. These limits help protect pets and their owners from unexpected expenses.
While setting a budget for your pet is important, keep in mind that most health conditions aren’t predictable. That’s why it’s important to choose a provider that offers flexible coverage options. For example, Embrace allows you to choose the deductible and reimbursement rate that’s best for your dog. It also doesn’t limit you to a network of vets, making it easy to get care when your pet is sick or injured — even while traveling or stationed abroad.
Figo offers three different accident and illness plans, including hereditary disease coverage. This is a valuable feature to consider, especially if your dog is predisposed to hereditary diseases like hip dysplasia.
The company also has one of the fastest turnaround times for claims, averaging only two days. This minimizes the stress of waiting to receive reimbursement and can make a big difference in your financial situation.
When shopping for pet insurance, be sure to consider the age and location of your dog. Younger pets tend to be cheaper because they have less health issues in their early years. However, some pet insurance companies will charge an extra monthly fee for older pets because of their increased risk. This extra charge is called a surcharge and can add up over time. Also, some locations have higher pet insurance costs than others because of the cost of care in those areas. Lastly, make sure you’re comparing the same coverage limits when obtaining quotes from different providers. pet insurance for dog