Veterinary pet insurance can be an effective way for pet owners to manage the rising costs of a pet's healthcare costs. Since 2002, the cost of caring for our pets has more than doubled in America. Luckily, this increase in cost has also been accompanied by advances in the quality of pet healthcare. While veterinary pet insurance has many benefits, there are also many things you should keep in mind when evaluating the multiple policies.
There are two primary types of veterinary pet insurance policies. The first type of policy is lifetime. The second type of policy is non-lifetime. Lifetime pet insurance policies cover pet conditions throughout a pet's lifetime such that a pet health condition discovered in the first year of coverage will be covered in the second year upon renewal of the pet insurance policy. Non-lifetime pet insurance policies typically only cover a pet condition during the first year it is diagnosed by a veterinarian but will exclude veterinarian costs during the second year of coverage.
Both types of polices typically have a deductible, co-pay amount and limits to the amount of coverage similar to human health insurance. Many policies will also have exclusions to coverage for preexisting conditions and certain breeds. Most policies will also require you to use a veterinary in their network. Dogs and cats typically become eligible for coverage once they are eight weeks old.
Some policies will cover preventive care and/or elective procedures like neutering. These types of services are becoming more common to be covered. In addition, some policies will cover death, loss and/or theft, while other veterinary policies will not. Due to these differentiators, it is important to review the policies in detail to make sure you are choosing the right policy for both your pet and personal financial situation.