Your fur babies deserve nothing but the best, whether that includes their food, toys, home, or bed. Something many pet owners don’t think of, however, is how to get their little companions the best he...
Insurance
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4 min read
Your fur babies deserve nothing but the best, whether that includes their food, toys, home, or bed. Something many pet owners don’t think of, however, is how to get their little companions the best healthcare. While regular vet visits are part of keeping your pet healthy, unexpected accidents, illnesses, or medical emergencies can occur at any time, leading to hefty bills you may struggle to afford.
This is where pet insurance comes in — helping you ensure your furry friend is getting the care they need without breaking the bank. Not sure if pet insurance is worth it?
In this guide, we’ve broken down everything you need to know about the coverage, from what it is to how it works and how rates are determined, so you can make an informed decision about the expense with confidence.
What is Pet Insurance?
Pet insurance is a policy that helps cover the cost of your pet’s medical bills. In many ways, the coverage is similar to the health insurance you use to care for your own ailments and wellness.
Pet insurance can play a key role in alleviating the financial burden of unexpected vet bills. While it isn’t a requirement like car or health insurance, pet insurance can offer valuable peace of mind and financial protection for pet owners.
How Does it Work?
This form of coverage operates similarly to other types of insurance policies. You, as the pet owner, will pay a monthly or annual premium to the insurance company. In return, you will receive coverage on a portion of the medical expenses your pet incurs, dependent on the terms of your policy.
Typically, with pet insurance, you pay the veterinarian upfront for your pet’s care, then submit a claim to your insurer for reimbursement. The insurance company will then reimburse you for a portion of the costs, depending on your policy.
Most pet insurance policies have a waiting period before coverage begins, meaning vet visits that occur within the agreed-upon time will not be covered. This is an important thing to keep an eye out for, so you can plan accordingly.
Terms to Know
The more you understand about pet insurance, the more confident you can feel in your decision about the policy you’ve chosen. One important aspect involves the understanding of key terms. Some of the more common terms you may encounter include:
- Premium: The amount you pay for your policy, typically billed annually or monthly.
- Deductible: The amount you pay out-of-pocket annually or per visit for your pet’s care before the insurance covers any costs.
- Reimbursement: The amount paid back to you by the insurer after you submit a claim.
- Exclusions: Specific conditions, treatments, or situations that are not covered by the insurance policy.
- Annual Limit: The maximum amount per year the insurance will pay toward your pet’s medical care.
- Co-pay: The portion of the bill you are responsible for after your insurance has reimbursed you.
What Does Pet Insurance Cover?
Pet insurance coverage will vary from policy to policy, but coverage can include a combination of:
- Injuries from accidents
- Illnesses
- Surgeries
- Prescription medications
- Diagnostics
- Emergency care
- Vaccinations
- Flea and tick prevention
- Check ups
Factors That Determine Rates
The cost of your pet’s insurance can vary greatly depending on many different factors, including:
- Age: Typically, the older your pet is, the more he or she will cost to insure as they are more prone to health issues.
- Breed: Certain breeds could be at higher risk of certain health problems, which can result in higher pet costs.
- Location: Where you live can have an impact on the price of your pet’s insurance, since veterinary costs are typically impacted by where you live.
- Coverage level: The more coverage you opt-in for, the higher your premium will be.
- Deductibles and Co-pays: If you choose a plan with lower deductibles and co-pays, you will likely be paying a higher premium, and vice versa.
- Species: Pure-bred pets that require more specialty care could result in higher premiums.
Get Your Fur Babies Covered
Pet insurance could make a significant difference in the quality of care you are able to get your furry friend. It helps manage the financial burden of unexpected healthcare expenses and allows you to focus on your pet’s well-being.
At SWBC, we work to find the right health coverage for you and your pet. To learn more about our pet insurance options, contact us today!
Pet Health Insurance is administered by Embrace Pet Insurance Agency, LLC (Lic. No 0G89328) and underwritten by one of the licensed insurers of American Modern Insurance Group, Inc., including American Modern Home Insurance Company d/b/a in CA as American Modern Insurance Company (Lic. No 2222-8) and American Southern Home Insurance Company. Coverage is subject to policy terms, conditions, limitations, exclusions, underwriting review, and approval, and may not be available for all risks or in all states.
For full terms and conditions, visit www.embracepetinsurance.com/coverage/embrace-terms
Premiums are based on the current age of your pet. Premium may increase due to the age of your pet at renewal. Initial premiums may be impacted by the species or breed of your pet. Premium may change based on your home address.
*Wellness Rewards is offered as an optional membership plan, non-insurance benefit administered by Embrace Pet Insurance Agency, LLC in the United States. Wellness Rewards not available in RI. (c) 2024 American Modern Insurance Group, Inc.
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