PET INSURANCE

Oak Knoll Animal Hospital, is not affiliated with, and does not endorse, any pet insurance company.  However, we understand that our clients may want our input on the topic of pet insurance.  Please know that we do not pretend to understand the language and contents of any policy available, we are only trying to bring up points to consider when purchasing pet insurance.  We do not even necessarily recommend purchasing pet insurance.  The decision to purchase pet insurance is specific to every individual, and may not be appropriate for every pet.

 If you are considering purchasing pet insurance, here are some key points that you may want to fully understand as they pertain to the policy you are considering.

Incident- this will have a different definition depending on the insurance company.  Most of the time it refers to an episode of illness that requires veterinary care.  One important piece of information to understand is how an incident is classified at the policy renewal date.  For those policies that renew every year, an incident from the previous year may be considered a pre-existing condition upon renewal for the current year.  In many cases, pre-existing conditions are not covered by pet insurance.  It is also a good idea to understand the annual and/or lifetime limits of the policy and how they apply to each separate incident.

Deductible- this is the amount that you are responsible for before the insurance kicks in.  The deductible may apply per incident or per year.  It is important to understand when the deductible will apply, so that you are not surprised at how often you have to cover this expense.

Co-Pay- this refers to the portion of the total bill that you are responsible for.  The co-pay could range from 0-35%.  In terms of planning for an expense, this is an unknown amount that you will have to cover with each incident.  Keeping the co-pay at 0% will allow you to better plan for incidents, but will likely increase the premiums. 

Annual/Lifetime Maximums vs. Per-Incident Maximums- These maximums may play a role in the amount you are reimbursed by the insurance company.  Policies and companies can have tremendous variability with maximums, and you should fully understand how they apply to your coverage.

Pet insurance companies may use different strategies to manage their risks (payouts) for the pets they cover.  The most common reason for a claim to be denied is for a pre-existing condition.  You should absolutely make sure you understand the language regarding pre-existing conditions for the policy you are considering.  Sometimes, a lawyer is needed to fully comprehend insurance policy language.  Generally speaking, the time to consider getting pet insurance is not when your pet is ill, but when it is young and healthy.

Other claim exclusions may include, but are not limited to:  breed or hereditary conditions, cosmetic procedures, diseases that are preventable by vaccines or any other incident/condition that the company chooses to exclude (some companies will even exclude emergency care visits).  This is where it is imperative that you fully understand the language of the policy, and if you do not, you should find someone, preferably a lawyer, who can help you understand the language.

Our one recommendation on the subject of pet insurance is to read the book Your Guide to Understanding Pet Heath Insurance by Dr. Doug Kenney.

 

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