Is it necessary to have pet insurance?

Answer 1

Caring for your pet is like caring for a member of your family. Among the ways that it is similar is that it can be costly. In that respect, pet insurance can be helpful in offsetting costs.

There are various types of pet insurance, some better than others. One of the common features tends to be that they offer fairly limited benefits, and compared to the premiums charged, may not make financial sense. Likewise, unlike human medical insurance, there is little uniformity in what vets will accept what insurance. Therefore, if you are considering the product, be sure that your vet accepts that kind.

Very often, it is necessary for you to pay the vet in full and thereafter submit treatment records and payment receipts to the insurer for reimbursement according to the policy terms.

Also often, there is an age limit beyond which the insurer will not issue a policy for a pet, so make sure that your pet's age does not disqualify him/her. Also, be certain that you are fully honest in the application and do not misrepresent prior illnesses or conditions. The same kinds of statutes against "preexisting condition" exclusions as exist with human insurance do not apply to pet insurance. A misrepresentation could result in the coverage being voided.

Make sure that the entity that is responsible for the payment of claims is authorized to issue insurance in the state in which you are being issued the policy. The name of the pet insurance is likely a product or brand name; it is important that you determine the identity of the insurer itself and verify that it is an authorized insurer.

If for some reason you do not qualify for pet insurance, there may be other products that can help with costs. They are in the nature of "discount plans". While they do not reimburse (indemnify) you for expenses, they have reached agreements with vets to offer a range of services for reduced rates. If you are considering a product such as this, be sure that your vet accepts the plan and will honor the discounted rate before getting the service. Be aware that the participating vets on these (like their human-medical counterparts) are subject to change.