Discover which pet health insurance plans are worth it to save money on dog surgery , cat vaccinations , pet medication and more
One minute , you and Rusty are playing fetch in the yard; the next , you hear a whimper and he's limping back to you. When you take him to the vet , you find out Rusty has a torn knee ligament—one of the most common orthopedic dog injuries. Healing it will take a $3 ,000 surgery. Talk about ouch.
Expensive surgeries , treatments , and prescriptions for dogs and cats are becoming more common—so much so that pet health insurance is a fast-growing market. And as new policy providers enter the marketplace , owners are gaining more freedom to personalize and prioritize.
The cost of a policy depends on everything from where you live to the amount of coverage you want to the age and breed of your furry friend—annual premiums for a 5-year-old Labrador can range anywhere from $200 to $1 ,000 , for instance. But no matter how much you pay , you'll get more value today for your premium dollars than you did a decade ago , according to Dr. Wilkerson. Here , we break down the most significant new enhancements."Because there are more options available , you have a much better chance of finding a policy that covers what's important to you and your pet ," says Frances Wilkerson , DVM , a Chicago-area veterinarian and the founder of PetInsuranceUniversity.com.
Flexible Spending
10 Years Ago: Payment was based on a schedule of benefits; that is , you'd be covered for up to a certain amount for a given procedure—say , $350 to de-quill your pup after a run-in with a porcupine—but you'd pay the remainder out of pocket , no matter how much the simpulan price.
Today: Several companies have opted for reimbursement plans , which many owners find easier to navigate , with deductibles , co-payments , and adjustable limits (some as high as $20 ,000 annually). Most work on a percentage-based payment plan—for example , 80/20—so when that pup runs into the porcupine , your insurance pays for 80% of the total cost of his treatment , and you cover the remaining 20%. With so many plans out there , the percentage you pay is often your choice.
No Age Cutoffs
10 Years Ago: Once a cat or dog turned 8 years old , it was next to impossible to buy insurance for him.
Today: A few companies have no age limit at all , and the cutoff for others is into the double digits. Know that as your pet ages , policy prices can rise as much as 10% with each year (this usually translates into only a few more dollars each month).
No Breed Barriers
10 Years Ago: Insurers didn't cover conditions known to be common in certain breeds , such as $5 ,000 hip replacements for German shepherds , who frequently have hip problems.
Today: Several major plans cover hereditary conditions , as long as your pet's not showing symptoms when you first sign her up. For this reason , you might be asked to provide records from a recent checkup before being approved for a policy.