As veterinary medicine is utilizing more advanced medical techniques and therapies, the market for pet insurance has increased. Unlike health insurance for humans, there are no ‘in network’ doctors. You are able to utilize any veterinary facility, including emergency and specialty care.
Pet insurance companies are beginning to offer the pet owner more of an ability to customize their coverage by allowing them to choose their own level of deductible or co-insurance. This allows the pet owner to control their monthly premium and choose the level of coverage that suits them the best.
Some of the differences in insurance coverage are:
• Whether congenital and hereditary conditions (like hip dysplasia, heart defects, or eye cataracts) are covered;
• How the reimbursement is calculated (based on the actual vet bill, a benefit schedule or usual and customary rates);
• Whether the deductible is on a per-incident or an annual basis;
• Whether there are any limits or caps applied (per incident, per year, age or over the pet’s lifetime); and
• Whether they cover pre-existing conditions