Dr. Laura Hady
In my almost 30 years as a veterinarian, I have seen pet insurance evolve from a handful of companies to an $18 billion industry worldwide. The difference between pet insurance and a pet wellness plan is that insurance covers unexpected accidents and illnesses, while wellness plans cover routine care at a specific hospital or corporation. Many companies are now offering pet insurance and wellness plans as part of their benefit packages. The following are some tips to help you navigate finding a program that works best for your family.
- Who needs pet insurance? Owners of particular breeds known to have a higher risk of certain illnesses should look into pet insurance. For example, pit bulls are noted for having more skin issues; orthopedic conditions, such as ruptured cranial cruciate ligaments requiring surgery; and certain types of cancer, such as mast cell tumors. The sphynx cat breed tends to get more upper respiratory infections and are prone to heart disease. The best time to apply for pet insurance is as soon as you take your pet home. Pet insurance does not cover pre-existing conditions. Pet insurance is typically cheaper when your pet is young, and some insurance companies have a minimum age of 6-8 weeks for enrollment.
- What is the cost? According to Progressive.com, the cost of pet insurance for cats averages $32.24 per month and $53.34 for dogs. Premiums can change due to age, location, the deductible choice, medical history, the coverage level desired, and if you have a multi-pet household. Coverage levels include fixed accident and illness, as well as routine care add-on. Some prices for diagnosing and treating chronic renal failure in cats is about $649. According to Trupanion pet insurance, the average price to diagnose and treat allergies in dogs per year is around $2,300. The average cost to treat diarrhea in pets is $100-$200, but can reach up to $1,000 depending on the severity of the case. So, for the occasional diarrhea episode, it may not be a reason to get pet insurance, but finding coverage for a breed known to have an increased risk of allergies is worth it. I also would look into if specialty services such as physical therapy are covered for your pet as long as they are provided by a licensed veterinarian.
- How does a wellness plan compare? A wellness plan typically covers routine preventive care, such as exams, vaccinations, and diagnostic screenings. The total cost of a wellness plan per year can be about the same as an individual veterinary visit. Wellness plans run about $16-$26 per month. A wellness plan will also allow you to spread out the cost of routine services over a year, instead of paying one large bill. Dental cleanings and screening lab work are two portions of wellness plans that tend to save the pet’s family the most money in the long term. Banfield (Optimum Wellness), National Veterinary Associates, and Petco (Vital Care program) are large corporations offering wellness plans that include bundled services for vaccines and parasite prevention at a discounted price. However, these plans do not cover the costs of treating injuries, illnesses, or emergency medical care. Some clients have complained to me that their wellness plan did not cover their pet if they needed to go to a different veterinary clinic.
- Ease of transactions. Unlike human insurance, pet insurance requires that the owner pays the veterinary clinic bill and is then reimbursed. Some pet insurance companies require review of original veterinary records, while some just need an invoice with listed services and the pet’s name on the invoice. Reimbursement can take anywhere from a week to several months. I recommend that clients file claims right away and save invoices and records. Before you apply for pet insurance or wellness plans, do your research to see which companies allow you to speak with an actual person to discuss the process on filing claims or what are the next step if a claim is rejected.
- Creating your own pet wellness account. One option for pet owners is to create a savings account just for pet expenses. You can even accrue interest on these savings accounts.
Talk with your veterinary staff about which pet insurance or wellness plan they recommend.
Finding the right pet insurance and wellness programs can be overwhelming. There are non-sponsored reviews and lists of the top 10 programs today from Forbes magazine and US News and World Report, but the best research is done by talking to pet owners that have had good or bad experiences with their programs.
