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Pet Health Insurance -- Is this an option for your pet?


Pet health care insurance isn't a new idea -- it has been around for 15 - 20 years, but many people haven't been aware of it. The availability has been limited and the policy restrictions have been prohibitive in many cases.

The last few years have seen changes in the pet insurance industry. Some say for the better. Pet owners with insurance are now able to provide levels of care that previously were cost prohibitive. Others aren't so sure. Some fear that adding insurance to veterinary medicine will follow the path of insurance red tape and problems found in human health care fields.

Veterinary medicine is one of the few health care professions that is not financially based on insurance. Unlike most medical, surgical, dental, and pharmacy cases in human medicine, veterinary patients (OK, the owners thereof) are responsible for veterinary costs incurred -- including preventive/routine care, emergency and disease conditions.

Pet health policies are similar to human insurance policies; annual premiums, deductibles, and different coverage plans based on what the owner chooses. Plans are based on species, age, pre-existing conditions and in some cases, lifestyle of the pet (i.e. indoor vs. outdoor cat).

Most companies start policies at age 6-8 weeks, some have no age limit, and of the others I researched, one had a limit of 27 years, others had a limit of 8 years of age (if the animal was insured when less than 8 years, coverage would continue beyond 8 years).

As for pre-existing conditions, some companies will allow coverage if the animal is stable or controlled (usually after a waiting period of 6 months), other companies will refuse animals with current conditions or terminal disease.

The current overall average for annual deductibles is around $100.00. The policy costs vary widely, depending on the animal and the different packages that the owner can choose. Some packages are comprehensive, including such things as: annual checkups and vaccinations, routine care, preventive medications (like Heartworm preventive) and spay/neuter surgeries. Other plans cover only accident and illness. Most plans offer immediate coverage for accident claims, and 30 days for illness claims on new policies. Additional pets are usually covered at a reduced rate after the first policy-holding pet.