As pet lovers, we all know that our furry companions are much more than pets; they’re beloved family members. This love we have for our animals means we’re constantly looking for the best ways to care for them, especially as the cost of vet bills continue to climb.

While pet insurance might not have been everyone’s go-to solution in the past, it’s becoming a more popular option among dog and cat owners in the United States. In fact, in 2022, the number of insured pets reached 5,676,776, as reported by the North America Pet Health Insurance Association. This is a 17.1% jump from the year before! This increase makes sense considering veterinary care costs have been rising by six to eight percent annually in recent years, which is much higher than the usual inflation rate.

So, this brings us to an important question: Could pet insurance be the right choice for you and your furry friend? It’s essential to understand how pet insurance works before you decide to invest in it. In this blog, we’re going to walk you through the basics of dog insurance in a way that’s easy to understand, so you can make a well-informed decision about whether to opt for pet insurance.

Pet insurance is a policy purchased by a pet owner to mitigate the overall costs of veterinary care. Similar to human health insurance, pet insurance policies come in various coverage options, including accident-only plans, comprehensive illness coverage, and wellness plans that cover routine care.

Types of Plans

• Accident Plan: Covers emergencies and unexpected incidents like injuries and poisonings.

• Illness Plan: Provides coverage for diseases and medical conditions.

• Wellness Plan: Covers preventive care, such as vaccinations and routine check-ups.

Like human insurance, pet insurance policies come with premiums, deductibles, and caps on coverage, which can vary widely based on the provider and plan chosen.

Before diving deeper, it’s essential to understand some basic terms related to pet insurance:

• Premium: The cost you pay for the insurance policy, typically monthly or annually.

• Deductible: The amount you pay out-of-pocket before the insurance starts to cover costs.

• Reimbursement Rate: The percentage of the vet bill your insurer will pay after you’ve met your deductible.

• Limits: The maximum amount an insurance company will pay for claims. This can be per incident, annually, or the lifetime of your pet.

• Per Incident Limits: The maximum amount covered for each injury or illness.

• Annual Limits: The total amount covered in a policy year.

After choosing a plan, using your pet insurance is very straightforward. You'll pay a monthly or annual premium with the plan starting after a common waiting period. Most companies ask you to send records from a recent vet visit so they can establish your dog’s baseline.

Once everything is set up and you’re past the waiting period, you'll pay the vet directly whenever your dog needs veterinarian care. Afterwards, submit a claim to your insurance provider. The company will reimburse you for covered expenses at your plan's specified rate, after deducting your upfront deductible. In some instances, your vet can submit to your insurance for you!

Before you choose a plan make sure you do research in what your plan covers and all of the terms and conditions. Although there are some regular standards among products, each insurance plan is different and has variations from provider to provider.

As we mentioned, coverage varies between plans and providers. While plans can cover very costly health treatments, a policy won’t cover every condition and expense during your pet’s lifetime. That’s why it’s important to look at what’s covered and research breed-specific health risks before you decide on pet insurance.

Items that are usually covered by pet insurance include:

• Unexpected injuries or accidents—from broken bones to ingesting foreign objects to bad bouts of diarrhea

• Unexpected illness, which is usually refers to long-term health conditions or diseases like cancer or hip dysplasia

• Surgery

• Medication

• Tests and diagnostics like x-rays and blood tests

• Emergency exam fees

Some pet insurance plans cover less traditional health help such as:

• Alternative therapies

• Behavioural modification

• Chiropractic

• Acupuncture

• Hydrotherapy

Unless you opt for newer “wellness policies”, your insurance will not likely cover costs like vaccinations, spay/neuter, and routine care. Additionally, if your dog has a pre-existing condition, this will likely be excluded from coverage.

The cost of pet insurance can vary widely based on several factors:

• Breed: Some breeds have higher risks of genetic conditions.

• Size: Height and weight can significantly impact a pet’s health.

• Age: Older dogs typically cost more to insure.

• Location: Veterinary costs vary by region.

• Reimbursement Rate & Deductible: You can change these to increase or decrease, which will then impact how much your pet insurance premiums costs.

Arguments for Pet Insurance include the peace of mind it offers, allowing pet owners like yourself to pursue the best care for their dogs without undue stress over expenses. It's particularly appealing if you own a breed with known health issues or are seeking financial protection against unexpected veterinary costs.

Arguments Against Pet Insurance often center on the potential for premiums to exceed the cost of care received, especially for generally healthy pets. Additionally, coverage exclusions and the necessity of meeting deductibles before benefits apply can decrease the perceived value of insurance for many pet owners.

When choosing a pet insurance provider, it's essential to carefully review the coverage and price to ensure it meets your needs without straining your budget.

Look for a company with a proven track record of stability and positive customer experiences. An easy and straightforward claim submission process is also crucial, as it can significantly affect your satisfaction with the service.

Deciding whether pet insurance is the right choice for your dog involves weighing the potential costs and benefits. After getting more info on the ins-and-outs of pet insurance, you are now better equipped to make final choices. So, are you planning to get your dog health insurance to keep them happy and healthy?

If you’re looking for other ways to boost your pup’s health, try adding supplements to your pet’s diet. To boost your dog's health, consider adding supplements like Smart Earth Camelina oil or probiotics to their diet—after getting the green light from your vet, of course!

These can improve their overall well-being, helping your dog stay by your side for longer.