Overview of pet insurance for dogs
Pet health insurance can help cover the costs of veterinary treatment for unforeseen accidents and illnesses. Pet insurance pays you out of your vet bills when your dog gets sick or injured. It helps you buy the best treatment for your dog while protecting against financial setbacks. The right pet insurance policy will give you peace of mind that your dog will be cared for without the financial burden.
How much does pet insurance cost for dogs?
According to pet health insurance company Lemonade, pet owners spend more than $3,000 a year on their pets. Pet insurance can help reduce those out-of-pocket costs.
Average premium costs range from $20 to $55 per month. The cost of pet health insurance is primarily based on four factors:
- Your dog’s age
- Your dog’s breed
- Your area
- Your plan’s annual limit, annual deductible and rate of return
The average cost of pet insurance for one dog is $5,000 per month for an accident and illness policy and $55 per month for unlimited annual coverage for an accident and illness policy. About half the monthly cost of an accident-only policy.
Health coverage costs around $20-25 per month, and it carries over to comprehensive coverage policies. For most pet owners, health policy costs are out-of-pocket, so getting a stand-alone health plan may not be worth it.
What is typically covered?
Different pet insurance companies offer different pet coverage options for dogs, so you may need to do some research to find the best pet health insurance for your dog. Depending on the plan, pet insurance policies may cover:
Accidents
Accident coverage covers accidental injuries and emergencies, such as torn ligaments, bite wounds, cuts, broken bones, swallowed objects and toxic ingestion. It may include a variety of risk-related services, such as X-rays, MRIs, ultrasounds, blood work, sutures, medications, hospitalization, and surgery.
Illnesses
Disease cover reimburses expenses for major and minor ailments like cancer, arthritis, hypothyroidism, ear infections, digestive problems and urinary tract infections (UTIs). It can also cover costs from diagnosing health conditions to the treatment your dog needs to get better.
Prescriptions
Prescription medications can help relieve pain, reduce inflammation, or fight infection. They may cover medication to manage chronic conditions, such as thyroid problems. Many plans cover prescription foods and supplements to help your dog with certain health conditions.
Other common coverage services
Other common services that a pet insurance plan for dogs may cover are hereditary conditions, congenital conditions, chronic conditions, emergency care, specialty care, alternative medicine, surgeries, health policies, and more. Each pet insurance company offers different coverage options.
What is not covered?
Even the best pet insurance companies have limited things that are not included in your dog’s coverage. It is important to understand what they are to avoid any surprises. Here are the most common pet insurance exclusions for dogs.
Pre-existing conditions
Any medical condition that the pet may have had before the policy started may be excluded. Some pet insurance companies review the past 24 months or a pet’s entire life for pre-existing conditions. This includes hereditary diseases. Some plans do not cover certain breeds because they are susceptible to certain medical conditions.
Health care and disease prevention
Most plans have a rider that provides preventive care. If not included, however, pet owners must pay out-of-pocket for routine veterinary care. Pet owners are not covered if their pets become ill due to non-vaccination.
Election procedures
Most policies do not cover cosmetic surgery or expenses not directly related to veterinary care. This typically covers tail docking, ear trimming, nail trimming and cosmetic dental restorations for teeth such as veneers and crowns.
Binary conditions
A bilateral condition is an illness or disease affecting both organs. Pets are not covered if they have problems with their knees, hips and other conditions that can affect both sides of the pet’s body. Because a pet has a higher risk for the same condition on the other side of the body, if a pet has a bilateral condition, the other side is typically not covered. Certain policies limit the coverage to the first year only. So if the problems arise after 12 months, then they will be covered.
Pregnancy and/or childbirth
Pet owners must pay expenses related to pregnancy, breeding or lactation
Intentional or negligent damages
Insurance companies will not cover intentional damage to a pet owner or any household. Injuries and illnesses resulting from fighting, competition, cruelty or negligence are also not covered.
Waiting time
Most pet insurance policies have a traditional waiting period of two weeks. Some injuries, such as bilateral complications, have other specific time periods.
How to choose the right insurance for your dog
There are many different companies that offer different pet insurance plans for your dog. As you research them, here are some important things to keep in mind.
Types of coverage
There are three types of pet insurance coverage: accident only, accident and illness, and safety coverage. Each level determines the type of care your dog is covered for and the cost.
- Accident-only (AO) policies Provide some coverage. It does not cover most diseases. It is cheaper than general cover and is usually best for emergencies.
- Accidents like car accidents
- Foreign body ingestion (swallowed objects)
- Wounds
- Poisoning
- Tendon tear
- Accident and Illness (A&I) policies They are also known as “comprehensive policies” as they cover accidents and minor and serious illnesses.
- Accidents
- Disadvantages
- Chronic diseases (such as cancer, infections, and digestive problems)
- Infections
- Diagnostic test
- Prescription drugs
- Emergency care
- Health policies Cover routine and preventive care, such as annual checkups, vaccinations, and dental cleanings. These guidelines will be riders of the A&I policies. If covered by an A&I policy, it may include:
- Vaccinations
- Early screening tests
- Dental treatment
- Tips for proper nutrition
Customize a pet insurance plan
The cost of a plan will depend on various factors. Different pet insurance companies offer additional endorsements that you can add to the policy. Here are other ways you can customize your pet insurance plan for your dog.
- Annual coverage limits — Plans have annual limits ranging from $5,000 to $20,000. Some plans offer higher amounts including unlimited coverage limits. These policies, however, cost more.
- Percentage of return — Pet owners can customize how much they get paid for covered veterinary expenses. The most common compensation rate ranges from 70% to 90%. Some insurers cover up to 100% at higher premium rates.
- Annual Deduction Amounts — Pet owners can choose annual deductible amounts. They can range from $100 to $1000. The higher the deductible, the lower the premium.
- Disease types and risks — Many pet insurance companies allow pet owners to choose certain types of care. Common ones include:
- Investigations: Blood tests, X-rays, MRIs, CT scans and lab work
- Procedures: Outpatient, specialty and emergency care, hospitalization and surgery
- Medicine: Injections or prescription drugs
When shopping for the best pet insurance for your dog, you should look at the different costs and coverage. You should choose an insurer that has experience with pet insurance and knows what they are doing. Read reviews and research how long an insurer has been in business. Also, research the insurer’s claims process to make sure it’s easy to make a claim. The goal is to find an insurance that offers affordable options that provide the best level of coverage to suit your needs.