Pet insurance is a type of insurance policy that can help pet owners pay for the cost of veterinary care if their pet becomes sick or injured. Also known as pet health insurance or pet medical insurance, these policies provide financial security and peace of mind by limiting pet owners’ financial risk caused by unexpected vet bills.
Pet insurance can provide valuable financial security for future visits to the emergency vet — which costs between $800 and $1,500 on average but can easily add up to $5,000 or more. Such an expensive and unexpected bill can present a significant financial burden for many pet parents, forcing them to question whether they can afford their pet’s critical care.
Pet insurance can help save pet owners money on veterinary care by reimbursing a portion of their eligible expenses. While every policy is different, this is how pet insurance works in most cases:
- Go to any licensed vet or animal hospital whenever your pet is sick or injured, knowing your out-of-pocket costs will be limited with insurance coverage. Pay the vet bill during your visit at the time of service.
- Submit a claim to your insurance company by mail, app, or online internet browser. Some pet insurance companies may require paperwork or a medical history review to process your claim, so be sure to save all receipts and documentation you receive from your vet appointment.
- Get reimbursed for 70% to 100% of covered expenses (after your deductible is met). On average, policyholders get reimbursed within 5 to 9 days after submitting a claim.
Most pet health insurance plans will reimburse you, the policyholder, rather than pay the vet directly. This means you don’t have to worry about finding an “in-network” vet and can benefit from your coverage at any licensed vet clinic or animal hospital in the U.S.
Source: Pawlicy Advisor