We all love our pets. But the vet bills? Probably not so much.

It’s no fun having to decide whether to get care for your pet based on a financial surprise. It can be especially difficult in a life and death situation. An option for addressing this often emotional challenge is pet insurance. It can provide financial protection, peace of mind and more predictable expenses over time.

According to the Washington Post, in 2017 pet owners in the United States spent more than $1 billion on pet insurance covering some 1.8 million cats and dogs. Moreover, they reported that every six seconds a pet owner faces a vet bill of $1,000 or more.

It’s no surprise that decisions regarding pet insurance are essentially similar to those for the larger critters who care for them – namely, you. So, here’s a rundown of considerations for protecting our animal friends.

What is Pet Insurance?

Pet insurance typically comes in three forms. Accident insurance is perhaps the most common type. Illness coverage can become more expensive the older the pet is and based on any pre-existing conditions. Wellness coverage addresses routine exams and procedures that support ongoing health, often in bundles with a single price.

These options offer flexibility in choosing the coverage that best fits your finances as well as your pet’s age and health profile. There are also plans specifically designed for young animals like puppies.

What can pet insurance cover? The list is similar to that for humans. Here are some examples:

• Exams/Tests – Routine office visits, X-rays, blood, ultrasound, CAT scan, MRI
• Treatments – Surgery, injuries, vaccines, hospitalization, dental, cancer, neurology, medications, emergencies
• Other – Rehabilitation, behavioral therapy, hydrotherapy, holistic therapy

In terms of cost, a variety of factors can come into play:

• Extent of coverage
• Species and breed of the animal
• Indoor living vs. outdoor access
• Geographic location
• Age of the animal
• Pre-existing conditions

Unlike health insurance currently available for people, pet insurance typically does not initially cover pre-existing conditions, but may do so after a waiting period. These kinds of restrictions can be a reason to start coverage when the pet is young and healthy.

Reimbursement for expenses is usually provided upon submission of an itemized receipt with coverage based on the details of the policy, just like insurance for people. Claims repayment can range from 10 days to two months. So keep in mind that you will probably need to cover the cost upfront with reimbursement to come later.

What to Look For

When you’re ready to consider insurance for your pet, there are some prudent steps to take in finding the coverage that’s best for your situation.

• Compile a list of the aspects you think are a priority
• Request a detailed quote including what is covered and what is NOT covered
• Provide your pet’s records to the insurance companies to ensure accuracy
• Consider any deductibles and co-pays that are required

Of course, there are a few things you should consider to avoid unpleasant surprises. For example, premiums may rise as your pet gets older. At some point, the coverage may even become unaffordable. Make sure this is addressed in any quotes you receive.

Is pet insurance worth it? Just as with health insurance for people, a fundamental issue is clearly understanding the requirements for deductibles, co-pays and claim limits vs. premium costs. For example, you may want to consider shopping around for the best deal on routine exams and preventive care, while focusing insurance on injury and illness coverage.

It’s in the Cloud

We live in the age of the app and the cloud. And pet insurance is no exception.

Some insurers provide useful, high-tech resources. These mobile apps can provide digital access to and sharing of documents and medical records. You can set reminders for important dates like vaccination renewals. Some even offer 24/7 direct access to a veterinarian. Other resources can include social sharing about your pets with friends and neighbors, as well as locators for places like pet parks, dog walkers and day care.

To learn more about KeenanDirect pet insurance offerings, click here.