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Understanding Pet Insurance: What You Need to Know

With the rising costs of pet ownership and veterinary care, pet insurance has become an essential tool for many pet owners. At O1ne Mortgage, we understand the importance of protecting your furry family members. If you have any mortgage-related needs, feel free to call us at 213-732-3074.

What Kind of Pets Does Pet Insurance Typically Cover?

Most pet insurance policies are designed to cover cats and dogs. These plans help mitigate the financial impact of unexpected accidents or illnesses, which can be quite costly without coverage. Some policies also offer optional add-ons for routine and preventative care.

Just like human insurance, pet insurance costs can vary based on factors such as the pet’s location, age, gender, breed, and pre-existing health conditions. Basic accident coverage plans can start as low as $10 to $20 per month. For more comprehensive plans, the average premiums in 2023 were $640.04 per year for dogs and $387.01 per year for cats, according to the North American Pet Health Insurance Association of America (NAPHIA).

How Pet Insurance Works

Here’s a brief overview of how pet insurance typically works:

• Obtain a quote by providing details about your pet and their health.
• Review the insurer’s plan options and terms. If approved, submit payment and possibly paperwork from a recent vet exam.
• Wait out any policy waiting period before filing claims.
• Visit your vet, pay in full, and then submit a claim for reimbursement.

Many plans reimburse 80% to 90% of the cost, which can significantly reduce the financial burden of major vet bills. For example, vet care for vomiting or diarrhea can cost $1,550, while treating a leg fracture can cost $5,400, according to Healthy Paws Pet Insurance.

Which Pets Are Likely Excluded From Pet Insurance Coverage?

Typically, pet insurance is available only for cats and dogs. Exotic pets like birds, reptiles, amphibians, and small mammals are often excluded. However, Nationwide offers a plan for exotic pets starting at $21 per month, though it has limitations.

Even for cats and dogs, there are exclusions. Coverage might not be available for chronic or pre-existing conditions, breed-specific issues, spaying/neutering, behavioral health, elective surgeries, parasite prevention, or injuries from abuse or neglect.

How to Save Money on Pet Insurance

While pet insurance can be costly, there are ways to save:

• Shop around: Compare quotes from multiple insurers to find the best deal.
• Pay attention to coverage: Ensure the plan covers what you need, such as emergency vet visits, blood work, X-rays, and medication.
• Look at caps and limits: Check for per-incident, annual, or lifetime maximum payouts.
• Hunt for discounts: Look for multi-pet discounts, bundle discounts, and discounts for paying annually.
• Enroll early: Insure your pet as soon as possible to avoid pre-existing condition exclusions and lower costs.
• Consider insurance when adopting: Mixed-breed, younger, smaller, and female pets often cost less to insure.
• Adjust policies: Customize deductibles and reimbursement rates to balance premiums and coverage.

The Bottom Line

Medical expenses for pets can be significant. Pet insurance can help you manage these costs and avoid debt. However, it’s crucial to shop around and select a plan that fits your budget and provides adequate coverage. For any mortgage-related needs, don’t hesitate to call O1ne Mortgage at 213-732-3074.

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