What you need to know about pet insurance
What is pet insurance?
As veterinary care continues to improve and evolve, the way we approach veterinary care also evolves. Pet insurance is a little like human health insurance, but is different in a lot of ways. Having pet insurance is a way to ensure your pet gets the best treatment available without having to worry about how much that treatment will cost.
Speaking of costs, the team at Bankrate.com has put together a handy guide that breaks down how much bringing home a new pet costs on average. You can find this resource here.
How does it work?
Unlike human health insurance that pays the hospital directly, most pet insurance companies work through reimbursements. When you come to see your vet for care, you cover the cost of the entire bill and then submit your invoice and medical notes to your insurance company for a reimbursement of covered treatments. Coverage and reimbursement amounts are slightly different for each insurance provider, so it’s important to do your research before choosing which pet insurance is right for you and your favorite animal companions.
Do I have to stay in-network?
Most pet insurance companies don’t have “networks” the same way human health insurance does. You can continue seeing your favorite veterinary clinic while still receiving the best benefits from your pet insurance.
When should I get pet insurance?
As with human health insurance, pet insurance companies don’t cover pre-existing conditions and have waiting periods before coverage is activated, so your greatest opportunity to get pet insurance is while your pet is young and healthy.
Which provider is right for me and my pets?
The world of pet insurance can be difficult to navigate. That’s why we’ve taken it upon ourselves to do some research for you!
ASPCA®
- Has a Complete CoverageSM plan with a customizable annual payout limit, annual deductible, and reimbursement percentage based on your needs. Coverage even includes microchip implantation and alternative therapies!
- Also has Accident-Only coverage with the same customizable annual payout limit, annual deductible, and reimbursement percentage, for coverage only when your pet gets sick. Less coverage than the Complete CoverageSM but more affordable.
- Optional Preventive Care plan can be added to any other ASPCA® to help cover regular vaccines, wellness visits, and other routine care not otherwise covered.
- Coverage options are available for horses.
- 10% multi-pet discount
- Standard 14-day waiting period
- Premiums will automatically go up as your pet gets older.
Bivvy®
- Affordable one-size-fits-all plan for only $14/month regardless of your pet’s age, breed, gender, or size
- Optional Bivvy Wellness Care for an additional $9/month that covers routine care not covered by standard insurance
- Coverage options for many different species, including small mammals, reptiles, amphibians, and birds
- $3,500 annual payout limit, $25,000 lifetime payout limit, $250 annual deductible
- 14-day waiting period for accident coverage, 30-day waiting period for illness coverage, 12-month waiting period for orthopedic coverage for dogs
- Conditions that arise during the waiting period but showed know symptoms in the 12 months prior are NOT considered pre-existing.
- Doesn’t cover dental care for pets
Embrace®
- Accident and illness coverage for pets up to 15 years old with customizable annual deductible, annual maximum payout, and reimbursement percentage
- Coverage includes alternative therapies.
- Pets over 15 years old are still eligible for accident-only coverage with $100 annual deductible, $5,000 maximum payout, and 90% coverage of bills.
- Optional Wellness Rewards available for routine care not covered by illness or accident insurance
- For every year without a claim payment, your deductible goes down by $50 until the next claim payout is made.
- Curable conditions without symptoms or treatment for 12 months prior to sign-up are covered.
- 10% multi-pet discount
- 5% military discount
- 48-hour waiting period for accident coverage, 14-day waiting period for illness coverage, 6-month waiting period for orthopedic coverage for dogs
- Covers dental care up to $1,000 annually
Figo
- Three available insurance plans with customizable annual deductible, annual maximum payout (up to unlimited), and reimbursement percentage
- No upper age limit to enroll your pet, but monthly premiums go up with age
- Only 1-day waiting period for accident coverage, 15-day waiting period for illness, and optional Orthopedic Conditions waiver may eliminate 6-month waiting period for orthopedic conditions
- Covers curable pre-existing conditions that show no symptoms within 12 months following last treatment
- Covers alternative therapies and behavioral conditions
- Optional wellness coverage includes routine dental care, exam fees, vaccines, preventatives, and prescription diets
Healthy Paws®
- Coverage for pets up to 14 years old with customizable annual deductible and reimbursement percentage and no maximum annual or lifetime payouts
- 15-day waiting period for accident and illness coverage, and 12-month waiting period for hip dysplasia coverage
- Covers hereditary and congenital conditions as well as alternative therapies
- Have $25 donated to help homeless pets in your name when you Refer-A-Friend
- Easily submit claims to taking a picture of your bill and submitting it through the phone app or website
- Does require complete physical exam to be eligible for coverage
- Pets 5 years and under require a physical either within the last 12 months or within the first 15 days after enrollment
- Pets 6 years and over require a physical either within the last 30 days or within the first 15 days after enrollment
- Does not cover standard preventative/wellness care, such as:
- Wellness visits
- Exam fees
- Standard dental cleanings
- Prescription diets
- Vaccines or parasite prevention
- Cancel your policy within 30 days of sign up with no claims submitted to get a full refund
- Premiums will go up over time
Lemonade
- Great variety of coverage plans with customizable annual deductible, reimbursement percentage, and annual maximum payout
- 5% discount when you add a second pet
- 5% discount if you pay annually vs. monthly
- 10% discount if you bundle with other Lemonade policies (renters, homeowners, car, and life insurance)
- Only 2-day waiting period for accident coverage, 14-day waiting period for illness, and 6-month waiting period for orthopedic conditions
- Optional add-ons that cover wellness and preventative care, including routine dental care
- Specialty puppy and kitten packages to cover initial vaccines, deworming, parasite testing, microchipping, and spay/neuter surgery
- Easily submit claims through the app and get reimbursed in minutes
- Optional End of Life and Remembrance coverage for 100% coverage of euthanasia, cremation, and memorial items up to $500
Nationwide®
- Major MedicalSM plans include annual maximum payouts per condition after the $250 annual deductible is met.
- Whole Pet® coverage plans include 50%-70% bill reimbursement on eligible conditions up to $10,000 annually after the $250 annual deductible is met
- Optional Pet WellnessSM plans for coverage of routine care like vaccines and preventatives
- Coverage options for many different species, including small mammals, reptiles, amphibians, and birds
- Standard 14-day waiting period
Pets Best
- BestBenefit accident and illness coverage plans with customizable annual deductible, annual maximum payout, and reimbursement percentage
- Optional accident-only coverage also available
- Optional wellness plans can be added to any other Pets Best plan to cover routine care such as vaccines and preventatives.
- Coverage can include alternative therapies for a higher premium.
- No upper age limits, but premiums go up as your pet gets older.
- 5% multi-pet discount
- 3-day waiting period for accident coverage, 14-day waiting period for illness coverage, 6-month waiting period for orthopedic coverage for dogs
- Pre-existing periodontal disease is not covered
TrupanionTM
- Pays veterinarians directly without the hassle of waiting for reimbursement.
- No maximum payout limit
- Deductibles are per-condition and don’t renew annually.
- All plans include 90% reimbursement for eligible conditions with a customizable, condition-based deductible to determine your monthly premium.
- Additional add-ons cover alternative therapies as well as behavioral conditions.
- Once covered, your premium won’t go up just because your pet gets older.
- Standard 14-day waiting period
- Ask us about Trupanion’s Exam Day Offer at your pet’s next office visit to waive the standard waiting period and get 30 days of insurance coverage at no cost to you! Click here to learn more
- No available wellness plan to cover routine care, such as vaccines and preventatives
- Pets are eligible for coverage until their 14th birthday.