Pets are regarded as family among pet owners. They are given the same care and attention a family member is entitled to. People purchase veterinary insurance for the same reason they purchase their own health insurance – to ensure that their pets are taken care of should an unexpected accident or medical problem occur.

Here are some things to consider when considering veterinary insurance for your pet. These will also highlight the benefits of having a veterinary insurance policy and why it’s necessary.

The Deductable – No Perfect Balance

The deductable amount is always up for negotiation when creating an insurance policy. A high deductable will lower your monthly premium but increase your out of pocket expense each time your pet needs treatment. A lower deductable will increase the monthly premium but the doctor visits will be less taxing on the wallet. Hence there is no perfect balance between the two. Pet owners should consider their financial situation when going over different plans.

Pet Policy – What’s Covered and What’s Not

It is very important for the pet owner to be fully aware of what procedures are covered and what are not in the veterinary insurance policy. A good place to start is to check the policy for illness, accidents and optional issues.

• Illness Coverage: Most illnesses are covered but coverage of chronic disease like diabetes and cancer vary by plan and from company to company.

• Accident Coverage: Cuts and broken legs are common issues and should be covered under most plans. Coverage of surgical procedures such as hernias or swallowed objects is a big plus.

• Optional Routine Care Coverage: Routine care ranges from annual exams, vaccinations, teeth cleaning to blood and urine sample tests. Since these are optional services, their coverage varies by plan.

An important thing to note is that pre-existing pet conditions are usually never covered in the insurance policy when it is created. These may include congenital conditions that your pet was born with such as luxation and liver shunt.

Veterinary Insurance – Does Your Veterinarian Approve?

Since veterinarians deal with different insurance companies on a daily basis, they are the best source of information when it comes to getting a referral or a recommendation about a particular insurance agency.

The Importance of Lifetime Continuous Coverage

It is important to know whether your veterinary insurance provides Lifetime Continuous Coverage incase your pet is diagnosed with a chronic disease such as cancer or diabetes after the policy has gone into effect. This will prevent the insurance company from disqualifying claims of chronic issues as a preexisting condition once the policy is renewed and will continue to provide treatment for your pet.

Choice of Veterinarian – My Way or the Highway

A good insurance policy should allow pet owners to choose a veterinarian of their choice instead of forcing them to pick from within the insurance company’s own network. In addition, it should also give the policy holder the option to see specialist veterinarians such as a veterinary ophthalmologist (eye) or oncologists (cancer) should the need for one arises.

Reimbursement Calculation – The Most Important Part

This is arguably the most important and misunderstood part regarding pet insurance policy. Typically the claimed amount is calculated either by taking a straightforward percentage of your veterinarian’s bill or by percentage of a benefit schedule. The second option however, limits the amount the insurance company will be liable to pay. Therefore pet owners should be fully aware of the reimbursement procedure before signing anything.

Pet insurance does not differ much from regular health insurance. Therefore the same parameters that one would consider for their own health insurance should be applied when it comes to the health and well being of their pet.