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| | | Pet insurance usually is recommended for pet owners who do not have readily available funds to pay a large veterinary bill, but who would be willing to put a large amount of effort and money into treating their pet's serious illness or injury. | | |
| Typical costs: | - Pet insurance for a cat typically costs between $15 and $18 per month, depending on the age.
- Pet insurance for a dog typically costs and between $22 and $28 per month, depending on age and breed.
- Most companies offer at least two levels of coverage: basic and premium.
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| What should be included: | - Plans usually offer coverage for an array of illnesses and injuries -- usually up to a predetermined per-year and per-condition cap. A few examples of conditions usually covered include diabetes, pancreatitis, cancer, intestinal obstructions and fractures.
- The pet owner almost always pays the veterinarian at the time of service, then files a claim and is reimbursed by the insurance company, usually within 30 days.
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| Additional costs: | - In addition to the monthly premium, most pet insurance companies have deductibles of $50 or more and require copays of 10 to 50 percent.
- Most pet insurance companies do not cover pre-existing conditions, so owners must pay all related expenses. Some plans do not cover conditions considered congenital, such as hip dysplasia.
- Some pet insurance companies offer a rider that includes about $200 worth of coverage for routine care, such as for annual exams, teeth cleaning and flea and heartworm medication, for about $8 to $10 extra per month.
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| Discounts: | - Some employers now offer pet insurance as an optional benefit. Usually, companies do not share the cost, but instead obtain a discount group rate for employees' pets.
- Many pet insurance companies offer discounts of 5 to 10 percent for insuring multiple pets from the same household.
- Pet owners can obtain a discount of up to 10 percent on pet insurance with one insurer, Pet Plan USA through the Humane Society of the United States.
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| Shopping for pet insurance: | - Tip: To find the best value, look at the monthly premium, but also compare the differences in deductibles, copays and caps. Many companies have yearly total caps -- which can be increased by signing up for a premium plan -- and also per-condition caps. Some pay only 80 or 90 percent of veterinary costs before the caps are reached. Read the list of exclusions carefully before signing up for a policy. Sometimes common conditions are excluded.
- Companies that offer pet insurance include: Veterinary Pet Insurance, Pets Best Insurance, Pet Care Insurance and Pet Plan USA.
- Pet insurance also is available through some non-profit organizations, such as the American Society for the Prevention of Cruelty to Animals and the American Kennel Club, which has a choice of four plans and offers a free 60-day trial of limited coverage for dogs newly registered with the AKC.
- Before purchasing pet insurance, ask the company what is the length of the policy term -- the amount of time during which rate, coverage and benefits are guaranteed -- as well as the cancellation policy.
- The company you choose should be licensed in your state so you are not left with unpaid bills if the company folds.
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Article updated October 2007 |
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