Medicare doesn’t cover everything. It doesn’t cover physical therapy, dental care, hearing aids or complementary therapies. And it doesn’t cover pets.
However, you don’t have to pay out of pocket for every medical expense when it comes to your pet. Just as you can secure private health insurance to offset out of pocket medical bills, you can get pet insurance for your pets.
The Benefits of Pet Insurance
What are the benefits of pet insurance? One benefit is that it makes major vet bills more manageable. Your vet bills could run into the thousands if your pet develops cancer or is hit by a car. With pet insurance, you may be able to take advantage of volume business discounts to pay less for care.
A secondary benefit of coverage is that it can improve your pet’s overall health. For example, pet insurance is typically dependent on getting proper preventative care for your pets. For example, if your pet insurance mandates deworming medication, you’ll stay on top of deworming medication regimens. And you’ll be more willing to take your pet into the vet when they’ve been sick and get a diagnosis instead of waiting until it gets worse.
How to Get Pet Insurance
Pet insurance is a financial product you can shop for like auto insurance and private health insurance for humans. Compare pet insurance policies at iSelect and find one that covers the type of care you want your pet to receive. Balance the premiums you’ll pay with the benefits you’re eligible for. After all, the policy with the lowest premiums may hardly pay out when you’re faced with steep vet bills. Conversely, a policy that costs a little more may offer incentives to keep your pet healthy and pay for boarding of a pet while it recovers. That’s worth paying for. Once you find a policy you want, sign up, make the first payment, and provide any documentation required. For example, you might have to prove that your pet is receiving good preventative care.
How to Lower the Cost of Pet Insurance
There are several ways to lower the cost of pet insurance. One is to start the cover when you first get your puppy or kitten. By starting from the beginning of your pet’s life, you’ll lower the odds of lifestyle diseases like obesity, pet diabetes and arthritis. And the premiums you’ll pay will be lower in middle-age.
You can also lower your premiums by reducing the risk the insurer takes when they issue the policy. One factor is the breed of the animal, since some breeds are more prone to health problems. But this is obviously only something you can control when picking out your pet in the first place. Another option is increasing your deductible, since the insurer is less likely to have to pay a claim if it doesn’t have to pay out for small bills. A policy with a limit on the number of claims you can file or maximum payouts limits their risk and lowers the premiums too.