WHAT IS PET INSURANCE?

Every pet owner wants to keep their pet healthy and happy. That's why regular vet visits and giving pets the care they need in case of accident and illness is so important. Pet insurance can provide pet owners with financial support that can be used towards professional veterinary care, some related medical costs and benefits that help you deal with unexpected costs (and sometimes the preventive costs, too) of care. 

Regardless of your income or financial situation, if you're like most pet owners, you may not be setting aside the funds to provide veterinary medical care for your pet in the event of illness or an emergency. Even if you do, those sometimes the money get used for other expenses such as a child's college fund, home improvements, vacations, vehicle purchases and repairs.

Professional Care

Today, like with human healthcare, the veterinary medical profession continues to advance and can treat virtually any condition or injury that a pet may incur throughout their lifetime - provided they receive the required treatment early or quickly enough, and as long as the pet owner has the financial means to cover the real cost of care.

Pet health insurance is a useful financial tool that:

•  Protects you and your finances against unexpected medical costs
•  Ensures veterinarians can provide your pet with optimal care and the most advanced veterinary medical treatments
•  Prevents pet owners from having to make a financial decision to end a pet's life due to their inability to pay for the  needed treatments
•  Ensures a pet owner does not need to hesitate before taking a pet for veterinary treatment, or wait until a condition  worsens before feel it's worth the expense to visit their vet
•  Provides a plan for the costs of routine and even preventive care, if you have Wellness Care coverage

•  Assists you in helping your pet to live a healthier and sometimes longer life.

UNDERSTANDING COVERAGE

With other kinds of insurance, years may pass without you ever having to make a claim. Pet insurance is designed to be used. Unfortunately, experience has shown that it is likely that your pet will become ill or injured and need medical care, and as they age these risks only increase.

The earlier the better

If you're fortunate enough to have a healthy pet and you rarely need to claim, it doesn't necessarily mean you don't need coverage. Research has shown that up to 90% of veterinary expenses can happen in the last 10% of your pet's life. Like with human insurance, the earlier (and younger) you enroll your pet for coverage, the lower your premiums and deductibles will be, and the more likely it is that your pet will not have any pre-existing conditions that will be excluded from coverage.

The cost of coverage

The cost of coverage for all pets is decided the same way. There are three factors to consider: 1) the species/breed of your pet; 2) its age at the time of enrolment; and 3) where you live in Canada. These three factors help underwrite (calculate the cost and risks) every cat and dog.

Get your money's worth

As with many things in life, with pet insurance, you get what you pay for. Paying a higher premium affords you a higher level of coverage (and higher payouts or "benefits").

Knowing what to expect

• When you look for coverage, make sure that you know exactly what your pet is covered for - and what exclusions apply.  
• Carefully consider what level of coverage you think you might require for your pet, and what you can afford.
• Some pet insurance companies offer variable deductibles that will decrease or increase premiums.
• All pet insurance companies should post their coverage features on their website, or have them available by mail.
• Once you've made your decision and signed-up for a policy, familiarize yourself with what's included by reading through  the terms and conditions. Some insurance companies now offer coverage for services such as alternative treatments or US travel.

If you're thinking about getting pet insurance, you've already taken the right step in taking good care of your pet. Research your options, talk to your veterinary clinic staff and arm yourself with the information you need to make the right choice. Although pet insurance do not participate in direct billing yet, we are available to help you process your claims at your next visit to the clinic so you can receive your reimbursement. Here are links to the most popular pet insurance companies that our clients use for their pets:

Pets Plus Us - www.petsplusus.com

Trupanion - http://trupanion.com/canada

PetPlan - http://canada.gopetplan.com

Pet Secure -www.petsecure.com