What limits & deductibles should I choose when customizing a pet insurance plan?
This is a great question and one that tends to confuse owners as they determine what pet insurance plan will work best for them financially while maintaining their pet’s health interests.
Pet insurance options tend to be complicated and pretty limited which is why Odie Pet Insurance is out to make the process as simple as possible. We wanted to create a product that was easy to understand and completely customizable because we know that everyone’s budget may not have room for an expensive, one size fits all product you typically see in the market today. When customizing the best pet insurance product for you and your furry family member, there are a few aspects to consider besides just the monthly cost.
#1 The Annual Limit.
This is the cap on the benefits the insurance company will pay in a year while you’re enrolled in a particular plan. The higher the limit is, the higher your monthly cost will be. However, increasing the annual limit can be a major benefit if you anticipate your pet having high veterinary costs, emergency visits and/or surgery. As a brief side note, most pet insurance plans will not cover any pre-existing conditions but this limit can truly come into play for many other emergency scenarios. Take it from us, give your annual limit a little buffer room if you can.
Range options: $5,000-$40,000 per year
#2 The Annual Deductible.
The deductible you select is the amount of money you will pay out of pocket toward insurance claims before the insurance company will start to reimburse you back. Once the deductible associated with your plan has been paid, the insurance company will cover the remaining costs, up to your annual limit, associated with claims for the rest of the policy year. In this case, the smaller the deductible, the higher the monthly cost will be so it is really up to you how much you want to spend out of pocket before your insurance plan kicks in. Something to consider is the average cost of a routine veterinary check-up ranges from $50-$400 per visit in the U.S. so that deductible could potentially be used in just a few trips.
Range options: $50 - $1,000 per year
#3 The Reimbursement Percentage.
The number you select is the percentage of the reimbursement you will receive from the insurance company once a claim is paid. The reimbursement percentage is applied after the annual deductible has already been paid. Similar to the annual limit, the higher the reimbursement percentage, the higher your monthly cost will be, but this option offers great peace of mind knowing you will be reimbursed in an emergency situation.
Range options: 70% - 90% per year
Want to find out what an Odie Pet Insurance plan will cost you? Visit www.odiepetinsurance.com to tailor your coverage.
You can also answer all your questions about pet insurance so you can have peace of mind.