What deductible for pet insurance?

Admin

8 Mar, 2023

Deductibles are an integral part of pet insurance policies. They determine how much you must pay out-of-pocket before your policy kicks in and pays for vet bills. On average, deductibles range from $100 to $250 or $500; the higher your deductible, the lower your monthly premium will be.

Annual Deductible

The most popular type of pet insurance deductible, an annual deductible resets each year and applies to any covered condition in the policy. In other words, if your pet requires care on January 1 that costs $200 or more (assuming you have a $200 deductible), insurance will cover those expenses until your annual deductible amount is reached and reimburse you for eligible expenses thereafter.

Per-condition Deductible

Similar to an annual deductible, but applied specifically to each eligible condition in which your pet receives care. For instance, if they get treated for an ear infection in April and then again for vomiting a few months later, each incident requires its own deductible since these are two distinct ailments.

Lifetime Deductible

Some pet insurance companies offer lifetime deductibles, meaning once your pet meets the deductible for one condition, it won't need to meet it again for life. This can be especially helpful for older pets or those of certain breeds which are more prone to developing chronic diseases.

Reimbursement Percentage

After meeting your deductible, the percentage of coverage offered by your pet insurance company can determine how much money you receive back for veterinary expenses. Typically, plans offer 70-90% reimbursement, so selecting an amount within this range that works within your budget is key for getting more cash back for veterinary expenses.

When purchasing a pet insurance policy, this factor should be taken into account as it could significantly affect how much money you receive from the insurer. It's especially useful for those who may feel hesitant to utilize their coverage due to uncertainty regarding potential medical issues that could arise with their furry friend.

Finding the ideal deductible for your pet's medical expenses requires comparing multiple providers' policies to determine which has a low annual deductible that fits within your current budget. From there, you can decide if it makes financial sense to meet that deductible every year in order to start collecting on all expenses associated with care for your furry friend.

If you're uncertain about your pet insurance deductible, reach out to a representative at your pet insurance company to review all of your options and help make an informed decision for your family. They will be more than happy to answer any queries and provide you with a quote tailored specifically to meet your requirements.