subject: What is veterinary medical insurance and should you buy it? [print this page] What is veterinary medical insurance and should you buy it?
As veterinary medicine continues employing sophisticated medical technology and drugs, most pet owners make more demands for the physical wellness of their pets. These changes open the market for veterinary medical insurance.
Veterinary medical insurance pays the bill if ones pet becomes sick or harmed in an accident. Other policies will make settlement when pet dies or is stolen or lost. The prohibitive cost of vet bills due to the introduction of innovative treatments made pet owners consider the plan of getting a veterinary medical health insurance.
Purpose of the veterinary medical insurance: is to alleviate the possibility of incurring enormous expense to treat ill or injured pets. Pet insurance is similar to medical insurance that we would buy to cover our own medical bills. Here are important facts about veterinary medical insurance:
Plans are based on the kind and age of the pet, pre-existing condition and whether the pet lives in or outside the house.
Most insurance companies begin effectiveness of policy within 6 " 8 weeks while others will apply coverage after a waiting period of 3 " 12 months if the animals condition is stable or controlled.
Most companies will refuse animals in poor condition or with a terminal illness.
Some will not accept certain breeds prone to development of disease, for example German Shepherds are susceptible to hip dysphasia.
While some set an age limit, others dont.
The cost of the policy differs according to the package chosen by the owner. Comprehensive packages include animal check up, vaccinations, routine care, preventive medication and spay/neuter surgery. Other plans include only accidents and illness.
Questions to ask when you buy a veterinary medical insurance:
1.What is covered in the discount plan? In the comprehensive plan?
2.Will I be able to choose my veterinarian?
3.How long will be the waiting period for the policy to take effect?
4.What is excluded? What is included?
5.Will routine care be covered?
Those who find veterinary medical insurance unnecessary claim that it is better to forgo pet insurance and instead putting the money they would have been spent on premiums into a savings account. Pet coverage can cost $2,000 to $6,000 over the life of an average pet, and the chances are slim you'll ever need to shell out that much for treatment. Today, it is estimated that pet owners with veterinary medical insurance are still a small minority.
Some food for thought regarding veterinary medical insurance:
Policies normally have deductibles, caps and co-pays set limits on how much will be paid yearly.
Normally excluded are pre-existing problems and hereditary conditions, such as hip dysplasia in retrievers and German shepherds, are normally although there are few insurers that consider the inclusion of hereditary and chronic conditions.
Most companies do not cover pets older than 9 years if age; some do, but with higher premiums. The older the animal, the higher the premiums. Some insurers don't cover pets older than 9; others levy stiff surcharges.
Every pet owner will have to evaluate veterinary medical insurance and decide if it is the correct one for their pets and it is something that needs deep consideration.
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