Pet Insurance - consider covering your pet with insurance.

Policies help pay bills when illness, injury strike

Cancer, trauma, diabetes, kidney disease and obesity-related health problems. Costly and chronic health problems that afflict humans are potential threats to man’s favorite companions —dogs, cats, exotic birds, snakes, hamsters, tortoises, rabbits, pot-bellied pigs and even lizards.  

But the good news is that — like us — any domestic animal that is treated like a member of the family can be covered by pet health insurance that helps to pay the costs of treatments for unforeseen injuries and illness.  

Far and wide, most pets that are covered by insurance are beloved dogs, cats and costly exotic birds. However, while there are more than 140 million pets in the United States that fall into those three categories, less than 1 percent is covered by insurance policies. 

Although not quite as widespread in the United States as it is in Europe, pet insurance is slowly catching on here.  

Such coverage is for “anyone who truly loves their pet. The question you might ask is, ‘If my pet became ill or injured, what am I willing to do?’ If your answer is, ‘I’m going to do everything I can,’ then this is something you should consider,” says Barbara Kowalski, public relations manager for Veterinary Pet Insurance, which is underwritten by National Casualty Co. in most states.  

According to market statistics, VPI handles 85 percent of the pet policies that do exist. Kowalski says monthly premiums vary depending on the type of animal and its age and condition. In general, she says, a pet owner could expect to pay about $20 to $25 a month for a young dog, less for a cat, and $7 to $10 for birds and other exotic pets. (Birds and snakes are rated by size.)  

Pet owners pay their veterinarian bills up front, and are reimbursed for 50 percent to 80 percent of the itemized bill they submit to the insurance company based on a benefits schedule. An array of procedures that could run into hundreds of dollars is covered, including: surgery, chemotherapy, anesthesia, prescriptions, surgery and diagnostic testing such as blood work, MRIs and cat scans.  

“Cancer is one of our fastest rising claims, and diabetes in cats,” says Kowalski. “You never know when something’s going to happen. That’s why we insure pets: So owners can make decisions from their heart and not their wallet.”  

Before taking out a pet insurance policy, there are a few things to consider:  

• Does the insurance provider allow a pet owner to select a veterinarian and seek referrals? A family vet is much like a family doctor. If you’re comfortable with the care, you probably don't want to change vets.  

• It’s best to insure a pet when it’s young and free of pre-existing conditions. Some pets may only be eligible for insurance to a certain age. Insurance for an old pet may be hard to come by.  

• Keep in mind that some companies exclude known congenital conditions linked with certain breeds, such as hip problems, blindness and deafness.  

• How healthy is your pet? A pet may be turned down if it has a poor health history. Some companies review a whole year’s worth of vet records before agreeing to cover the pet.  

• Does the policy have a spending limit? An insurer may cap how much it can cover if a pet requires regular vet visits.

• Does the policy offer riders for long-term, expensive conditions?  

• Does the insurance provider measure up to established standards? An insurance provider must adhere to state rules.