When it comes time to receive reimbursement, pet insurance differs from human health insurance. Here is what you should know. Getty Pictures
Insurance for dogs and cats provides both financial protection for their owners and medical care.
For a nominal monthly charge (which is less expensive if paid annually), pet owners may rest certain that their furry companions are protected in the event of a health crisis. And they have the extra assurance that any problems that do arise won’t bankrupt them.
However, pet insurance is not identical to human health insurance. There are a number of striking distinctions, notably with regard to payment for service.
By gaining a complete grasp of how pet insurance pays for care, pet owners will be able to better organize their money and doctor appointments.
If you don’t currently have pet insurance, or if you wish to add more pets to your existing coverage, contact an insurance agent who can help you get started.
How insurance for pets reimburses owners
When humans see their doctor, they should expect to pay a co-payment but no more (bills for the overall visit may be received in the future).
However, this is not how pet insurance works. When taking your pet to the veterinarian, you are responsible for any services, procedures, and medications administered. Therefore, you will need to use savings or a credit card that day.
However, your pet insurance company will reimburse you for any out-of-pocket expenses (depending on your policy and coverages). You will only need to file and submit a claim. Your insurance provider will then process the claim and send you the reimbursement.
According to Fetch by The DoDo, owners must provide two documents in order for a claim to be processed:
“A final invoice from your veterinarian detailing the services rendered and the total cost. In order for us to accept an invoice, its balance must be zero or indicate that it has been paid in whole.”
“Detailed medical records from your pet’s most recent wellness exam (a veterinarian visit unrelated to a pet’s illness or injury)”
Fetch by The Dodo states, “Claims are normally processed within 15 days of receiving all of your paperwork.”
Spot pet insurance operates similarly, instructing owners to pay for services rendered. On their FAQ website, they explain, “With pet insurance, you pay your vet bill as you usually would, and then file a claim to be paid for eligible charges, based on the parameters of your policy.”
Many insurance companies may reimburse you via direct deposit.
Lemonade pet insurance providers clarify, “We’ll require you to enter your bank account details as part of processing your claim using the Lemonade app.” After approval, we will deposit payment immediately into your account.
Although the reimbursement procedure is comparable between providers, each insurance has unique plans, coverage options, and pricing. Therefore, you should look around for the pet insurance company that best suits your needs. Contact a specialist immediately or use the table below to get started.
Other factors to consider
Reimbursement is only one element to consider when comparing pet insurance policies. Remember the following:
In general, the earlier you purchase pet insurance, the less you will spend. Typically, older animals have more issues and will be more expensive to protect.
Previous medical conditions: Unlike human health insurance, pet insurance discriminates against pets with known health issues and will not cover their care. This is another reason (in addition to cost) to start a plan early, before diseases occur more frequently.
Types of animals: In average, dogs are more expensive to insure than cats, however there are breeds of both species that can be prohibitively pricey. Before purchasing a new animal, conduct as much research as possible so that you know exactly what to expect in terms of medical bills.
Have more questions? Consult with an expert in pet insurance who can assist you in locating a dependable and affordable policy.