Thursday, October 24th 2019
One thing we recommend to all dog owners (especially puppy owners) is pet insurance. Just like with health insurance, the monthly charge can feel expensive; however, within a couple months of having Bumble Bee, we already saved hundreds through insurance. The most important factor for insurance is to start as soon as you can. Most insurance options we looked at do not cover pre-existing conditions. Yet, many people consider insurance when their dogs are diagnosed with conditions that will be very expensive. At this point, it is too late to get the best benefits. Diagnosis is when your options become limited. We started Bumble Bee on Healthy Paws insurance his second week at home. Below I will discuss our policy and what is covered verse what is paid out of pocket.
Monthly Cost
Insurance cost is based on several factors depending on your company. Bee’s insurance cost is based on breed, age and location. Being a golden retriever, there are certain conditions that insurance predicts he will encounter. Some of these include ear infections, cancer and eating foreign objects. When we lived in Los Angeles, we paid about $8 a month more than we do in Chicago. This was largely based on environmental problems that came with living in CA. For example, it was more likely Bee could be bit by a rattlesnake in CA than in IL. For age, Bee was 9 weeks when we signed him up for insurance, and he had no pre-existing conditions.
Deductibles and Reimbursement
With Healthy Paws, we chose our annual deductible and reimbursement rate. We chose an 80% reimbursement rate, and a $250 annual deductible. The options you can chose from are dependent on the insurance company. For Healthy Paws, choosing a 90% reimbursement rate means your monthly fee will increase slightly. Likewise, if you choose a higher annual deductible, your monthly fee will decrease slightly. For us and our financial situation we felt most comfortable at the price we have now. In total, with our deductible and monthly fee, we pay $937.36 annually for insurance. However, we have been on the insurance now for about 4 months, and we have already saved hundreds. In total, we have spent $1,064.59 on veterinary costs for Bee. We have received $601.67 from our insurance company in checks and paid off our $250 deductible till June 2020. Meaning, insurance has already saved us $851.67 in just 4 months. I project from the past 6 months that we will not only break even on insurance cost over the next year but also, we will have saved hundreds because of insurance. Please remember that Bee has not experienced any severe illness or been diagnosed with any intense conditions. These savings are just from the typical dog-woes like eye infections, Giardia and eating a mushroom in the yard.
Coverage
As mentioned, most insurance companies will not cover pre-existing conditions. However, each insurance has different policies as to what is covered in your plan. Most pet insurance websites will have a compare/contrast tool that you can use to determine your best fit. For Healthy Paws, they have four major exclusions to what they will cover. The first is pre-existing conditions. Second is examination fees. Examination fees will vary based on the vet you choose, and they are more expensive at emergency veterinary visits. For example, our examination fee at our standard vet is about $25, but at the emergency clinic we once visited it was $120. This is a fee that you will pay out of pocket. Healthy Paws also does not cover pre-existing cruciate ligament injury as bilateral. If this pertains to you, I suggest reading the full information on the website as it contains a lot of medical jargon that proves difficult to paraphrase. Lastly, Healthy Paws will not cover preventative medicine. This includes vaccines, neuter/spay, gastroplexy, parasite control, dental cleanings, etc. This is where you may have to front considerable money. It is important to account for your dog and financial situation when considering this additional cost. For example, did you rescue your dog from a shelter where they were already fixed? If so, this might not be a big factor for you as that charge is already over. So, you may be asking yourself, if Healthy Paws doesn’t cover these preventative costs, why would I pick them? We chose Healthy Paws despite this for two reasons. First, they do not have a cap on claim payouts. In the long term, no cap means we will have consistent coverage and reimbursement for Bee’s entire life. Second, Healthy Paws is easy and fast. We just take a photo of our bill from the vet office, upload it to the app, and get our claim handled within a few days. For people that cannot have $500 missing from their account for weeks, this is a useful service. I also want to add that Healthy Paws allows you to use any veterinarian. We have a separate article on “Picking the Right Vet,” and it was important for us to have freedom when picking a veterinarian.
Choosing an Insurance Company
I want to be clear in saying that I am not advocating for you to choose Healthy Paws. Every situation is different, and every person is willing to sacrifice in different ways. For us, in our financial situation with our preferences, we chose Healthy Paws. Due to this choice, we have the most knowledge and experience with their services. So, in explaining dog insurance, they are our example. What I want you to get from this article is that insurance can save you hundreds of dollars more than it costs, and considering it for your dog is a responsible decision. I hope that the information above allows you to make an educated analysis on insurance options. And, happy insurance shopping!