Lemonade Pet Insurance stands out from traditional accident and illness policies by offering coverage with no waiting period for accidents in certain states and 14 days for illness coverage, while Figo boasts one of the shortest wait times in the industry at just one day.
As part of an attempt to deter fraud, any illness or injury that arises during this waiting period will be considered preexisting and won’t be covered.
Waiting Periods
Pet insurance waiting periods refer to the period that must pass before coverage for certain injuries and illnesses is activated. During this period, owners cannot file claims for expenses they may incur while their policy remains active; it’s standard in all pet health policies.
Pet insurance waiting periods depend on both provider and plan type. Accident coverage policies tend to have shorter waiting periods–often one to 14 days for accidental injuries such as broken bones, swallowed objects and bite wounds–than illness coverage plans with longer wait times that range anywhere from 14 days up to six months for conditions like cancer, stomach issues or ear infections. Some pet insurers such as Lemonade provide waivers if a professional orthopedic exam has taken place within an agreed upon period after purchasing a plan.
Pet insurance waiting periods exist primarily to protect companies against fraudulent claims and ensure that premium payments go toward future injuries and illnesses rather than those which have already happened. Therefore, signing up early reduces the chance that preexisting conditions might exist at enrollment time.
As with human insurance policies, any illness or injury occurring prior to an insurance policy’s effective date is usually considered pre-existing and won’t be covered. Therefore it is vitally important that a pet insurance plan remain active; otherwise any events before its lapse could become pre-existing and thus ineligible for claims in future plans. In such an instance, it’s vitally important that carefully reviewing its terms and conditions takes place – although don’t forget you could purchase an annual wellness plan that covers preventative care with no waiting period!
Accident Coverage
Accident coverage provides treatment for injuries such as object ingestion, bite wounds, poisoning and eye trauma resulting from mishaps like object ingestion, poisoning and eye trauma. According to NAPHIA data, accident coverage is the most popular form of pet insurance coverage; however coverage varies depending on provider – for instance hereditary dental issues may not be included on some policies and hip dysplasia may not be excluded if your pet is over six years old at time of enrollment.
Some pet insurance providers offer wellness/preventive coverage as an add-on, to cover routine care such as vaccinations and teeth cleaning, helping to offset costs associated with these routine services. This may help lower your monthly premium. Usually you can find more details in a plan’s policy document about wellness/preventive coverage.
Most pet insurance plans feature both a monthly cost and annual limit on how much an insurer will reimburse for covered claims. These figures depend on factors like your deductible amount, reimbursement percentage and coverage amount selection – with greater deductible and annual costs leading to lower premiums.
Over time, your annual coverage limit may increase due to various factors. These can include increased veterinary care costs, claims submitted and changes in pet health status – this process is known as claims inflation and should be seen as part of pet insurance’s normal workings; insurers will adjust premiums, deductibles or co-payment amounts accordingly in order to keep expected claim payments balanced with premium collections.
When choosing an insurance plan, look for customer feedback about its ability to process claims quickly and fairly in times of high volume. Furthermore, consider its reputation for customer service and whether a representative can be reached directly over phone or online.
Premiums for pet insurance policies are determined by actuaries – specialist mathematicians that use complex formulas to anticipate how many pet claims a group of pet owners might make and create an equilibrium between anticipated claims and collected premiums in order to make pet insurance profitable.
Illness Coverage
Pet insurance typically covers treatment for sick or injured animals when they need it, such as prescription medicine, surgery, diagnostic tests and hospitalization costs. Furthermore, good pet health plans often reimburse alternative treatments like acupuncture and chiropractic care; in some instances they cover behavioral problems like aggression and compulsive behavior too! Most pet policies operate under reimbursement type policies so you pay upfront but then your insurer reimburses according to its terms.
Pet insurance can provide the security needed to cover unexpected illnesses and injuries, but it’s essential that you know which expenses are covered. Most health plans for pets do not provide coverage for pre-existing conditions that existed prior to policy beginning; these conditions include any medical problems your pet had prior to starting coverage as well as chronic issues like arthritis, asthma or ear infections that develop before coverage begins.
Most pet insurance providers do not cover routine healthcare services such as annual checkups and vaccines unless you purchase a wellness add-on policy. Furthermore, most insurers will not cover cosmetic surgeries like declawing, tail docking or ear cropping unless medically necessary.
Your pet health insurance plan could come with either per-condition or per-occurrence deductibles, depending on which insurer and coverage option you select. With per-condition deductibles, each time your pet requires medical treatment for illness or injury they’ll have a separate deductible to pay while with per-occurrence deductibles they pay one deductible each time and your premium increases accordingly.
Most pet owners desire an all-inclusive policy that will cover most of their vet bills; however, these plans tend to be more costly than other policies. Most veterinarians suggest weighing the benefits and drawbacks of each type of pet insurance before selecting the plan that’s right for your family.
Wellness Coverage
Some pet insurance providers provide wellness coverage, which reimburses for routine treatments like teeth cleanings and vaccinations. It’s important to remember, though, that this coverage generally doesn’t offer as many safeguards as accident and illness plans do.
Example: if your dog needs dental cleaning at a vet and bills for it, his or her insurer may only pay up to the maximum allowed under your policy for that procedure. Most policies also do not cover cosmetic procedures like declawing, tail docking and ear cropping unless medically necessary.
On the bright side, many pet owners can find policies with zero-day waiting periods for accidents and short waiting periods for illnesses, including MetLife, Pets Best and Lemonade (which offers no waiting period in Maine).
As with accident coverage, most pet insurance providers have a 14-day waiting period for illness coverage; however, this may differ depending on which provider is chosen; to get more details regarding waiting period policies it is always a good idea to contact each company directly.
As soon as the waiting period ends, most pet insurance plans will begin covering vet bills for illnesses and injuries sustained by your pet. Keep in mind, however, that most policies have an annual limit and deductible threshold before reimbursement starts occurring.
When purchasing pet insurance policies, it is also worth taking note of how each company handles pre-existing conditions. If your pet already had one when you took out your policy and then experienced worsening during its waiting period, this could still count as a pre-existing condition post-waiting period.
Before purchasing pet insurance, ensure you understand how the provider defines and treats pre-existing conditions, age limits or coverage options to accommodate senior pets. Pumpkin offers an add-on called Preventative Essentials which offers coverage for a wellness exam, two vaccines and an intestinal parasite test as part of its policy options.
