Pet Insurance: What it costs, what it covers, and how to find the best

Did you know that 100 million of the roughly 160 million US households have pets that's a pretty high number but what's not a high number is that only 2% of dog owners in 0.5% of cat owners have pet insurance recently we adopted a pet his name is Leo he's half border collie half golden retriever so I have been doing a lot of research about pet.

Insurance and I wanted to share everything in this video that I learned and right away I do want to recommend pet insurance not only that by the end of this video I'm going to let you know which pet insurance company we selected in Y as well as give you eight other pet insurance recommendations that I found through research I'm also going to break.

Down a lot of the terms associated with pet insurance and how to save money when you're looking so that you can get the best rate for what you need and the goal here ultimately is to help save you money in the long run and as you know pets can be extremely expensive in fact the American Kennel Club did a study and found out the pets cost anywhere from.

Twenty three thousand dollars to forty thousand dollars in the lifetime of that pet that's a lot of money and of course there are required costs like the cost of the pet itself the pet food pet toys that visits and shots bleach collar all that good stuff then there's optional costs as well things like more toys the crazy cat.

Hotel climbing thing clothes more clothes and then the big optional cost pet insurance which obviously most people decline now depending on your pets ailment when you bring your pet to the vet studies show that costs are gonna range anywhere from 100 to up to a thousand dollars per visit so how do you protect your furry little friend without.

Breaking the bank that's what this video is all about because as I found in research there really is a lot to unpack when it comes to pet insurance it is all over the board in terms of cost and what it covers and what it doesn't cover but before we go on what's up guys my name is Frankie this is the money resolution.

If you enjoy this video I do put out videos weekly on apparently all things personal finance I would really appreciate if you subscribe to this video if you enjoy it by the end I even put a little subscribe button here in the corner so you can subscribe right now if you'd like first of all I've never had.

Pet insurance and this is one of the bigger regrets looking back that I have with my first cat that I had I had a three thousand dollar surgery emergency I had to pay for out of pocket and with my dog I had the same type of situation where it ended up costing about $7,000 out of pocket and I was originally quoted ten to fifteen thousand dollars.

So obviously I am sold on getting pet insurance for Leo and this is why we started researching but I had a lot of questions like is it better to get insurance for him now when he's young is that gonna save me the most money over time and also what are the best ways to save money what should I be looking for exactly when it comes to pet insurance.

Let's dive into that and let's talk first about how pet insurance works and what it cost now one major way that pet insurance is different from regular human health insurance is that with pet insurance in most cases almost all cases you are going to be responsible for covering the charges out-of-pocket then you submit your claims and you're gonna.

Get reimbursed after the fact and don't expect to get that money right away generally speaking what I've seen out there doing research is it's gonna take anywhere from roughly seven days to up to two months also speaking of timing you cannot just sign up and start using that insurance the same day generally there is sort of a waiting period of two.

To three weeks and that's of course to prevent people from signing up just because they notice that their dog might be sick or ill or injured or cat now when it comes to submitting that claim you are in almost all cases not gonna get 100% of the cost back to you you're gonna get on average anywhere from seventy to eighty to ninety percent back.

And that's because you're gonna be responsible for what's called a copay more on that in a moment going back to my earlier question yes the younger your pet is generally speaking the cheaper your pet insurance is going to be there are several things that come into play when determining the rate you're going to receive on your insurance so what.

Type of dog where you live how old the dog is any pre-existing conditions and those are the big ones according to the North American pet health insurance who knew there was such a thing the average monthly price is going to be 47 dollars a month for dogs that's your premium or roughly $30 a month for cats and the best way to get.

Started in terms of just determining costs and getting comparisons is to start applying for free quotes online in most cases all you got to do is hand over your email address to get that free quote and in terms of how much it covers I already mentioned that it's not going to be 100% of the cost but the main reason I recommend you have health.

Insurance is so that you never have to make a life-and-death decision when it comes to your dog or cat with money being a strong factor on the line the choice is going to be made for you because you're covered so run the numbers all you want in terms of if you need it or not until something major and serious.

Happens that is when you need it the most so when is the best time to sign up for pet insurance well that's when your pet is 100% healthy not when something happens to your pet in fact in a lot of cases you could be denied altogether if you do have a serious pre-existing condition not you your pet so think of.

Something like a broken bone or again something that's life-threatening but a lot of times if your pet does have something that's pre-existing health insurance will cover everything else but not help out when it comes to that pre-existing condition again though the best time to get health insurance for your pet is before you need it I.

Realized that I've already thrown out several terms related to pet insurance and I want to make sure that I take a moment to sort of define what those are because they're gonna keep coming up over and over again and the first one is premiums so this is how much you're gonna pay out-of-pocket monthly and generally the more comprehensive your.

Insurances the more you're gonna pay in premiums monthly so the more that is covered the more you're gonna pay second is deductible so this is the amount of money you're gonna have to pay out-of-pocket before any amount of insurance kicks in this is a lot like human health insurance and generally speaking the higher the deductible the.

Lower the premium and vice-versa most deductibles start around $100 but anywhere in the $200 to $500 range is common $250 is about average so annually you're going to need to come the first $250 before any insurance kicks in next up is copay so this is the percentage that you're gonna have to cover that insurance is not going to.

Reimburse each time you're making a claim in almost all cases you're still gonna have to cover a tiny percent of that issue if you're keeping track that means you're gonna owe the premium monthly you're gonna owe a deductible annually then once you meet the deductible you're also going to a percentage of the cost which is called.

Your copay the next term I want to make sure you're familiar with is what's called caps and limits this is the amount of money that an insurance company is willing to cover in any given year or sometimes the length of the entire policy some have no caps and no limits meaning that there is no limit on the amount of money that they're willing.

To reimburse over the length of that policy but a lot of them do have a cap so definitely keep an eye out for how much they're willing to pay out either on an annual basis or even the lifetime of the policy and then finally it's exclusions this is something you're going to want to look for this is usually a list that's provided of things.

That are not going to be covered in any case by that insurance company exclusions can vary widely obviously we've already covered that pre-existing conditions are almost never going to be covered outside of that though look for a list of what else is not going to be covered in your policy okay let's talk insurance coverage types.

For the most part there are – there's going to be comprehensive and accident wellness and routine is the third one but that one's actually not very common these are your typical that visits things like your shots your neutering and your Spain here's what I'm gonna start talking about specific pet insurance companies but before we get.

There I'm gonna give you a couple of pieces of advice in terms of finding the right policy and company for you the first piece of advice is simply to ask your vet what they recommend there are lots of options out there it's a lot like picking a cellphone carrier company that's a quick plug for a cell phone video I shot recently you can check out.

The link above for that one but again there are lots of companies lots of plans and lots of choices to pick from ask your vet what they recommend based on their experience what a lot of other people are using and what they might think is best based on your pet but my actual best piece of advice is to do your own research and hopefully this.

Video is a part of that so good job but really when you're doing your research the main thing you want to be thinking about is balancing coverage versus cost so you need to be thinking about any problems your pet has had in the past or any potential problems that your pet is prone to due to its breed or age this is just gonna come down to personal.

Preference and a little bit of research and knowing about your dog the age the breed the history and trying to project out any health issues that might happen in the future obviously there's a lot of unknowns there okay I've done a lot of research on the topic so you're probably ready for some recommendations there is no just best one-size-fits-all plan that.

I can recommend but there are several that showed up again and again on sort of top five top ten lists as I was researching around for myself in alphabetical order the ones that kept coming up the most is highly recommended this is as of early 2020 our embrace by go healthy paws nationwide pedda sure pet first pet plan pets best and true.

Panin these are the ones that I've seen over and over again and on-screen here I'm gonna give you a little bit more information some screen grabs in case you want to pause it and read a little bit more about some of these I pulled these all from sites that I definitely trust and recommend regardless of which one you go with what you also probably.

Want to know is how can I save on my insurance policy so in this next section of the video I'm gonna give you five ways that you can save potentially on your pet insurance plan the first tip I'm gonna give you is to take on more risk so if you want to keep your premium your monthly payment to a minimum you're gonna need to take on more risk when it.

Comes to your deductible and your co-pays there are some companies out there like true panin where you can literally use a slider and you'll see how these sort of offset with one another and you can be very specific for your deductible and your copay and see how that impacts your premium so you pay less right now monthly but you take on.

More risk if something happens in the future next is to work for the right employer so this is one of the fastest-growing benefits for employers to offer which is pet insurance or over a hundred and fifty major companies that I found in my research that are offering this check.

With your company maybe they are offering this and you were unaware or maybe give HR a little bit of a nudge that this is something you'd really like to have I found companies like Delta Airlines t-mobile UPS Microsoft Chipotle and a lot more are offering this currently third is to check for discounts so the most common discount.

You're gonna find looking around is policies that cover multiple pets but what if you don't have multiple pets if you are a member of a group like Triple A or AARP sometimes you're gonna find those discounts for you military active duty and students are other common discounts that I've seen out there we were actually able to score 10% off our.

Policy it was 5% off just for signing up for the policy online and another 5% off using the plug-in honey it's a chrome extension that helps you find promo codes at checkout once again a quick plug for a video I did about honey and how you can save money on Amazon and elsewhere next number four is to get pet insurance when your pet is young so I.

Mentioned that the policies are going to be cheaper for young pets and a lot of times it is going to reassess annually and go up from there but I've actually seen that there are some policies that allow you to lock in that premium and that premiums never gonna go up over time so it's rare to find those but if you find it you might want to jump on.

That especially if you have a puppy or a kitten some plans actually won't insure your pet once that pet is past a certain age so that's something to keep in mind and again the last thing you want to do is wait until some sort of illness or chronic conditions shows up then go hunting for health insurance you're not going to get the best quotes and.

Oftentimes it's going to be hard to find coverage at that point and then finally and this is the big one know what you need so this is really gonna take some thought and some reflection and thinking about your dog your pets history your age we've already covered this but as you do your research you're gonna see a lot of things that are included and a.

Lot of things that are excluded start taking mental note of what those things are and which are the ones that you'd want the most before I get to the one that we did pick there were two that came in just sure and we were very to picking and that was healthy pause and true pan Yin a couple friend of ours also just got a puppy recently and after.

Some research they ended up going with a nationwide and I think that's actually one of the biggest out there so there's a few you might want to be thinking about but the one that we ended up going with was pet plan here was my list of the things I was definitely looking for first I wanted to make sure that we could file claims online or via an app.

Second I wanted to make sure that there was no limit on the amount of claims that we could make third since our pet is very young and very healthy I wanted to make sure that we could keep our premiums very low so under $50 was essential fourth I wanted illness and accident covered but wellness was sort of optional and I knew that that wasn't.

Likely next was that I didn't want any sort of cap or at the very least a very high annual cap I also wanted the deductible to be annual not per incident and finally very important to me was that cancer and scans would be included in this policy so our deductible is gonna be 300 dollars annually our cost our premium monthly is just $37 so it.

Checks that box of keeping that low but again this was after we were able to earn 10% off our annual reimbursement cap is $15,000 so that felt definitely high enough for us and then it covers accidents injuries illness surgery and Rehab cancer treatment and all scans as well everything that we're looking for it even covered emergency dental like.

Broken teeth lost and found advertising and rewards vacation reimbursement which okay cool and we get reimbursed within 30 days but generally I've seen from other people online they were reimbursed within a week okay so there you have it this video was extremely dense so number one it might be super useful to go back and re-watch this but at the very least.

I hope that I armed you with the information you need for picking a pet policy and keeping your cost down hopefully I gave you a bunch of good starting points when it comes to picking a policy overall and number three ultimately I hope I convinced you that you do indeed need health insurance for your pet or pets again this is up to you.

Which one you're gonna pick based on your needs and situations and personal preferences but one thing to do is to ask the vet and the other thing to do of course is to do your own research down below in the description I'm going to leave links to all nine I believe companies that I recommended in this video along with a few articles.

That I used in terms of research for myself and for this video like this video if you got some value out of it it does mean a lot to me if you want more from me in the money resolution be sure to subscribe I do put out videos weekly drop a comment down below if you do have any thoughts or questions I do try to reply to every single comment and the.

Last thing is to share this with a friend if you know somebody else that could use this information especially those of us that just adopted a pet recently and kudos to you if that to you and you adopted a pet I saw a video the other day of a shelter and they were celebrating because every single one of the pets had been adopted so it's really.

Cool to see adoption rate go up thanks as always for watching especially this far once again my name is Frankie this is the money resolution and I'll see you guys in the next one oh but don't go anywhere just yet here is a quick little video montage of our puppy leo in case you just want some puppy footage to make your name thanks guys.

yep you got the chosen.

Okay you

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