A thought on deductibles…
Most of you know what a deductible is, as they exist with just about every type of insurance: the amount you are required to pay on a claim before the insurance company will compute their payout. Well, pet insurance isn’t really any different. And, with all of the pet insurance plans available today, there is a multitude of options. Some plans offer an annual deductible, while others offer per incident, while others offer per condition.
And let me clarify as to what each of those are. An annual deductible is one that is required per year before any condition is covered. So if you have 5 incidents in one year, you would only be required to pay one deductible once.
A per incident deductible is one that would be required each time your pet has a different incident. For example, if your dog fell and broke his leg in march you would be required to pay a deductible, then if he got sick and needed medication in June, you would have to pay another deductible, then a year later if he got sick again you would have to pay another deductible.
And lastly, a per condition deductible is one that pertains to a single condition or accident. For example, if you have to see your veterinarian 3 times over the course of a year because your cat keeps throwing up, you would only have to pay the deductible the first time (given that these incidents were related). Or, more importantly, if you dog were to develop diabetes (something he’ll have the rest of his life) then you would only have to pay the per incident deductible once.
Deductibles with pet insurance can range anywhere from $0 to $1,000 and, in fact, the American Animal Hospital Association recommends that pet owners choose deductibles from $500-$1,000. But, what do you think, as a pet owner, is most reasonable? Would you want the option of a high deductible to use the insurance for only the rare, expensive incidents? Or would you want a $0 deductible knowing that you’d be covered for just about everything?
Some pet insurance companies have a per visit deductible too where you pay every time you go to the vet.
I had 2 elderly cats with kidney disease in the past and the vet bills were really high ($10,000+) spread over a long period. So when I got insurance for my currently healthy 1-15 year old cats I wanted to be protected against expensive chronic illnesses like CRF. I went for a plan with a per incident deductable / limits where chronic illnesses don’t get treated as pre-existing in the 2nd year. The deductable is $300 for the $14,000 limit plan so that would cover me for most major illnesses and I can afford to pay a $300 for smaller things.
Wow $10,000+! Yikes! I’m glad you’ve chosen to get pet insurance to cover your kitties (and yourself) for future bank account slammers.