So after being tempted by all the furry friends that your friends have, you have finally decided to bring home a furry friend too? Well, good for you. In this unpredictable world where it becomes difficult talking to and meeting new people, your pet can offer you company and respite. And the best part about sharing a home with your pet is that you never get judged for your choices. That being said, once you decide you bring a pet home, their well-being becomes your ultimate responsibility. You need to make sure they are given everything they may need and that their health is never ignored.
And since we are talking about your pet’s health, you need to know that life is very unpredictable and you cannot ignore the fact that your pet may have to undergo treatment for chronic disease in the future. And there is nothing more painful than watching your pet suffer when you lack the funds to treat them properly. This is where a pet insurance policy can come to your rescue. It offers you financial aid to cover the things you lack the finances for. Given the rising popularity of pet insurance among pet parents, there are now multiple types of plans you can choose from. For example, you can choose specifically designed dog insurance or cat insurance.
Despite the popularity of pet insurance policies, there are still a lot of people who hesitate when it is time to make an investment. After a lot of deliberation, we have come to the conclusion that most people hesitate because they think that the terminology associated with pet insurance policies is a bit too difficult for common people to understand. One of the terms you may come across while buying a pet insurance policy is deductibles. And if you don’t know what it means, you are in the right place. In this article, we are going to discuss in brief everything there is to know about deductibles in pet insurance.
In layman’s terms, a deductible is an amount you will have to pay to your pet’s vet before your insurance policy kicks in. The deductible amount can be anything between $0 to $1000. To explain better, imagine the deductible according to the insurance policy you have chosen is $300. When you take your pet to a vet, the first $300 of your vet bill needs to be paid by you before the insurance kicks in the covers the rest of it. Also, the amount of money your insurance company will reimburse depends on whether or not and how much deductible you have paid. The deductible is often paid annually. But the method will ultimately depend on the type of deductible you choose with your plan. Let us now talk about the types of deductibles. There are three main types.
- Annual deductibles
An annual deductible is the most commonly chosen option when it comes to pet insurance. In this type, you need to pay the deductible only once a year. For example, if your annual deductible is $300, and your pet gets into an accident, your deductible will be paid off during the treatment. Over the course of the year, if something happens to your pet again, you will no longer need to worry about paying the deductible.
- Annual per-incident deductibles
As the name suggests, Annual per-incident deductible every single time throughout the year when your pet’s condition requires financial aid. The entire cycle gets reset every year and whenever you renew your insurance policy. However, in some cases, the amount of deductible may vary depending on your pet’s condition.
- Lifetime per-condition deductibles
Although this option sounds like the one mentioned above, it is very different. In this option, you need to pay the deductible once in your pet’s life, but it is only applicable for one medical condition. For example, if your dog is diagnosed with hip dysplasia at the age of two, you will have to pay the deductibles on the first visit and then you need not pay any deductibles for the rest of your dog’s life as long as the vet visit was regarding hip dysplasia.
The next question we get asked is whether we should opt for higher or lower deductibles. Well, technically, the higher your deductibles, the lower your premiums. But at the end of the day, you need to choose what is best for your pet as well as your finances. Don’t hesitate to buy pet insurance. And make sure you choose a reliable company for the same.
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