There are several factors that affect the cost of pet insurance. Some of the most important are the reimbursement rate, deductible, and annual limit.
Some pet insurance plans cover physical therapy and alternative treatment options like acupuncture and chiropractic care. These are usually available only as a separate add-on.
Some pet owners choose accident coverage only, which covers the costs of accidents such as bite wounds, swallowed objects, and broken bones. These are typically less expensive than comprehensive plans.
Figo
Figo offers three pet medical insurance plans that cover accidents and illnesses, including hereditary and congenital conditions. The plans offer a wide range of benefits, such as unlimited vet visits and prescription medications. They also cover alternative therapies, such as acupuncture. In addition, they have no age limit on enrollment. They do, however, have a different deductible system than most other pet insurers.
Unlike most pet insurance providers, Figo doesn’t pay veterinarians directly. Instead, they reimburse pet owners after they meet the deductible for the covered claim. They have flexible plan options, so you can choose the right one for your budget.
In addition to the standard coverage, Figo also offers optional riders for exam and office fees, training, and behavior modification. They have a good reputation for paying claims quickly and have short waiting periods (14 days for illnesses and 1 day for accidents (3 days in AK, CO, ID, FL, MO, NJ, NY, OH, UT, or WA), and six months for orthopedic conditions for dogs that may be waived with a healthy orthopedic exam). Figo is more expensive than some competitors, but they offer a lot of coverage in exchange for higher premiums.
Healthy Paws
Healthy Paws’ claims process is considered to be much quicker than some of its competitors. Customers can upload a paid veterinary invoice to Healthy Paws via their mobile app or the company website, and most claims are processed within two days.
Unlike other pet insurance providers, Healthy Paws reimburses based on actual vet bills rather than using a pre-determined benefit schedule or per-incident limits. This method may result in higher premiums than other plans, but it also means that you’ll get more money back for your covered expenses.
The company’s plans include a yearly deductible and reimbursement options of 70%, 80% or 90% of the remainder of a claim after you’ve met your deductible. The company’s coverage extends to diagnostics, surgery, treatments and hospitalization. In addition, it covers alternative therapies and medication. However, the plan doesn’t cover wellness visits or exam fees.
Embrace
Embrace is one of the few providers that offers comprehensive accident and illness coverage for dogs and cats in all 50 states. It also offers an affordable accident-only policy and Wellness Rewards, a non-insurance plan that reimburses pet parents for routine care treatments like dental cleanings and spay/neuter surgery.
Its policies cover emergency care, hospitalization, X-rays, blood tests, cat scans, and MRIs. It also covers a wide range of preventive treatments, including vaccines and flea/tick medications. However, the company doesn’t cover hereditary conditions and chronic diseases.
The company has an excellent customer satisfaction rating and is well-regarded by third-party reviewers. Its parent company, American Modern Insurance Group, has an A+ BBB rating and an AM Best financial stability rating. Embrace’s plans don’t increase in cost each year, but they do have a six-month waiting period for orthopedic conditions for dogs (such as hip and elbow dysplasia). It’s possible to reduce the waiting period by taking your dog to the vet for an orthopedic exam and completing the waiver process.
Petplan
Petplan offers comprehensive pet health insurance that covers illnesses as well as accidents. Annual deductibles vary, as do reimbursement percentages, and some plans include "extras" like third party liability cover (in case your pet bites someone), advertising and rewards for pets who are lost or found, and a financial sum if your pet is euthanized.
Pet plan also provides lifelong coverage for hereditary diseases, and it doesn't cancel policies based on age as some other providers do. Dental injuries and diseases are covered too, as are alternative therapies like acupuncture and hydrotherapy.
However, Petplan's waiting period for illnesses is much longer than what other insurers offer. If your pet is prone to conditions such as cruciate ligament problems or hip dysplasia, you might want to consider other options that don't have wait periods for those ailments. Petplan does offer a 30-day money back guarantee, though. And it has a discount for veterans, serving military personnel and medical service animals.
