In many ways, pet insurance is similar to human health insurance. The main distinction is due to the limitations imposed on most pet health insurance policies.
Fortunately, despite these limitations, pet insurance that covers everything from routine care to major surgery can be purchased.
Wellness coverage is preventative care. Wellness-only coverage is a small part of the pet insurance market and is usually a rider.
Most wellness plans or riders do not have deductibles, but instead provide a set dollar amount (or percentage) for each type of covered procedure.
This coverage pays for treatment if your pet swallows a foreign object by accident, is hit by a car, or suffers another physical injury.
Accident-only coverage, which accounts for 2% of the pet insurance market, is often used for older pets that have outgrown comprehensive coverage.
This kind of policy, also known as accident and illness coverage, provides coverage for both accidents and illnesses or diseases like cancer.
98% of pet insurance policies are comprehensive, and these policies occasionally offer wellness coverage as an add-on or may even include it as part of the coverage.
Additional levels of coverage within each of the primary types are offered as options by some insurers. Typically, these additional levels come at an additional cost.
Whether or not investing in health insurance for your pet is financially beneficial to you depends on a number of factors, including its premium price.
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