Pet Insurance University
A Vet's Guide To Pet Insurance
Pet Insurance Guide
(Not All Pet Insurance Plans Are Created Equal)
(Before proceeding, please make sure you understand
Maximum Payout is the maximum amount of money the insurance company will give you.
As stated in Lesson 2 Pt. 1, there are currently 5 types of Maximum Payouts available in pet insurance:
Some companies will use more than one type of Maximum Payout in their plans.
Do not confuse Maximum Payout Per Incident with Per Incident Deductible. Payout is is what the insurance company will pay, while Deductible is what you must pay. Per Incident Deductible is described in Lesson 2 Pt. 1.
How do I pick the right type and amount of coverage for the Maximum Payout?...
As stated in Lesson 4, on the high end costs can hit $10,000 - $20,000 (depending on medical condition, geographic location and level of care)...rare but possible.
You want the plan you pick to cover these worst case scenario fees. Ask you veterinarian to help you determine your "Worst Case Scenario Cost".
Since we do not know what injury or illness will occur, we want to focus on plans that give us the most flexibility when it comes to Maximum Payouts. We want plans that let us use the money for whatever comes up.
Once you have your "Worst Case Scenario Cost", look for pet insurance plans that have one of the following three Maximum Payout Structures:
I do not recommend plans with Maximum Payout Per Body System or Benefit Schedules to my clients.
These types of maximums are restrictive, complex and confusing.
To get a full understanding of the amount of reimbursements you can expect with these structures:
I think pet insurance plans should be kept as simple as possible.
The more complex it is, the harder it is to know what you are really getting and the more wiggle room the pet insurance companies have to deny reimbursement.
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