A pet insurance deductible determines how much you’ll spend on vet care before your insurer starts reimbursing you.
Nerdy takeaways
- A pet insurance deductible is the amount you pay out of pocket before insurance begins to cover eligible vet expenses.
- An annual deductible is an amount you have to pay each year before your insurer starts reimbursing you.
- A per-condition deductible applies once to each separate health problem your pet has in their lifetime.
- Typically, lower deductibles mean higher premiums, while higher deductibles result in lower monthly premiums.
- Pet insurance with no deductible is rare but does exist.
Like human health insurance, pet insurance helps cover unexpected medical expenses for our furry friends. One crucial component of that coverage is your pet insurance deductible. Understanding how deductibles work can help you choose the right plan for you and your pet.
What is a pet insurance deductible?
A pet insurance deductible is the amount you pay out of pocket for your pet’s veterinary care before the insurance company starts covering costs. It’s a set amount you choose when you purchase your policy, such as $100, $250 or $500. If you have an annual deductible, you’d have to pay this amount only once per year.
How do pet insurance deductibles work?
A deductible is a way for insurance companies to share the cost of vet bills with pet owners. Once you’ve met your deductible, the pet insurance company will pay any remaining portion of your vet bills that qualify for coverage.
In most cases, you’ll need to pay the full vet bill yourself and then file a claim for reimbursement with your pet insurance company. If there are any expenses insurance doesn’t cover, like taxes or waste disposal, the company will subtract them along with your deductible before reimbursing its share of the bill. The company may also subtract a copayment.
Raising or lowering your deductible will affect how much you pay for pet insurance. Selecting a higher deductible usually lowers your insurance premium but means you’ll pay more out of pocket when your pet needs care.
Nerdy Tip
The amount you pay for routine care like vaccines or wellness visits usually doesn’t count toward your deductible. Even if you have separate coverage for preventive care, the deductible typically applies only to covered illnesses and accidents.
To read the full article, click here.