Your Pet Insurance Guide

Pet Insurance Coverage for Behavioral Problems

I just came across this article on the Embrace blog written by the Laura Bennett, the CEO and Co-Founder of Embrace pet insurance company. 

Not all pet insurance companies cover behavioral issues. Some offer partial coverage while others offer coverage just like any other condition.

As a veterinarian, I see behavioral problems not too infrequently. Many times we have to run a battery of tests to rule out medical problems. For example, if a cat is urinating outside the litterbox, we may have to run blood tests, urinalysis, urine culture, xrays or ultrasound before concluding that the problem is behavioral rather than medical. As you can imagine, such testing can add up.

This is just one of the coverages that you might consider when comparing pet insurance companies. 

Insight Into How Pet Insurance Companies Set Premiums

This is an interesting article because it gives us some insight into how pet insurance companies use actuarial data when setting premiums for their policies. I don't actually know a lot about it, but when I've asked questions of pet insurance company representatives about their company's actuarial data, they are usually very secretive when it comes to discussing specifics.

In fact, companies use this data to adjust premiums from time to time. If you receive a notice that your premium is going up or down, this is probably the reason. I've read in the past year that some pet owners found that their premiums increased as much as 50%, and I've also read where some pet owners (same company) received the news that their premium actually decreased slightly.  

Factors That Affect The Cost of Pet Insurance

 

Pet insurance premiums are what many pet owners focus on when investigating whether to purchase pet insurance for their pet. There are many factors that affect the cost of pet health insurance. 

 

1) Geographic location

Where you live affects the premium you will pay to insure your pet. For example, pet insurance premiums are generally higher in California than in Tennessee because veterinary fees are higher in California than Tennessee. 

 

2) The breed of your pet

Certain breeds of dogs or cats are known to have more health problems than other breeds, so the pet insurance company calculates this factor into the premium you'll pay to insure your pet.

 

Embrace Pet Insurance Claim Example - Cushing's Disease

Cushing's is a chronic disease and this pet owner will be facing ongoing monitoring and lifelong medication to keep the symptoms under control. The good news is that pet insurance will pay most of the expense!

I ran across this claim example on the Embrace blog. 

There are a couple of lessons to learn from this example.

1. Make sure your pet insurance policy has coverage for chronic illnesses beyond the intial year when it is first diagnosed. With some companies, this is optional coverage. Also, make sure their coverage for chronic diseases is adequate.
2. Embrace makes coverage for prescription medications optional. I would encourgage you to get this coverage because, as you can see in this example, the ongoing medication for this patient will be significant.

See a previous blog post dedicated to chronic conditions.

How to Handle Pet Insurance in a Divorce

I have to admit that this is something that has never crossed my mind. Perhaps it's because I've been happily married for 37 years! Thanks, Cindy.

But, apparently it's not that uncommon of a problem for insurance companies and pet owners to have to deal with. This is particularly important because one reason that claims are denied sometimes is because of a lapse in coverage that the pet owner wasn't aware of.

I came across this excellent and detailed blog post by Laura Bennett, the CEO of Embrace Pet Insurance Company, that pet owners whose pets are covered by pet insurance and who are dealing with a divorce need to read.

Pet Insurance Claims for Cancer Treatment

Today, I'm writing a teaching post. I am including a couple of claims from Embrace for the diagnosis and treatment of cancer. Although we think of cancer as being primarily a problem in older pets, notice that both of these pets were young. 

The thing I appreciate about these examples is that Embrace gave detailed information about the claim and how much the pet owner was reimbursed.

 The first claim was on Maggie, a 2 year old Dachshund with a rectal tumor. The second claim was on Coney, a 3 year old cat with lymphoma.

Embrace Pet Insurance - Changes To Their Policies

Yesterday, I posted about Embrace's new Wellness Rewards programs. Today I'm providing a link to the company CEO's blog where she outlines recent changes to their policies. At the end of the blog post are other links to even more explanation. They have changed underwriters. A notable change is elimination of the 25% of annual limit on chronic conditions.

Embrace Improves Wellness Rewards

Embrace recently expanded their wellness rewards package. Be sure and download their wellness reward certificate to get a better idea of all the coverages. You will have to decide if it is worth it. One good thing about their wellness coverages is that they are flexible - there is no limit per procedure, and you will usually get back slightly more than you pay in extra premium if you spend up to the annual limit.

As always, I will try to let you know about changes in policies as soon as I'm aware of them.

Why Buy Pet Insurance?

I ran across an article written by Laura Bennett, the CEO of Embrace Pet Insurance Company, that gives interesting insight on her journey from purchasing pet insurance for the first time to actually starting a pet insurance company.

Interestingly, two of the responses to the article were from people who have had pet insurance for a number of years and had negative impressions of the industry. They had purchased a policy from a company that provides limited coverage and/or excluded conditions that many of the newer companies now cover.

You must do your research and know what to look for and what to avoid when deciding if you want to purchase pet insurance, and if so, which company and policy is best for your pet.

The one thing that I keep saying over and over that Laura agrees with is that the pet owner's decision shouldn't be whether to open a pet health savings account or purchase pet insurance, but the wise pet owner will do both. A savings account and a pet insurance policy serve two distinctly different purposes.

I might add that in addition to savings and a pet insurance policy, a major credit card or CareCredit would be helpful in paying your pet's healthcare expenses.

Buy Pet Insurance Early

I recently posted about this subject. Yesterday, I was reading a forum post from a pet owner that had bought pet insurance and when she filed her first claim, the company requested her pet's medical records. After reviewing the medical record, the company denied the claim stating it was for a pre-existing condition. Needless to say, the pet owner wasn't very happy.

Embrace pet insurance has a Medical History Review that can give pet owners peace of mind that there won't be any surprises pertaining to pre-existing conditions when you file a claim. Other companies may be willing to do the same thing if you ask. If the company informs you that there are pre-existing conditions that won't be covered, and that is unacceptable to you, you can cancel your policy early on and sometimes receive a full refund (if the company has a e.g. 30 day money-back guarantee and you haven't filed any claims). Remember though, even if one or more conditions are excluded from coverage, there are still potentially hundreds of other conditions that will be covered under the policy. So, you'll have to decide if the pet insurance is still worthwhile to you even if there are excluded conditions.

***When I include examples from specific pet insurance companies, it is not intended to be an endorsement of those companies. I have endeavored to remain as neutral and unbiased as possible, but will from time to time point out both good and bad when I see it. My goal is always to educate pet owners about how pet insurance works and help them select the best company and policy for their pet. 

Pet Insurance Claim Examples From Embrace

I read pet forums weekly and pet insurance frequently gets negative comments with people saying it is just not worth having. After over two years of researching pet insurance, some of the criticism is warranted because there are both good and bad policies that pet owners can select from. The key is selecting the best ones.

On Embrace Pet Insurance's blog, they are focusing on the topic of cancer in pets this month. Below are a couple of links to actual claims that Embrace paid for pets that were treated for cancer:

Mast cell tumor

Anal gland adenocarcinoma

I just wanted you to know that for some pet owners, pet insurance is worth it.

Embrace Pet Insurance CEO tells her story

I read a great article today about Embrace Pet Insurance CEO, Laura Bennett, and why she decided to take the plunge and start a new pet insurance company. I hope you enjoy it too!

Dog Breed Database

I was browsing the new Embrace Pet Insurance website today and came across really good information about many of the dog breeds. It details the characteristics about each breed and covers many of the diseases and problems that the breed is predisposed to. This should point out to pet owners the importance of buying a policy that covers hereditary conditions. It is likely that the problems and diseases associated with each breed in this database wouldn't be covered by a company that doesn't cover hereditary conditions. You should also take this into account if a company has limited coverage for hereditary conditions. I encourage you to visit this page. They apparently have a similar page for cats in the works. Thanks, Embrace for this valuable resource!