Ever since the founding of Veterinary Pet Insurance (VPI) in 1982, the company has reimbursed it's policyholders according to a benefit schedule based on specific diagnoses.
On October 22, 2015, the company launched a new policy called "Whole Pet with Wellness" that reimburses policyholders 90% of the veterinary invoice after an annual deductible of $100 or $250 is paid. The goal was to create a policy that is "simple to understand" for not only consumers and veterinarians, but also Nationwide insurance agents who may not be familiar with the intricacies of pet insurance, but want to offer it to their clients along side auto or homeowners insurance.
What makes this policy innovative is what it covers. The only exclusions are:
- Pre-existing conditions
- Medical waste fees
Wellness care coverage is embedded in the policy and subject to the deductible and copay. It covers just about any wellness procedure or product you will need for preventative maintenance to keep your pet healthy including heartworm preventative and flea/tick control products.
There are no annual or per-incident limits.
The company is still offering it's Major Medical policy where reimbursement is made according to a benefit schedule. This policy traditionally has had low and stable premiums, but reimbursements are likely to be lower for larger invoices than with the Whole Pet Policy or competitor's policies that reimburse based on a percentage of invoice.
The company also offers a stand alone wellness plan that reimburses you a fixed amount for various wellness procedures/products that are commonly recommended by veterinarians for your pet.
Obviously, the premium for the Whole Pet policy is going to be higher, but it seems to be competitive with other pet insurance companies who reimburse according to a percentage of invoice - especially considering it includes wellness coverage and has virtually no exclusions for medical conditions.
Be sure and listen to the recent podcast interview with Dr. Carol McConnell, VPI's Chief Veterinary Medical Officer, who filled in all the details about the new policy.
What are your thoughts about the Whole Pet with Wellness Policy. Leave your comments below.