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Puppy Health Informations
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Avoiding "Vet Debt" -- Vet Insurance

What Is Veterinary Pet Insurance?


Although pet insurance has been available in the United States for more than twenty years, it's only been in the last few years that the concept has truly taken off. Today, as vet care costs rise, more pet owners are insuring their four-legged family members in order to be financially prepared when an injury or illness strikes. They are also opting for a routine care program to maintain their pets' good health (wellness).




Pet insurance is "indemnity insurance", not managed care as seen in human health care. It would be similar to auto or homeowners insurance where many people are pooling their money through licensed insurance to share the risk. By spreading the same risk, the policyholders can benefit. This factor keeps rates at reasonable levels.






Is It Right For Me?


To "indemnify" means to restore the financial situation as close as possible to what it was before the accident occurred according to the limits of the policy. When you have pet insurance, the goal is to indemnify your medical costs to such a level that your present financial situation will not prevent you from providing your pet with the necessary and sometimes costly veterinary care he/she needs.




How Do I Choose a Pet Insurance Company?


It's important to remember that not all pet programs are the same. Some are not even insurance companies, but try to give the impression that they are. There are HMO- and PPO-like pet programs, and full of restrictions. They usually require that pet owners use specific locations and be seen by their specific veterinarians. This removes the power of choice from the pet owner. We recommend you stay away from these programs.




There are discount group pet organizations where the pet owner receives a discount but is still responsible to pay 75-80% of the bill. Most of these plans focus on cheap care and ignore quality of care in our opinion.




You do not want a pet insurance company that tells you what vet you can see. You can be insured and continue to see the vet you have grown to like and trust, without any restrictions. In addition, you want the ability and freedom to go to a specialist of your choice without "pre-authorization."




Our Recommendations


To protect you and your pet, ask the following questions prior to purchasing a policy:






* Is the insurance company licensed in your state?


Only a company that is licensed by each state's Department of Insurance (DOI) can say they are licensed to sell insurance in that state. Veterinary Pet Insurance is our pick here at Pet Consumer Report. They are licensed in all 50 states and the District of Columbia. A licensed pet medical insurance company means the company has reserves set aside to pay its claims and protect the policyholder. State licensing provides not only protection through state oversight, but regulations of all business practices.






* Has the company been in business a long time?


Longevity is important in any business and especially the insurance business. (Would you buy car insurance from a company that just opened its doors?) Make sure the pet insurance company has been in business a number of years successfully. It's experience demonstrates not only stability but also service, quality and capabilities. Veterinary Pet Insurance has been serving pet owners since 1982. Another reason we like them.






* How many policies have been sold?


Ask how many policies have been sold since the company started. For example, a carrier might have only sold a handful of policies in each state but could advertise that it's a national company. On the other hand, a pet insurance company with more than one million policies sold offers a wealth of experience and expertise with which a smaller company can't compete. Veterinary Pet Insurance is the most established pet insurance company with more than one million policies sold since it opened its doors in 1982.






* Is the customer service department there for you?


When you have a question or concern you want the option to speak with a live person - not just a recording. You want to have a choice of a toll free phone number, email or regular mail knowing someone will quickly help you at least six days a week and maintain convenient business hours. Find out if the service and claims departments are third-party administrators or the actual company. Accountability becomes an issue the more distant from the company any administration function occurs. Open 6-days a week with a state-of-the-art phone system that takes messages 24 hours a day, Veterinary Pet Insurance is policyholder focused.






* Are claims paid promptly?


Once you've sent your insurance company the completed claim, you want to know how prompt they are on payment. You should be looking for a company with a track record of paying claims in a timely manner. This was a very important factor in determining the best vet insurance provider. Veterinary Pet Insurance is rated extremely high in customer satisfaction for paying claims within 7 business days.






* Are there veterinarians and veterinary technicians on the staff?


Make sure the pet insurance provider you're considering has an abundance of veterinarians and veterinary technicians employed full-time. This will mean that the focus always remains on the veterinary medical advances that can help your pet live a longer, healthier life. It also means they understand and specialize in pets. Adjusters who do other claims (such as for auto and homeowners) can't be as knowledgeable about the veterinary field. At Veterinary Pet Insurance, there are many veterinarians and veterinary technicians working full-time to assist veterinarians and Policyholders. Your pet is a very important member of your family. Veterinary Pet Insurance gives you peace of mind that you will have financial assistance for all your pet's medical needs - from routine care to treatments in case of injury or accident.






http://www.petconsumerreport.com/reports/one/pet_insurance.htm