If you are a cat or dog parent, we know they are no less than your beloved family members. This holds true for the over 32 million pets in India. But did you know that more than 19 million of these fur babies are insured? A pet owner spends between ₹10,000 and ₹54,000 annually on pet care, wellness and grooming. Pet parents experience extreme financial stress and emotional turmoil if their four-legged baby falls sick. Pet insurance and pet wellness plans provide financial aid to cover planned and unexpected expenditures related to these beloved family members.
But with so many policies to choose from, make sure you know all about what is covered under the pet wellness plan, including insurance deductibles, the claims process and premium alternatives.
Pet Insurance Deductibles
A deductible is the amount of money that the pet owner will need to spend out of their pocket before the insurance starts covering expenses. Deductibles are a crucial consideration before finalising any insurance plan. Additionally, one must assess how the deductibles affect the overall cost of pet insurance.
Types of Deductibles in Pet Insurance
There are various types of deductibles, of which three are the most common.
Annual Pet Insurance Deductibles
This is the amount you will need to spend before the policy starts covering up to your reimbursement level. You will need to pay for the deductibles again in the next policy year.
Per-Incident or Per-Condition Deductible
Pet owners need to pay these deductibles for every vet visit or every newly discovered health condition. The insurance company covers all the remaining costs associated with the incident, as long as they fall within the eligible expense category and maximum sum insured.
Lifetime Per-Condition Deductible
These apply to specific chronic conditions. They are often provisioned for specific breeds and known corresponding prevalent conditions that require continued care. The one-time cost is to be covered by the policyholder after each condition is discovered. After that, all expenses are covered by the insurance provider for the pet’s lifetime. However, these may be different for each condition.
Key Considerations While Choosing Pet Insurance
To make the process of insurance claims smooth, take the time consider the following deductibles-related aspects before choosing the pet insurance plan:
Exclusions
Certain conditions and incidents are not covered under generic insurance plans. For instance, pre-existing diseases, and routine and preventive care. However, supplementary pet wellness plans or top-ups can help them get covered.
Waiting Period
Pet health insurance begins after a certain duration post the payment of the first premium. This period varies for different policies and insurance providers, as well as what all is covered and excluded from reimbursement.
Annual Limits
Most policies have an upper limit to the amount they will cover, after deductibles. This holds true for the 12-month period for which the policy is valid. Insurers that do not have reimbursement caps, pay out the amount validated in the insurance claims for all listed eligibles.
As a pet owner, you want the best for your four-legged companions. Start with taking care of their health and well-being by choosing a good pet wellness plan. Remember that the higher the pet insurance deductibles, the lower the premium tends to be. However, this also means that you will need to bear a much larger portion of the healthcare expenses. So, check your annual pet care costs, your pet’s breed, medical history and age to make a smart choice.
