Determining Cost and Which Plan is Best for Your Feline Friend
Cats are such independent creatures that you almost get the impression they can take care of themselves. This is especially true for outdoor cats who will disappear for several hours (or even days) at a time – coming and going as they please – only to show up unexpectedly when you see them pawing at one of your windows.
Who knows what types of adventures they’ve been up to?
Although cats are self-sufficient for the most part, there are those instances where they either get sick or injured. Perhaps they got caught out in the rain or attacked by another animal. Whatever the case may be, when your feline friend is feeling under the weather, you want to be sure that you have a plan in place that will address their healthcare needs.
If you’ve ever had to deal with unexpected veterinary bills before, then you already know that they can run thousands of dollars for serious medical issues. For those of us out there who don’t have a lot of disposable income, an unexpected vet bill can wipe out your entire monthly budget.
Fortunately, there is a cost-effective way to make sure that your cat is covered in the event that they get sick or injured. Pet insurance for cats has helped thousands of our four-legged friends overcome medical hardships.
So, how exactly does pet insurance for cats work? And what should you expect from a cost perspective? Let’s break this down.
Defining Pet Insurance for Cats and How it Works
You’re probably already familiar with how health insurance works since it’s provided through most employers. Every month you pay a monthly premium, and your health insurance covers a percentage of the cost for prescriptions, doctor’s visits, and other healthcare-related expenditures.
Pet health insurance for cats is basically the same concept as health insurance for humans. Once you enroll your cat into a healthcare plan and clear the waiting period, you will pay a monthly premium to keep their coverage active. During active coverage, your cat will have access to a wide variety of healthcare services that are eligible for reimbursement under the plan. Additionally, there are plans that cover preventative care services and wellness visits. A common example of preventative care is rabies and distemper shots.
Ideally, your cat stays in good health, and you never have to use your plan. However, if you have a cat that is older or leads a high-risk lifestyle, having an insurance plan in place for them is a no-brainer.
Three Factors That Determine Cost
Now that you know how pet insurance for cats works, the next step is figuring out the actual cost of a plan. As you probably already know from having health insurance yourself, more coverage equals a higher premium. The same holds true here for pet insurance.
When shopping for insurance plans, it’s best to be mindful of your cat’s medical history and the medical conditions they may be predisposed to. For instance, Siamese cats are predisposed to conditions, such as mediastinal lymphoma and pyloric stenosis. As a responsible pet parent, you would want to choose a plan in which those conditions are covered.
There are three main components of a pet insurance plan that will determine your monthly premium.
- Annual limit: An annual limit is the maximum amount of money you will get reimbursed for healthcare-related services for your cat. Annual limits usually start around $3,000 and can exceed $10,000. In fact, there are some plans that have an unlimited annual limit. Keep in mind, the higher the limit you choose, the higher your monthly premium will be.
- Annual deductible: This is the amount of money that you would need to pay before your reimbursement benefits kick in on your coverage. Annual deductibles start at as little as $100 and can go up to $250 or more, depending on the plan you select. If you want to reduce your monthly premium, opt for a plan with a higher deductible.
- Reimbursement percentage: This is the amount that you’ll get reimbursed on your cat’s healthcare-related expenses. Percentages typically start around 70% and go to 90% or more. You can reduce your monthly premium by going with a lower percentage.
Selecting the Best Pet Insurance Plan for Your Cat
Accidents, injuries, and illnesses happen. Even for cats that never leave the home and are in a safe environment, health issues will arise eventually. It’s best to be prepared for the worse-case scenario, which is why owners love cat health insurance.
When selecting your cat insurance plan, it helps to review the past couple years of veterinary bills to help you estimate the cost of your cat’s healthcare needs. Ideally, you’re paying the lowest premium possible while also getting all the coverages that your cat will require.
Picking out the best pet health insurance plan may take some searching on your part. There are plenty of carriers out there who offer a variety of plans. Just remember one thing: having some form of coverage in place is better than no coverage at all.