PET INSURANCE
You want your pet to get the best care possible when they’re sick or hurt, and pet insurance can be a helpful tool when paying veterinary bills. But it’s important to understand your pet insurance annual limit, which is the maximum amount an insurance provider can pay out in a policy year.
Learn more about annual limits on pet insurance policies, how to pick the right one for you, and what MetLife Pet offers.
Accidents Happen, Pet Insurance Can Help
What Is a Pet Insurance Annual Limit?
The maximum annual payout from an insurance policy is known as an annual benefit limit. An annual limit for pet insurance is the amount your pet insurance provider can pay up to on covered costs, after you’ve met your deductible, for the year. If you receive a vet bill after you’ve already hit the annual limit for your policy year, those expenses likely won’t be covered.
At MetLife Pet, we offer fully-customizable dog insurance and cat insurance plans. You can choose an annual limit from $500 – $25,000 in $1,000 increments. You can also enroll multiple pets in one policy with a shared annual limit and deductible.1,2,3
What are per-incident limits?
In addition to annual limits, some pet insurers also place caps on specific incidents. For example, if the per-incident limit for a cruciate ligament injury is $5,000, once that cap is reached, you’ll be responsible for any additional costs related to it until your policy period resets.
MetLife Pet has no per-incident limits — you can be reimbursed on covered costs up to your annual limit.1,4
How Do Pet Insurance Annual Limits Work?
When you enroll in a customizable pet insurance plan, you may be able to select your reimbursement rate, deductible, and annual limit. Your reimbursement rate is the percentage of covered veterinary expenses you can be reimbursed for after you’ve met your deductible. A pet insurance deductible is the out-of-pocket amount you have to pay before vet bills can be covered by your pet insurance policy.
Once you’ve reached your deductible, your pet insurance provider can reimburse you on covered expenses according to your reimbursement rate up to your annual limit.
Annual limit example
To help you see how this all works, let’s look at an example. Say your dog needs an $8,000 surgery to remove cancerous tumors, and your MetLife Pet Insurance policy has an annual limit of $10,000.1
After subtracting your $500 deductible, you’re left with $7,500 that can be reimbursable. Your policy’s reimbursement rate is 80%, and all expenses are eligible for coverage, so you could be reimbursed $6,000 of the $7,500. Since this amount is below your $10,000 annual limit, you’d be paid out the full $6,000 and still have $4,000 left for future reimbursements.1,3,4
How To Choose the Right Annual Limit
Choosing a good annual limit for pet insurance coverage depends on a number of factors — some related to your finances, and some to your pet. Here are a few considerations when deciding which annual limit is best.
- Your budget: Consider an annual limit that allows for a monthly premium that fits into your budget — the higher the limit, the higher the insurance premium.
- Your pet’s age: As your pet gets older, they may be more likely to develop health issues, like cancer, cataracts, and joint problems. A higher annual limit could help you cover more costly future expenses.
- Your pet’s breed: Some breeds are more prone to certain health conditions and risks — and may need more veterinary care as a result. An annual limit that reflects your pet’s potential need for future vet visits could be beneficial.
Ultimately, the right annual limit is one that covers your pet’s unique health care needs and results in a monthly premium that meets your budget.
High-Limit vs. Standard Pet Insurance
High-limit pet insurance refers to plans that offer larger annual payouts than standard plans that might have set or limited annual limits. Keep in mind that a higher annual limit also means a higher monthly premium, but this may be worth it for you. Especially if it means you might be able to get more reimbursements on covered costs for vet bills that keep stacking up.4
A high or unlimited annual limit might be suitable for pets prone to expensive health problems. Costs for intervertebral disc disease (IVDD) surgery and hospitalization, for example, can climb to $12,000.5 A lower annual limit, like $2,500, could mean you’re responsible for thousands of dollars in claims if your dog is diagnosed with this condition.
If you find yourself wanting to shop around for pet insurance with a higher limit due to potential health considerations, remember that pre-existing conditions typically aren’t covered by providers. Our policies, however, may provide coverage for pre-existing conditions that were previously covered when group policyholders switch to MetLife Pet.6
MetLife Pet Has Coverage Options To Fit Your Needs
It can take some time to find the right balance between ensuring your furry family member’s health is covered and sticking to what you can comfortably pay for pet insurance. With unexpected pet healthcare expenses that can happen anytime, MetLife Pet Insurance could help you avoid the choice between your pet’s well-being and your finances.
Our plans are flexible — with a variety of annual limit options — so you can tailor your pet insurance plan to your pet’s needs and your budget.1 Interested in seeing your custom policy price? Get a free quote today to find the right annual limit and coverage for your pet.1
Pet Insurance Can Help You Cover Pet Injury & Illness Costs
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