Similar to other types of insurance that reimburse you for covered expenses, pet insurance can reimburse you for covered veterinary expenses that may accrue while taking care of your pet's health, some of which can be costly. While the amount of monthly coverage will differ based on factors like your pets breed, age, location, deductible, reimbursement rate, and annual limits you choose, the savings in the long run (after meeting a deductible) can mean a fully covered bill if you select a plan with 100% reimbursement.*
Maybe you're wondering "how much pet insurance do I need?" Many insurance providers offer two types of plans: “accident-only” and “accident-illness” plans. Accident-only plans typically cover accidents, such as broken bones, whereas both accidents and illness care are covered under accident-illness plans.
If you have a puppy that’s prone to eating things they’re not supposed to eat or getting into scrapes but is not necessarily prone to illness all too often, you may want to go with an accident-only plan. If you have an older dog, accident-illness plans might make more sense for you as many breeds could become more illness-prone as they age.
With that in mind, let’s take a look at what most typical pet insurance plans cover and what they don’t.
- Unexpected injuries and accidents (falling down stairs, broken bones, etc.)
- Unexpected illnesses (cancer, dysplasia, etc., only through accident-illness plans)
- Prescription medications
- X-rays, bloodwork, tests, etc.
For more information, check out MetLife Pet Insurance’s coverage and exclusions to see what we may cover for your pet.
Another thing to consider if you’re looking to get pet insurance is that there is often a waiting period before your coverage begins. Luckily, MetLife has among the shortest wait periods for accident and illness coverage.8,9
What’s more, competitors can require a 6-month waiting period to get coverage for orthopedic conditions. MetLife does not.
While it is true that you could get a savings account to help cover vet expenses, that doesn’t replace the need for pet insurance. In fact, it’s a great idea to have both.
- Saving money takes time. Accumulating savings doesn’t happen overnight. It takes time to get enough saved up to help cover costs for an unexpected expense like a vet bill. On the other hand, pet insurance can be ready when you and your pet need it for covered expenses.
- Savings accounts can get used for other things. Life happens and unexpected expenses, unrelated to pets, often pop up. If you have savings that you plan to use for your pet’s needs, but your faucet springs a leak or your car has a breakdown, you may have to use that money for those needs. In those cases, you may not have those funds to use for your pet if the worst happens.
- Savings accounts may not have enough to cover expenses. No one likes to think about their pet getting sick or injured, but it can happen. Sometimes your pet has an unlucky year and gets sick several times. Pet insurance can help protect your savings and ensure that you can afford to get your pet the care they need when they need it.
- Savings accounts can supplement and work in conjunction with pet insurance. The way our insurance works, you pay the vet bill and then submit claims for reimbursement. You can use the funds in a savings account to pay the vet bills, and then replenish the account with an approved claim reimbursement. This way your wallet and your furry family members can remain protected.
So is cat or dog insurance worth it after all?
In many cases, pet insurance can be worth the cost, as it can help to alleviate added stress that can come with dealing with your pet’s health expenses. Pet owners with young to middle-aged pets may find that pet insurance is especially great for them as it can help mitigate the costs of paying for treatment for any health issues that arise throughout the course of their pet’s life.
While the need for pet insurance will be based on your unique scenario, one easy way to see if it’s worth it for your family is to get a free quote now from MetLife Pet Insurance. Looking to purchase a policy through your employer? Get a free MetLife Pet Insurance quote for employees here.
No! This is one of the best things about MetLife Pet Insurance for pet parents. Each pet's premium will be unique based on the species, breed, age, gender4, deductible, reimbursement rate, and ZIP code, as well as the coverage amount selected.
While no one wants to think about their pet being sick or getting injured, it can happen. If it happens, pet insurance can be there to help, whether it’s to reimburse you for expenses related to treatment for major ailments like cancer or a broken bone, or milder conditions like an ear infection or a hurt paw. It can also help cover the costs of preventative care, which can benefit many pet parents. Pet insurance might help cover expenses up to 100% of the cost, depending on the plan you select.
If you’ve been impacted by a large vet bill, you may have already researched how pet insurance can help. But don’t wait to have a big bill before getting your furry family member covered. With MetLife Pet Insurance, pet parents have the power of choice, and coverage can be customized to best meet the needs of pet parents and their pets. As the winner of the “Pet Insurance of the Year” Award, MetLife Pet is committed to helping you keep your pets happy and healthy, whether that means learning all there is to know about your pets or protecting them with an insurance policy.