Pet insurance is a lot like your own health insurance. For a low monthly fee, your policy may help cover some of the cost of your pet’s healthcare, including:
● Unexpected accidents, such as a broken bone or ingested foreign object
● Unexpected illnesses, including viral infections, parasites, and dental diseases
● Lab work, including blood tests, x-rays, and more
● Emergency exams
● Hospital boarding
● Alternative therapies
That way, you can give your furry family members the care they need without worrying about the expense.
Now that you know the basics about what pet insurance is and how it works, let’s get into the details so you can fully understand your dog insurance or cat insurance policy.
We’ve made it quick and easy to submit a claim and receive payment for covered expenses. Send us your vet documents via our online portal or the MetLife Pet app, fax number, email or mailing address. We’ll process your claim, usually within 10 days2, and send your payment via direct deposit or paper check. You may be reimbursed for up to 100% of the cost of covered expenses, depending on your deductible, reimbursement rate, and reimbursement limits.3
The deductible is the amount of money on your vet bill that you’re responsible for before you can be reimbursed. A $3,000 vet bill under a plan with a $500 deductible means you pay the first $500. The insurance provider covers the rest of the bill up to your reimbursement rate.
A higher deductible means you’ll need to pay more out of pocket before you can be reimbursed. The trade-off is that high-deductible plans usually have a lower premium.
The size of your deductible depends on the policy plan you choose. MetLife Pet Insurance offers a wide range of plans to fit your budget and your pet’s unique needs.
A premium or rate is the amount of money you pay for your pet insurance policy — think of it like a subscription. Premiums can be paid on a monthly basis or annually. Making smaller monthly payments is more manageable for most people, but paying for the entire year at one time can save you money on transaction fees in the long run.
A policy’s premium depends on the deductible, reimbursement rate, and annual limits you choose. It can also be influenced by your pet’s breed, age, and location.4 MetLife Pet Insurance lets you find the most affordable premium by customizing your policy.
The reimbursement rate is the amount of money, as a percentage, that your policy will send you to cover your pet’s medical expenses. Let’s continue the example we used above with a vet bill totalling $3,000. After the $500 deductible is met, you are left with a $2,500 vet bill. A policy with an 80% reimbursement rate would cover $2,000 of the remaining $2,500 vet bill.
With MetLife Pet Insurance,5 you can get reimbursed for up to 100% of the cost of covered expenses, depending on the policy you choose.
There are two types of limits you should be aware of when choosing your policy:6
● Annual limits cap your reimbursement within a 12-month period. Each policy has a maximum amount of money that you can be reimbursed for per year. Once you’ve hit your annual reimbursement cap, you will be responsible for the full cost of your vet bills until your annual limit resets. Some providers offer plans with an unlimited annual maximum, meaning you never have to worry about hitting your pet’s annual limit too soon.
● Per-incident limits determine how much you can be reimbursed for a single illness or accident. For example, if your dog ate something he shouldn’t and needed an emergency exam, lab work, and surgery, those fees would be covered by your policy as a single “incident.” Once you hit the maximum payout for that incident, your policy would not cover any additional related expenses. However, if your dog then broke a bone in an unrelated accident, that would be a separate incident. You would submit a new claim for the new incident, and the per-incident limit would reset.
Annual and per-incident limits vary depending on the plan you choose. Be sure to consider all of your pet’s healthcare needs when choosing. For example, a younger dog might not need too many vet visits, so you may want to start with a policy that has lower limits. An older dog, on the other hand, is likely to require frequent check-ups as they age, making a policy with higher limits potentially a better option.
It can be easy to feel like pet insurance is an unnecessary expense, especially if you have young pets. But, just like health insurance, many pet owners find it’s better to have pet insurance and not need it than to need it and not have it.
One in three pets goes to the vet for an emergency every year, but unfortunately, nearly 60% of pet owners have experienced not being able to afford the emergency care their fur babies need.7 Insurance is a simple and affordable way to help you take care of your pets. A small monthly premium payment can save you thousands of dollars on vet bills and help you keep your pets happy and healthy.
A pet insurance policy for a single cat or dog can be as low as $9 per month for cats and $15 per month for dogs. With MetLife Pet Insurance, you can also cover multiple pets under a single family policy and customize your plan to fit your budget. Comparatively, the average cost of an emergency vet visit for a dog can range from $150 to $1,200.8
Want a detailed breakdown of the monthly cost of pet insurance? Read more about pet insurance costs here.
Pet insurance is an excellent way to keep your pets healthy and your wallet full. MetLife Pet Insurance plans are designed to be affordable, customizable, and comprehensive. Curious what your pet’s policy looks like? Get a free quote today. If you’re looking to purchase a policy through your employer, get a quote here.