Why Should Pet Parents Invest in Health and Wellness?
As if navigating nutrition for healthy pet food and snacks is not tricky enough, pet parents also have the weight of unforeseen events. In case the four-legged member of the family gets in an accident, swallows something they should not have or develops a mysterious illness, how do we ensure that our love bugs will get the best care without breaking the bank? Nibbs Club has compiled a list of popular pet insurance and memberships to give you an overview of options. Read along to learn more about the gambit of plans and the estimates we gathered. Insurance plans and memberships were included in this overview in case parents are interested in a health membership rather than a plan.
All estimates were based upon a model dog named Max, a medium sized (20-50 pound) mixed breed 3-year-old dog that has no pre-existing condition living in Los Angeles. How most reimbursement coverage is calculated follows (Vet bill x Co-Insurance Percentage) – Deductible = Amount Insurance will reimburse. The deductible is applied only once a year. We provide an example of the insurance calculations with the first carrier.
Popular Health Insurance Plans for Pets
Lemonade
For $35.67/month, you can expect that 80% of your bill is covered up to a maximum of $20,000 per year with an annual deductible of $250. They cover accidents, such as poisoning, or illness, like diarrhea, vomiting, cancer or skin conditions, diagnostic tests, procedures, and medications. Tests such as blood tests, urinalysis, MRIs, and CT scans are included. Procedures such as outpatient, specialty, surgery and much more are also included. For a $5000 vet bill one can expect, ($5000 x 80%) - $250 = $3,750 reimbursement from Lemonade.
Reimbursement: 80%
Annual Deductible: $250
Maximum Payout: $20,000/year
Pros: The coverage is comprehensive with a good maximum payout.
Cons: Coverage varies from zip code.
Healthy Paws Pet Insurance
This carrier is well known and established. Using Max’s profile, the carrier estimates $65/month with a 80% reimbursement rate, UNLIMITED maximum payout, and $250 deductible. The beauty of this coverage is that it is provided with no maximum limits on claim payouts, no per-incident, or annual or lifetime caps. Illnesses, accidents, hereditary conditions, cancer, diagnostic treatment, surgery, emergency care, prescription medications, and much more is covered. Spay/neuter procedures and the office visit fee or examination fee is not covered by this carrier.
Reimbursement: 80%
Annual Deductible: $250
Maximum Payout: UNLIMITED
Pros: The coverage is comprehensive with UNLIMITED maximum payout.
Cons: Coverage varies from zip code and it is a premium price tag.
Nationwide Pet Insurance
Nationwide has 3 types of plans: Whole Pet; Major Medical; Major Medical with Wellness. Their Whole Pet Plan is the cheapest of all their plans at $30/month and includes accidents and illnesses, hereditary and congenital conditions, cancer, vet visits including specialty and ER, and a 24/7 vet helpline. Their premium “Major Medical With Wellness” plan includes vaccinations, flea and heartworm prevention, and blood work for $51/month.
Reimbursement: 50%
Annual Deductible: $250
Maximum Payout: $10,000
Pros: The plan is cost effective and allows use of any vet, including specialty and ER visits.
Cons: The lower tiered plan is not comprehensive and has a low reimbursement percentage. The highest plan has defined annual benefits per condition.
Wagmo Pet Insurance
Wagmo is an interesting carrier and allows the pet parent to decide if they want to enroll in a Wellness: Coverage for the Everyday plan or Insurance: Emergency Coverage plan. Both types of plans can be bought separately or together. The Insurance: Emergency Coverage costs $40/month with a 90% reimbursement, maximum $20,000 payout and $1,000 deductible. There is a $10,000 per incident limit and $100,000 lifetime limit on the quotes received. They provide lower deductible plans with a higher monthly premium for the Insurance: Emergency Coverage. The Insurance coverage includes accidents, illnesses, surgeries, cancer treatment, prescription medications, and end-of-life treatment (euthanasia).
Wellness: Coverage for the Everyday plan reimburse you for the routine and preventative care you do for your pets annually. This coverage does not cover emergency, accidents, and illness. Their medium tier “Classic” is $36/month and covers 1 office exam, 3 vaccines, 1 routine bloodwork test, 1 fecal test, 1 urinalysis test, $100 for flea/tick/heartworm medication, and $100 in grooming expenses.
Wagmo Insurance is not available nationwide yet, so you will have to check their website for your zip code to ensure coverage. Wagmo’s Wellness plans are available in every state.
Insurance: Emergency Coverage
Reimbursement: 90%
Annual Deductible: $1000
Maximum Payout: $20,000/year
Different Tiers of Premium and Deductible Available
Pros: Wagmo Insurance is not available nationwide yet. Wagmo Wellness is available in every state. You can select the Wellness tiers according to needs and pricing.
Cons: If you add the pricing of both the Insurance and the Wellness plans, it can get expensive.
Popular Wellness Plans for Pets
Thrive Plus Membership + Petco
This membership program is like Wagmo’s Wellness plan with a subscription model. Thrive’s partnership with Petco has allowed members to enjoy perks at specific locations. Thrive Plus Membership is intended to lower the cost of pet care over the course of the pet’s life with a monthly $10/month auto-renew. This membership is not an insurance and is specifically related to examination fees and discounts on veterinary services. It compliments insurance to reduce out of pocket expenses per visit. The benefits to the membership include unlimited comprehensive nose-to-tail exams; 10% off services; VIP perks; and 10% off Petco dog grooming; 10% off Petco dog training. It does not cover accidents or emergencies. This membership is only available for dogs and cats and not any other species.
Pros: Includes vet visits as well as discounts in Petco. Convenient for parents to enjoy the health and sales promotion.
Cons: This is not an insurance plan, but more of a wellness prevention membership.
Banfield Pet Hospital Optimum Wellness Plan
Banfield Pet Hospital provides convenient wellness plans in conjunction with their partnership with Petsmart. You can buy all the essentials your pet needs while they are getting their exam at the Banfield Hospital. For $41/month, the wellness plan offers unlimited office visits, vet chats, virtual visits, comprehensive physical exams, vaccinations, diagnostic testing, fecal exams, and deworming. If you participate in the medium tiered plan at $55/month, one dental cleaning per year is included. Although this plan offers convenience, it is intended for preventative petcare services. Emergency, accidents, and illnesses are outside the scope of coverage for this plan.
Pros: Includes vet visits as well as discounts in Petsmart. Convenient for parents to enjoy the health and sales promotion.
Cons: This is not an insurance plan, but more of a wellness prevention membership.
As if navigating nutrition for healthy pet food and snacks is not tricky enough, pet parents also have the weight of unforeseen events.
All plans exclude coverage for pre-existing conditions. Pre-existing conditions are those conditions that first occurred or showed clinical symptoms before your pet’s coverage started. The wellness prevention memberships could be ideal for parents who are interested in health for their fur baby, but do not qualify for insurance due to a pre-exiting condition.
Surveying health plans for pets could be confusing but it does not have to. As one chooses plans with higher premiums, the reimbursement percentage increases. Check with your local veterinarian to see if they accept the carrier and confirm with your carrier that your fur baby is accepted. Health starts with prevention and annual check-ups allows you to mark the path for many happy and healthy years!