Three Types of Pet Health Insurance

Most pet owners would agree that the benefits of pet ownership far outweigh the costs. However, those costs can put a serious dent in the household budget. For that reason, many pet owners are considering pet health insurance to defray the expenses associated with health care for their pets. With so many plans to choose from, many pet owners may feel overwhelmed.  The three basic types of pet health insurance are accident, illness and wellness plans.  

Accident Insurance

Just like with health insurance for people, there are a variety of pet health insurance plans to choose from. It’s even possible to purchase health insurance for horses and other less common types of pets.

Accident insurance is usually the cheapest type, because of the limited scope of its coverage. Accident insurance is intended to safeguard against unexpected expenses caused by accidents, such as broken bones from a fall or bite wounds from a scrap at the dog park.

Illness Insurance

Illness coverage extends coverage to the diagnosis and treatment of illnesses or chronic conditions such as cancer, arthritis or allergies. This coverage tends to cost a bit more because while not all pets will have a serious accident in their lifetimes, most will encounter some form of illness, particularly as they get older.

Wellness Insurance

Wellness coverage applies to routine and preventative care, such as annual physical exams, spay and neutering, flea and tick prevention and vaccinations. Rather than guarding against large, unexpected expenses, this coverage is designed to help pet owners budget for common, expected costs, some of which can cost hundreds of dollars.

Purchasing the right type of pet health insurance for your budget and needs can improve your financial bottom line and provide you with peace of mind. Now that you know what types of policies are out there, you may wish to consult with an insurance professional to help you select the right policy for you.