We posted an article about pet insurance back in the wake of COVID-19 knowing that a recession was not too far away. Since then we have all watched a continued growth in food, fuel and energy bills with inflation rates not seen in decades. Unfortunately the veterinary industry has been hit hard through this period with a significant increase in costs of providing veterinary care. We, as pet owners and veterinary professionals, may have to face some very difficult decisions as money remains tight for a lot of us. Many of those decisions are going to be emotionally heart breaking for both owners and veterinary staff alike. However, we can prepare for them and hopefully avoid having to make too many difficult choices.
The answer is simple. Pet insurance. Thankfully a lot of patients here at Mayne Vets are already insured, but there are still a few traps that pet owners can fall into while their pets are insured, so please read on to ensure you have the cover you think you do.
For those that are insured, take a moment to consider what your policy limit is. Some insurance policies will only offer cover up to £2000 per condition. In the past we have always advised that patients are covered for at least £4000 per condition per year, and more if possible. However, with the rising costs of veterinary care, now may be the time to look to increasing that. Where first opinion practice costs have increased, referral costs have increased even further, and we are commonly hearing of referral working costing £6000-£8000 per condition. How about contacting your insurance company today and updating your pet’s insurance policy?
But what other factors should you consider? Whether your pet is insured or you’re considering pet insurance for the first time, we know that pet insurance can be a bit confusing. Here are some key points to consider to ensure it is there for you and your pet when they need it most:
LIFETIME COVER
It is really important to have insurance that covers a condition “for life”.
Some insurance policies offer cover for conditions only for 12 months, therefore if your pet has a ‘lifelong’ condition, such as diabetes or arthritis, they will only be covered for a year, after that it would be classed as pre-existing and is no longer covered.
Another type of policy is only covering a condition until the monetary limit has been reached, this may take 6 months, it may take 2 years, but once that monetary limit has been reached it would be classed as pre-existing and no longer covered.
We advise lifelong cover, your pet will then be covered for a condition throughout their life, an excess would likely be paid each year, but the monetary cover for the condition would be refreshed each policy year.
TIME LIMITED COVER
If you have opted for a “time limited” policy and the condition is covered for 12 months, make sure you understand the policy in full. Is the condition covered for 12 months from time of diagnosis, or is it only covered up until the policy renewal date?
An example of this could be if we find a lump on a dog at its annual health check. It may be agreed to hold off on surgical removal for now, to see if there is any change in size or appearance. However, if the lump grows and you decide to go ahead with surgery at a later health check, you may discover the condition is no longer covered. It is important to know what you’re covered for and when that cover runs out.
TERMS AND CONDITIONS
Check what you are covered for? Again, make sure you understand your policy in full.
Dental treatment – For some dental claims to be covered, regular teeth checks need to have been performed by your vets, regular yearly vaccinations help with this. Furthermore, if dental treatment is advised, then this may need to be carried out in a timely manner, for example within 3 months of it being advised. You may presume you are covered, but some insurance companies exclude any treatment related to your pet’s gums.
Arthritis – Some insurance companies may exclude you claiming for certain conditions, such as arthritis, if your pet is overweight.
Behaviour – Some conditions, such as feline cystitis can be linked to stress, if you have an exclusion on your policy for behavioural conditions, this may be linked and therefore not covered on your policy.
COVERAGE
As mentioned earlier, ideally you want your pet to be covered for at least £6000-£8000 per condition per year. But obviously the more the better. Some insurance companies will offer cover for up to £12,000.
DON’T SHOP AROUND
Shopping around each year for the cheapest premium isn’t the most cost effective or efficient way to manage pet insurance. Many of us, staff here included, are used to shopping around every year for the cheapest car or home insurance quote on comparison websites.
However, doing this with pet insurance is problematic. When you switch providers most policies have a clause that prevents them from covering any pre-existing issues. When you first insure your pet the new company will ask if they have any underlying health issues, which you are legally bound to disclose. Although there may be some veterinary visits you may not deem as pre-existing health complaints.
When we submit an insurance claim, one of the first things the company will do is request a full clinical history, which we must provide in order for the claim to be processed; both from ourselves and any previous veterinary practices you may have been registered at. If they link the issue we are claiming for to an issue or visit the pet had prior to starting with the new insurance company, they will likely decline the claim.
There is however good news, some insurance companies currently on the market will cover pre-existing conditions if they haven’t been an issue, or resulted in a trip to the vets for over a year.
DO NOT CANCEL YOUR POLICY
It is important not to cancel your insurance as your pet gets older. Yes, the premium and the excess may have increased, and you may have to also contribute with a co-payment. The reason for this is due to older pets being more likely to get unwell and need treatment.
We often hear of owners taking out insurance for their pet when they first get their new puppy or kitten and be lucky enough to never need to make a claim for 10 years, just to then cancel it when it is needed most.
We appreciate how difficult it can be to pick… and stick with… a pet insurance company; but there is no harder decision than trying to balance up ‘what can be done’ with ‘what can we afford’ and good insurance cover is always the best way to avoid those decisions. We hope these tips have helped to navigate the world of pet insurance, but if you have any further questions, our team are always happy to help out with advice. You can contact us via text message or Whatsapp on 07360 541569, by email at reception@maynevets.co.uk or by phone on 01206 851338.