Having a pet may mean you have to come across the decision to either get your fluffy companion insurance or a wellness plan.
A common belief by pet owners is that they’re the same, but that is not true. The main difference between insurance and a wellness plan is what they cover for your pet.
The whole point of getting pet insurance is to save you money if your pet has a sudden injury or illness. Medical bills for an animal can sometimes cost thousands of dollars out of pocket. Having insurance can give you a financially protective umbrella in the case of an emergency.
What is covered under insurance?
• Broken leg
• Foreign body ingestion
• Kidney diseases
• Hip dysplasia
• Allergies or urinary obstructions.
• Emergency care
• Hereditary and congenital conditions
• Prescription Medications
What is not covered under insurance?
• Wellness exam fees
• Parasite preventions
• Routine lab work
• Dental cleanings
According to ValuePenguin, the average monthly cost for pet insurance is $47.20 for dogs and $29.54 for cats. The site also compared the top companies for pet insurance and how much the monthly premium would be for a dog. The results are listed below.
1. Embrace – $25.25 2. Figo – $31.13 3. Nationwide – $33.08 4. PetFirst – $34.95 5. AKC/PetPartners – $35.00 6. ASPCA – $39.94 7. PetPlan – $40.83 8. PetsBest – $44.19 9. HealthyPaws – $52.09 10. Trupanion – $58.14 11. 24PetWatch – $72.32
A wellness plan is a reimbursement system where a company gives you a set price back on standard procedures and visits your pet will make to the veterinarian. For example, if your veterinarian charges $40 for nail trimming and your wellness plan only covers $20, you will be paying $20 out of pocket.
What is covered under a wellness plan?
• Annual exams
• Routine screenings
• Spaying and neutering
• Dental care
• Grooming and nail trimming
• Flea, tick, and heartworm preventatives
• Blood, fecal, and urine tests
• Behavior exam and training
Unfortunately, right now, there are no pet insurance companies that offer both insurance and a wellness plan as a bundle. Some companies do provide wellness plans as an add-on. According to Pet Insurance University, out of their top ten insurance plans, only five offered a type of wellness option. The list of those five insurance companies, prices, and specifications reviewed by Pet Insurance University are listed below.
1. Embrace – $250, $450 or $650 allowance per policy year, with cost based on specific factors (e.g., age, health, breed, and location) 2. Nationwide – basic plan is $400 max limit ($12 to $18 per month) and plus plan is $500 max limit ($17 to $22 per month) 3. PetsBest – dogs have a $505 max limit (can vary by state) and cats have a $565 max limit (can vary by state) 4. Pet Premium – routine option is $200 max limit (costs $120, can vary by state) and advance option is $500 max limit (costs $400, can vary by state) 5. PetFirst – $125 max limit ($120 per year, can vary by state), $250 max limit ($160 a year, can vary by state), $400 max limit ($325 a year, can vary by state).
If you’re looking to get an insurance plan, wellness plan, or both for your four-legged best friend, your decision should ultimately be up to you and what makes you financially comfortable.
Also Read: When to Buy Pet Insurance?