Australia’s love of pets continues to grow, with approximately two thirds of all Australian households owning a pet today. We all want our pets to be happy and healthy. However, sometimes the expenses add up, especially if they need an emergency visit to the vet or have ongoing health issues. Which is why many pet owners are considering pet health insurance.
A good pet health insurance policy should help ease the unexpected financial burden if your pet gets sick or injured, as well as a range of other benefits such as dental cover. There are many pet health insurers in Australia offering a range of policies. So how do you choose the best health insurance for your pet? Consider these tips.
Do your homework
Create a comparison chart so you can easily compare your most important criteria for each potential pet health insurer. Some key areas to consider include:
Policy coverage – accidents, illness, comprehensive
Optional extras – wellness, dental etc.
Cost – monthly/annual cost.
Excess – how much do you pay on each claim?
Annual limit – yearly amount on benefits your insurer will pay
Reimbursements – what percentage do they cover? Do you pay in full and submit a claim after treatment?
Waiting periods – before you can claim
Pre-existing conditions – need to be notified to the insurer to confirm coverage
Multi-pet & policy discounts – if you have more than one pet or insurance policy with the same company
Pet age and breed – can effect your policy, especially if your pet is a senior. Confirm premiums and coverage. Does coverage change as they get older?
Exclusions – read the PDS to find out policy exclusions
Customer service reputation – are they easy to contact, make a claim, speed of reimbursements
Consider reviews
Keep in mind that unhappy customers are more likely to leave a review than happy ones. Look for trends in areas of interest such as customer service, processing claims and reimbursement rates.
Determine your pets needs
What level of coverage are you looking for. Do you want to cover the cost of their wellness care. Is your pet accident prone, so are you looking for coverage for unexpected accidents. Are you concerned about potential illnesses that may be typical of their breed. Is dental care important to you. Choose the policy that best suits your pets individual needs and make sure it covers what you are looking for.
Balance cost and value
Many factors can impact the cost of pet insurance. The level of cover that you choose, the size and breed of your pet as well as any extras you choose can change the price.
Work out your budget and the value offered by each policy based on your pets needs. Consider the monthly and annual cost as well as the excess paid on each claim. Are the optional extras worth the additional investment. Consider the reimbursement process. Most insurers make you pay the vet in full and submit a claim after treatment. How easy is the process.
Read the fine print
Read the PDS for full details on each insurance policy. Check the waiting period so you understand from what date your pet will be covered. Make sure you understand exactly what is included in your policy as well as exclusions.
Speak to customer service
Customer service can have a big impact on your dealings with your chosen insurance company. If you can’t get in touch with a representative to ask questions, they may be difficult to reach when you need to make a claim. A customer service representative should be able to help you choose the best policy based on your needs, in addition to the benefits and limitations of their available policies.
Enrol when they are young
Your pets age can effect your policy, especially if your pet is a senior. Insurers can charge different premiums based on the age of your pet as their health needs can change as they get older. This can make it difficult to get insurance for senior pets. Insurance is most effective if you get insurance when they are young and keep the cover throughout the life of your pet. Check if the level of coverage changes as your pet gets older.
Whilst pet insurance is an expense, it can also be seen as an investment. The right pet insurance policy can offer peace of mind, knowing that if your pet gets sick or injured, you can seek treatment without worrying about the cost. Some also offer a range of other benefits such as wellness or dental, which can further assist towards keeping your pet happy and healthy.