Pet Insurance and Wellness Plan Cover different expenses

Pet insurance or a Wellness Plan?

I found out today that Pet Insurance and Wellness Plans are not the same. My cat Maxine died last week, but we have to continue paying her Wellness Plan premiums for six more months because we are under contract. I had thought we could cancel it now that she has departed this life, but there would be a $500.00 penalty.

Both Wellness and Insurance plans have a monthly fee to assist in managing costs, but they function in fundamentally different ways. Confusing the two can lead to unexpected bills when you least expect them. Let's look at the similarities and the differences.

Pet Insurance: A Safety Net

Think of this product in the manner of Human Health Insurance or car insurance. Pet insurance is designed for unexpected events. You may pay the premiums without ever using it. This is a risk management tool intended to protect you from financial disaster if your pet suffers a major accident or develops a sudden illness.

If your feline or canine has broken bones, swallows an object, is bitten, has a wound, or his hit by a vehicle, the insurance will cover at least most of the cost. Depending on the insurance type. allergies, illnesses, Infections, digestive issues, and cancer may be covered.

Hereditary illnesses, eye conditions, and hip dysplasia may be covered. In most cases, you pay the vet bill upfront, submit a claim to the insurance company, and receive reimbursement of 70%, 80%, or 90%.

Insurance prevents you from paying thousands of dollars out of pocket in an emergency, or having your pet euthanized if you don't have the money. There is usually a waiting period to prevent pet owners from obtaining insurance immediately after an accident. There also may be an out-of-pocket (e.g., $250 or $500) deductible before the insurance coverage begins.

Wellness Plans: The Budgeting Tool

A Wellness Plan (sometimes called "Routine Care Coverage") is a pre-planned payment designed for the expected. It is a budgeting tool that allows you to spread the cost of standard, preventative care over the course of a year rather than paying large sums during annual visits.

Wellness plans are often sold directly by veterinary hospital chains, though some insurance companies offer them as an "add-on" rider to a standard policy.

They typically cover routine exams, office visits, vaccinations, annual physicals, distemper, rabies, bordetella and sometimes nail trims and routine dental cleanings.

There is no deductible, and you pre-pay for services you know you will use. If you don't take your pet to the vet for its shots, you lose the value of the monthly payments.

I was paying $60.00 a month and later $68.00 without paying additional unless it was something not covered in the plan. However, when Maxine stopped eating, and we took her to the vet they needed bloodwork to determine if the feline leukemia she was diagnosed with at two months old had progressed.

She had used her allotted bloodwork for the year, and we would have had to pay $200.00 out of pocket to have her tested. Insurance would have covered this expense.

Thankfully, we were told there was an option where the expense could be covered by her dental bloodwork allotment, but we would have to pay the $200.00 when the time came for a dental exam.

Which plan is right for you?

Unfortunately, the bloodwork revealed that the leukemia was causing her body to destroy her red blood cells, so we had to have her euthanized because there is no treatment or cure for Feliv. Pet insurance would have covered the $200.00 for the bloodwork, but not the office visit.

Routine lab work like fecal exams, heartworm tests, spaying and neutering and blood panels may be covered under a Wellness plan. Nail trims and dental cleaning were not included in my plan, but might be in a different one.

Pet parents who can afford pet insurance and a wellness plan will have the best coverage for their dog or cat. If you are unable to have both, this information should help you decide what is best for you and your fur baby.