FIND THE BEST PET HEALTH INSURANCE
An increasing number of pet owners are purchasing medical insurance for their pets. According to the North American Pet Health Insurance Association (NAPHIA), there are approximately 25 companies that insure over 4.8 million pets in the United States.
According to the NAPHIA State of the Industry Report 2023: UNITED STATES
- Total number of pets insured in 2022 was 4,849,540.
- 80.1% of insured pets were dogs and 19.9% were for cats.
- The average accident and illness premium for dogs was $640.04 per year (9.6% annual increase) and $387.01 for cats (12.9% annual increase).
Veterinarians and their staff may be LIMITED on how they discuss pet insurance with their clients because they are not a licensed pet insurance agent. For additional recommendations, the PET INSURANCE REVIEW website includes thousands of consumer reviews of the leading pet insurance providers across the U.S.
Be aware of third-party websites that compare pet insurance plans and provide listings of the ‘best pet insurance companies’. Our research shows that many of these sites may feature providers which are advertisers and are compensated on where and how companies appear on these websites. Always read the site’s disclosures.
COMPARE PET INSURANCE PROVIDERS:
Some provider websites also include tools which enable owners to compare pet insurance plans among the competing providers. This objective information is based on written documentation from each of the companies’ public-facing websites.
- ASPCA PET HEALTH INSURANCE:
How to Compare Different Pet Insurance Plans
- Can the provider pay the hospital directly at time of checkout for eligible claims?
- Are claims paid based on the veterinary bill amount or by the provider’s benefit schedule?
- What type of deductible (annual or per-incident) is offered?
- What are the normal hours of operation for customer service support. Is 24/7 customer care available?
- What is the plans cancellation policy? In addition to fraud or non-payment can the provider cancel your policy for no reason?
- What is the maximum amount of money the provider will pay you: per-incident, annual, and or lifetime limit (payout limits)?
- Are optional preventive care plans available?
- Are alternative therapies covered such as hydrotherapy, chiropractic treatments, and low-laser therapy?
PET INSURANCE PROVIDERS
- AKC Pet Insurance
- American Modern Pet Insurance
- ASPCA Pet Health Insurance
- Bivvy Pet Insurance
- CarePlus (Chewy)
- Companion Protect
- Embrace Pet Insurance
- FIGO Pet Insurance
- Hartville Pet Health Insurance
- Healthy Paws Pet Insurance
- Lemonade Pet Insurance
- MetLife Pet Insurance
- Petco Insurance
- Pets Best
- Physicians Mutual Pet
- Prudent Pet Insurance
- Pumpkin Pet Insurance
- Spot Pet Insurance
- Toto Pet Insurance
According to CONSUMER REPORTS, the largest pet insurance providers are Nationwide, Trupanion, Petplan, and the ASPCA. These companies comprise about 84 percent of the pet insurance market in the U.S.
According to TODD NEMET, President of CARE for Pets™:
- “Which pet insurance company you choose to protect your pet is very important. Over the last couple of years there have been many changes within the pet health insurance industry including some of the smaller insurance companies being acquired by a competing provider. In addition, many new providers (no track record on annual premium increases) have entered the pet insurance marketplace with very competitive premium prices. As they begin to pay claims, there annual premiums may substantially increase. Insurance companies do not cover pre-existing conditions. If you decide to change providers, your pets’ pre-existing condition(s) may not be covered.”
Leading Pet Insurance Provider May Increase Premiums 18% By Year-End (4.10.23)
- Trupanion “expects its premiums to increase by an average of 15% in the first quarter of 2023 year-over-year, rising to 18% by year-end.”
Chewy Expands Offerings with Launch of new Pet Health Insurance (8.6.22)
- Chewy announced the launch of CarePlus, an exclusive suite of pet insurance and wellness plans that are now available in 31 states and will expand nationwide by late 2022.
- 2015 dvm360 State of the Veterinary Profession Survey (8.21.16)
Estimated total dollar amount at which most clients would refuse or stop treatment for their pets was $1,433.
- 5 Things Your Pet Insurance Policy Should Cover (9.30.15)
Dr. Karen Becker is a proactive and integrative wellness veterinarian.
NEWS BLOG – CATEGORY: INSURANCE