Pet insurance plans vary depending on the provider you choose and the level of coverage. But the basic components of a plan will include a premium, deductible, reimbursement level and annual protection limits.
Premium
A pet insurance premium is the amount of money you pay for your plan. Your premium will be based on several factors, including:
- Pet’s breed and gender
- Age of your pet
- Where you live
- Level of insurance coverage you want to buy
Deductible
Just like with health insurance for humans, pet insurance policies have an annual deductible. This amount—typically between $100 plus $1, 000—needs to become paid before the dog insurance company begins reimbursing you with regard to veterinarian bills. Selecting a larger deductible typically lowers your pet insurance coverage cost .
Reimbursement level
Pet insurance policy plans in Massachusetts come with a reimbursement level that dictates how much coverage you will get after your own deductible will be met. Reimbursement percentages usually range from 50% to 100%. Choosing a lower reimbursement percentage will lower the amount a person spend on family pet insurance.
Annual coverage limit
Pet insurance policies often have yearly coverage caps, which is usually the total amount the pet insurance company will pay toward claims during your policy year. These limits can be $2, 000 or higher, with some (more expensive) plans offering unlimited payouts.
