20 Jan The Guide To Choosing The Ideal Pet Insurance In Singapore
As vet fees rise, many pet owners are looking to pet insurance to soften the financial impact from basic pet care and health treatments. These policies will help to offset a percentage of the costs derived from treatments used to treat injuries caused by accidents or ageing, or damages caused by their pets. Most pet insurances will help owners save money, but some can costs more than it pays out so you’ll need to consider several factors before you decide to buy a pet insurance here in Singapore. Here are a few tips on the few things you’ll need to take not of before you sign those papers.
Understand What Will Be Covered
Similar to our regular health insurance, there are different types of pet insurance coverage offered by companies in Singapore. Basic pet insurance covers anything from unforeseen injuries. There’s also extensive coverage where it has everything a basic plan has, except it takes it up a notch by including preventive care and prescription medicines. If you need to cover routine care such as grooming services and annual exams, you can opt for the pet wellness plans. As you’ve seen, each plan carries different coverages and they have their respective limits and exclusions.
Thus, be sure to read the plan carefully. Understand the umbrella of illnesses, medications and whatnot that are covered and those that aren’t. Take note of their limitations as each plan stipulates its limits per accident or illness, along with the limit for their policy term. Pets that have a pre-existing health condition or is simply advanced in age may be refused coverage. For instance, if there are chronic and severe health issues present in your cat’s family history, more likely than not, your cat will not be covered by the insurance company. Plans that do will usually propose higher premiums.
Determine whether the price is reasonable for the amount of coverage they’re willing to offer.
Know That Coverage Can Be Denied
Many assume that once getting a pet insurance, your entire pet’s medical expenses will be taken care of. However, there are instances whereby it will be denied and rejected. In the case whereby the fault lies with the owner, coverage will naturally be denied. For instance, a dog that has developed chronic back issues due to being kept in a cage too small will not be covered by the pet insurance – seeing as how the medical issue arose due to the outright negligence on the irresponsible dog owner’s part. The age range and breed of your pet may also limit the amount of coverage you can have.
Some insurance companies are working closely with medical providers. Whilst it takes the responsibility of finding one off your shoulders, there are also a few disadvantages. Their medical providers may not be as skilled as the ones you prefer to visit. Furthermore, should you head to your regular vet, you may not get reimbursed.
Thus discuss with your pet insurance company whether the policy you’re interested in covers both in and out-of-network providers. If so, you’ll be able to cover services from your preferred vet clinics. However, note that policies that do work with out-of-network providers may cost you a lot more.
There’s a lot of factors that affect the cost of your insurance plan, including the type of coverage you choose, your pet’s health condition and its age. Take note of the premiums, deductibles, co-pays and maximum payouts. For instance, find out the amount of bills you’d need to reach to claim some form of coverage (deductible) and subsequently, the portion that the company is willing to pay (co-pay). Most policies have a cap on their payouts, so take that into consideration.
This is just a brief rundown on the considerations you’d need to make when applying for an insurance plan. A quick tip: do note the sort of coverage your pet will need and when is the best time to apply for one. Remember to only take one that fits your unique situation and your budget. Give your pet the right amount of care whilst still protecting yourself from the high vet fees.