Pet Insurance – The Facts
PIA Australia
February 21, 2018
Want to know a little more about pet insurance and why many Australians are now insuring their beloved furry family members? Pet Insurance Australia reveals all the facts about pet insurance.
If you are a pet owner, you will be all too familiar with the consistent rising costs of veterinary care. These steady increases are due to the amazing treatments our beloved pets can now access. Let’s face it…many of the diseases and conditions that are now treatable and even curable, would have not been 10 years ago.
It’s also good to remember that your humble veterinarian is also (in many circumstances) your pet’s radiographer, surgeon, rehabilitation expert, teacher and doctor. Many local vets are also specialists in their field (just ask the next time you pop in), you might be surprised to learn that your vet is actually an orthopaedic specialist or even a professor.
This level of care also comes at a cost, and as the veterinary sector is not suberized by the government, like our own medical expenses, the total amount of the surgery, rehab and hospital costs will need to be paid by the owner of the pet. Some of this may include;
- Cost of surgery
- Anaesthetic costs
- Hospital stay
- Medication
- Lab testing
- Radiography
- MRI
- And more depending on your pet’s condition
PET INSURANCE – What’s it all about?
For the reasons listed above many people find it much easier and much cheaper to sign-up to a pet insurance policy, so they know they are covered for certain conditions. Having pet insurance not only offers peace-of-mind, it can also literally save you thousands and possibly your pets life.
But it’s important to get the facts.
Nobody enjoys reading fine print, particularly in this click-on click-off world. However, like with all insurance it’s important to fully understand what you are covered for and what you are not. Also getting your head around the pet insurance ‘jargon’ so you fully understand things like waiting periods, caps, pre-excising conditions, and general exclusions in your policy.
Reading the Product Disclosure Statement or PDS is very important. This is a document that will explain in detail what you are able to claim for, any exclusions, waiting periods, pre-existing conditions, caps and also what the insurance company expects from you in terms of claims.
Other tips include:
- Keep a record of all the vets your pet visits, you will need this information for your first claim in regard to history notes.
- Read the PDS in full and highlight any concerns.
- Ensure you fully understand your policy, excess and what you are actually covered for.
- Understand policy inclusions and exclusions and be aware of your obligations to disclose any pre-existing conditions.
Benefits – Pet Insurance to the RESCUE
The hard fact is that you can claim up to 80% of eligible vet costs. This means on a high-end procedure such as a complex fracture or foreign body ingestion treatment you could be reimbursed as much as $10,000 on a vet bill of $12,500.
For many pet owners this is the difference between saving their pet or sadly saying goodbye. Most loving pet people simply do not understand the sheer cost of vet care until they are hit with a massive bill to save their animal. Pet Insurance takes the financial strain out of illness and injury allowing customers to do what they do best…love their pet in their biggest time of need.
LApprox Cost of Top Claims
- Gastric Dilation – $1,500 – $8,500
- Elbow Dysplasia – $1,200 – $4,500
- Peritonitis – $1,000 – $7,000
- Cataract – $1,000 – $8,000
- Intervertebral disc – $1,000 – $10,000
- Cruciate ligament – $1,000 – $7,000
- Gallbladder – $1,000 – $10,000
- Adenocarcinoma Pulmonary (lung) -$1,000 – $5,000
- Envenomation – $1,000 – $4,000
- Foreign body – $1,000 – $12,000
Understanding that these figures give you a rough guide of how much these illness or injuries could cost the average pet owner. The great news is that with adequate pet insurance, you could save up to 80% on these costs, depending on the type of cover, caps and pre-existing conditions.
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