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Here you will find explained, Pet insurance terminology so you actually understand.
When I first started looking into pet health insurance I was so confused with all the complicated terms. So… I wrote down all the words that I didn’t understand and then I researched them so that I could understand what they meant.
Don’t worry, no one understands all that gobbledy-gook (aka the fine print).
Below, are some of the important Pet Insurance terminology terms that you need to understand, so you know what you’re buying before you sign on the dotted line.
If you have any insurance terminology questions, make sure that you contact me, cause if you don’t understand, that means someone else probably has the same question as you!
Terminology in alphabetical order
Accident Any external, sudden or unexpected event. Some examples include Vehicle collision, eating a foreign object.
Alternative Treatment- can include some treatments such as chiropractic, physiotherapy, acupuncture, massage. It depends on the plan.
Benefit Schedule - a list of the prices that the pet insurance company will pay out for the different the treatments (Is used by some companies instead of paying a % of the total bill. Benefit schedules can be good because they often mean that the monthly premium isn’t affected by where you live, but this may also mean that the payout may be less than what you paid).
Congenital conditions - conditions that are existent at birth. They are conditions that the pet may have acquired while in uterus, such as organ defects or congenital heart.
Some examples include: patellar luxation, umbilical hernia, entropion, ectropion, elongated soft palate, stenotic nares, malocclusion, mitral valve defects, patent ductus arteriosis, ventricular septal defect and portosystemic shunt.
These disorders may not be visible, but are often not covered by many pet insurance companies. Each plan has a different definition of congenital so make sure you understand what your pet insurance company means when they say it’s covered.
Co-payment/ Copay or Co-insurance- The percent that you (the pet owner) will pay. Co-payment can be anywhere from 0-50%.
Here is how it works:
Ex. Co-pay is 10%, deductible is $100. Claim is $5000.
Co-pay is $500 (10% of $5000)
+ deductible $100,
so you pay $600,
they pay $4400 ($5000-600)
Deductible- a fixed amount of money you have to pay before you will get a claim amount (ex. $100).
Excess- see Deductible
Illness Sickness or disease that affects the health of your pet.
Pets travel scheme (PETS) - allows pets from some countries to enter the UK without quarantine if certain conditions are met. This means that UK pets can travel to these countries and return to the UK without Quarantine.
Non EU countries are excluded (as outlined by DEFRA)
Pre- existing condition- a condition that a pet had BEFORE starting the policy. Ex. Dog injures its knee before getting insurance, this injury will not be covered.
Premium- The monthly amount that you pay the insurance company. Can be anywhere from a few dollars or pounds per month to more than one hundred.
Re occurring condition- a condition that may come back but started after the pet was signed up for the policy.
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