What is a Pet Insurance Deductible?

If you’re ready to protect your pet with a pet insurance plan, you’ll want to fully understand everything about your policy.

And, one important aspect of your plan is the deductible you will choose.

So, to help you better understand how your pet insurance plan works, we’re answering the question:

“What is a Pet Insurance Deductible?”

Let’s dig in!

What is a Pet Insurance Deductible?

A pet insurance deductible is the amount you will pay toward your veterinary bills. Once you’ve reached your deductible, your insurance policy will start paying toward your procedures and claims.

Our Fursure Insurance policy offers the following typical deductible amounts of $250, $500, $750 and $1000.

But, what exactly does this mean?

You’ll first need to pay your reimbursement percentage before your deductible, then your deductible before your coverage kicks in.

For example, let’s say you have a veterinary bill for $1000, your deductible is $500 with a 90% reimbursement percentage. Your pet insurance provider will pay $400 of the bill and you will owe $600.

And, deductibles in pet insurance are annual just like those in human health care plans. Which means that if you reach your deductible before the year is up, the costs for care that you incur until the end of the year will be covered.

What Procedures are Applied Toward my Pet Insurance Deductible?

When choosing a pet insurance plan, you need to understand what your plan covers and what it doesn’t.

The procedures and care that your plan covers can be applied toward your deductible. But, procedures that are not covered will not apply such as vaccines, wellness care and routine care.

It’s important to know the complete coverage details of your plan, so you can determine how much of your deductible has been met.

What’s The Difference Between Deductibles and Reimbursement Percentage?

There’s a difference between your deductible and the reimbursement percentage of your pet insurance plan.

Our Fursure Insurance plan offers reimbursement percentages at 70%, 80% and 90%.

Both of these figures are related to the money you will pay out of pocket. You’ll first pay your  reimbursement percentage then your deductible amount before your coverage kicks in.

For example, if your reimbursement percentage is 80% - your pet insurance provider will pay 80% of the bill after the deductible is met. And, you will be required to pay for the remaining 20%. So, if you’ve met your deductible already and receive a $500 veterinary bill. Your pet insurance provider will pay $400 and you will owe $100.

With Fursure’s Direct Pay feature, you’ll be able to pay for this bill directly from your policy without needing to submit a claim and wait to be reimbursed. You’ll never had to worry about affording your pet’s health care, again.

Higher or Lower Pet Insurance Deductible, Which One is Best?

So, now that you know what a pet insurance deductible is as well as the details of your reimbursement percentage - you may be wondering:

Should I choose a higher or lower pet insurance deductible?

What you decide is personal to you and your financial situation. But, a general rule is that the higher the deductible, the lower your monthly premium.

Therefore, you’ll pay less each month with a $1000 deductible vs. a $250 deductible.

Choosing a deductible is very specific to your pet’s age, overall health and your personal finances. If you have a puppy, you may choose a high deductible plan knowing that your pet is young and healthy. But, if you have a pet that is more prone to accidents, you may want to consider a lower deductible to have the majority of your emergency visits covered.

Ultimately, you’ll need to choose the deductible you feel the most comfortable with and that works best for your finances.

Protect Your Pet With Fursure Insurance

Knowing how your pet insurance deductible works is important for you to fully understand what your pet insurance plan covers and how much you can expect to pay each month as well as out of pocket.

With Fursure Insurance, you’ll never have to worry about affording your furry friend’s veterinary care. Our Direct Pay feature allows you to use your policy to pay your veterinarian immediately at the time of care. No more submitting claims and waiting to be reimbursed. And, no more paying hundreds of dollars out of pocket to give your pet the care they need.

Learn what procedures are covered under our plan and protect your pet the right way with a pet insurance policy from Fursure.