馃攳
The Ultimate Pet Insurance Guide: Is Pet Insurance Worth It? - YouTube
Channel: The College Investor
[0]
with such high cost pet owners may want
[2]
to look into pet health insurance to
[4]
cover the cost of their pets health
[6]
especially for this little guy here
[8]
right Cortez but like a lot of insurance
[11]
pet health and insurance can be a little
[14]
confusing in this video we are covering
[17]
the ins and outs of pet health insurance
[19]
and whether or not it's beneficial for
[22]
you and your fur baby hey guys welcome
[35]
back to the college investor investing
[38]
and personal finance for Millennials
[40]
today we are going to be diving into pet
[44]
health insurance what it is what it
[46]
covers and whether or not it's right for
[48]
you so first let's start off with what
[51]
is pet health insurance pet health
[54]
insurance is a type of property
[56]
insurance that protects the financial
[59]
well-being of the pet owner okay a few
[63]
key points about pet health insurance
[64]
first is there's generally a deductible
[67]
so the deductible is the amount of money
[70]
that you pay out-of-pocket before the
[73]
insurance kicks in and before your
[75]
insurance company helps you pay for a
[77]
portion of those vet bills so for
[79]
example if you have a $500 annual
[82]
deductible then you are responsible to
[84]
pay five hundred dollars out-of-pocket
[86]
before that insurance coverage kicks in
[90]
now once you do meet that deductible
[92]
then you'll have coinsurance so
[95]
coinsurance is typically when your
[98]
insurance provider and you are both
[101]
responsible for paying a portion of your
[104]
pets vet bill typically the insurance
[108]
company will pay around eighty percent
[110]
of the bill and then you're still
[111]
responsible for that additional 20% and
[114]
here's what's really surprising we found
[117]
in the u.s. that just two percent of dog
[120]
owners and a half percent of cat owners
[123]
carry pet health insurance for as much
[126]
as we love our pets this is actually
[128]
really surprising that a majority of us
[131]
are not
[132]
pet health insurance okay so what does
[135]
pet health insurance cover there's
[138]
typically three different buckets in
[140]
which pet health insurance is broken
[142]
into the first is wellness so this
[145]
covers anything like flea and tick
[147]
treatments or annual vet visits the next
[151]
is accident and illness coverage so
[154]
emergency vet visits would be covered
[157]
under accident and illness if your cat
[160]
gets stung by a bee or if your dog
[163]
swallows some empty water balloons that
[167]
may or may not have happened to my dog
[169]
and then the third is comprehensive
[172]
coverage which includes both the
[173]
wellness and accident and illness
[176]
coverage there are plenty of health
[179]
insurance companies out there that offer
[181]
these types of coverages and the three
[184]
biggest companies out there are
[186]
nationwide true Pan ioan healthy paws
[190]
pet insurance foundation and the
[193]
marketplace for pet health insurance is
[195]
rapidly growing you may have even seen
[198]
Pet Smart own pet health insurance
[200]
called Banfield that's also a very
[202]
popular one and then there's a lot of
[204]
startup companies coming into this
[206]
marketplace including pets best embrace
[210]
buy go pet first and pet plan okay so
[216]
how much does pet insurance actually
[219]
cost this really does depend on a
[221]
variety of factors including species so
[225]
dogs actually cost more than cats
[227]
unfortunately then there's the age of
[230]
the pet and breed certain breeds are
[233]
more prone to illness than others and
[235]
where you live that all factors into how
[239]
much your pet and health insurance
[241]
premium costs now the average premium
[245]
for accident and illness coverage is
[247]
around five hundred and sixteen dollars
[249]
per year and for dogs this can vary if
[253]
you have a larger dog your premiums
[255]
going to be more it ranges between
[257]
twenty-five dollars to one hundred and
[259]
fifty dollars per month to cover the
[262]
premium costs for
[263]
a dog pet health insurance and for cats
[266]
it's around $10 per month
[268]
okay when you are thinking about getting
[271]
pet health insurance a for your fur baby
[273]
there are a ton of factors that you
[276]
should consider as you're researching
[278]
and trying to figure out which coverage
[281]
and plan is the best for your pet so a
[284]
couple of different things to consider
[286]
first does this cover the right things
[289]
in the u.s. 98 percent of pet health
[292]
insurance policy holders have accident
[295]
and illness coverage next you'll want to
[299]
ask yourself whether or not rates will
[302]
change in the future
[303]
so rates could increase if your pet
[306]
makes a claim in a given year then
[309]
you'll want to find out how does the
[310]
coverage treat chronic conditions
[313]
especially if you have a pre-existing
[314]
condition with your pet it could mean
[318]
that you have a higher premium you'll
[321]
also want to know what is the monthly
[323]
premium cost so generally the higher
[325]
premium that you pay the lower the
[327]
coinsurance you'll have next you'll want
[330]
to find out whether or not there is a
[332]
cap on insurance payouts and what the
[335]
pet owners share of coinsurance is and
[338]
then you'll want to figure out how that
[341]
deductible is set so the deductible
[344]
could fluctuate between an annual
[347]
deductible or a per incident deductible
[350]
there is a difference between the two so
[352]
you'll want to find that out then is
[354]
there an age cutoff for pets typically
[356]
you'll want to really consider this if
[359]
you have a senior dog or cat and you're
[362]
trying to get health insurance coverage
[364]
for them I was really surprised to find
[366]
out how few pet owners actually carry
[368]
pet health insurance I mean most of us
[371]
aren't able to cover a $1,000 emergency
[375]
vet visit without putting it on a credit
[377]
card or worse going into credit card
[380]
debt it's pretty cost beneficial to add
[383]
pet health insurance especially if you
[385]
really want to take care of your little
[387]
fur babies like this little guy as long
[390]
as you're shopping around for the best
[392]
deal pet health insurance can be a
[394]
really cost effective way to make
[396]
sure you and your pet are protected say
[403]
yeah I am protected for sure you're
[406]
protected right I think you are
[417]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage