Your dog was running at the dog park, stepped in a pothole and broke his leg. He’s going to be okay! Unfortunately, you’re looking at $2,500 in vet bills. You’re not worried, though—you’ve got pet insurance. Now the question is, how does pet insurance in Minnesota work?
Check your coverage
Do you have an accident-only plan for your pet, or a comprehensive plan with different riders? Knowing the plan means knowing what’s covered. It can be a rude awakening to rack up vet bills for something that’s not covered by your pet’s plan. Most insurance policies will cover the cost of fixing your pets broken leg. But what about hip dysplasia? A glandular problem? Worms? Know your coverage so you know what to expect.
Understand the plan’s cost structure
The more compensation you receive, the higher your monthly premiums will be. Your pet insurance plan will be expensive if you request a high reimbursement level, high annual maximum, and low deductible. On the contrary, insurance is cheaper if you agree to pay more out of pocket for medical bills.
For example, let’s say your reimbursement level is 100%, your deductible is $100, and your annual maximum is $5,000. Your pet gets in an accident that adds up to $8,000. You’ll pay $100 up front. After your insurance kicks in, you’ll have $2,900 left to pay out of pocket.
File a claim
Unlike with human health insurance, most Minnesota vets require you to pay the entire medical bill out of pocket. After that, call your insurance provider and file a claim. That way, you’ll get reimbursed for a hefty portion of the bill. Again, it’s important to understand coverage and cost structure, so you know what you can expect to get back from the claim.
Protect your pet
It’s only after something terrible happens that many pet owners see the value in paying monthly premiums for pet insurance! If you have to use it, make sure you know how pet insurance in Minnesota works. It could save you thousands!