Pet insurance is evolving, along with care
Pet insurance is growing in popularity with pet owners as a way to offset unexpected veterinary costs. According to the North American Pet Health Insurance Association, the number of insured dogs and cats in the U.S. has increased 125% since 2018.
Though a relatively new offering in the insurance industry, pet insurance is expected to continue its rapid growth. Technological advancements, increased cost and more vet payment options are some of the trends we’re seeing in pet insurance for 2024.
As technology improves, so does pet care
Since our pets can’t tell us what’s wrong with them, emerging technologies are looking to do it for us. You’re likely no stranger to wearable devices that track health metrics like your heart rate, activity level and sleeping patterns. More pet insurance companies are working to create wearable devices for pets that can transmit real-time data to pet owners and their veterinarians.
“This data and information will improve pet health care and drive the evolution of pet insurance and the types of offerings we’ll see in the market,” said Lane Kent, CEO of Independence Pet Group.
Veterinarians can create custom 3Dprinted orthotics and prosthetics and use artificial intelligence to analyze genetic information and data to detect and diagnose health problems like cancer.
“We are beginning to see new benefits for cancer and other specific conditions, catastrophic care packages, access to telemedicine and biometric data being used for wellness,” said Kent.
Pet insurers are working to relieve the burden of upfront costs
While pet insurance is designed to cushion the financial blow of an unexpected accident or illness, most insurers require you to pay your vet bills in full before filing a pet insurance claim for reimbursement. That means you could be
out hundreds or thousands of dollars while you wait for your pet insurance claim to be approved and paid.
Pet owners who can’t absorb the entire upfront cost may delay care or be forced to put the cost on a credit card. However, some pet insurers offer ways to settle the claim faster or provide interest-free solutions.
Direct vet pay options
⬤ Fursure pet insurance allows you to apply for a debit card that you can use at the vet for certain covered expenses. You can submit a cost estimate before your vet visit or use the app at checkout to get funds approved for covered care. Once approved, use your debit card to take Fursure’s share out of your pet insurance plan and you only pay your portion of the bill.
⬤ Pets Best pet insurance doesn’t pay your vet at checkout, but if the veterinarian signs a reimbursement release form, you can submit it with your claim and the vet will be sent payment if the claim is approved. You’ll pay the balance after the vet is reimbursed for expenses covered by your pet insurance.
⬤ Trupanion pet insurance will pay the vet directly if the vet has Trupanion’s software. The vet’s office will submit the invoice through the Trupanion software and get paid instantly for covered costs, so you’ll only be responsible for your share, such as your deductible and copayment.
Interest-free payment options
⬤ Paw Protect pet insurance gives customers the option to apply for a virtual Visa credit card with a line of credit up to $2,000 through Paytient. After you put your pet’s veterinary care costs on the credit card, you’ll submit the claim through Paw Protect. The reimbursable amount will automatically reduce how much you owe on the line of credit, with only your deductible and copay, if applicable, left remaining to pay. You’ll have 12 months to pay off the balance without paying any interest.
⬤ CareCredit is another option for interest-free payments. If you qualify for CareCredit, you could receive up to 24 months to pay off your pet’s non-covered veterinary expenses with no interest.
Pet insurance is becoming a more common part of employee benefits packages
Sixteen percent of employers now offer pet insurance as an employee benefit, according to MetLife’s 2023 Employee Benefit Trends Study survey. This figure could be a direct response to pet owners’ interest in buying pet insurance to overcome the high cost of dog ownership and increasing economic uncertainties. About 57% of employees are interested in pet insurance, with 25% considering it a crucial benefit in 2023. Yet only 9% take advantage of employer offerings.
Brian Jorgensen, head of MetLife Pet Insurance, expects “the distribution of this voluntary benefit to grow in the year ahead.”
Employers can help bridge the gap when offering pet insurance as a voluntary benefit in 2024.
“It’s important to increase communication around pet insurance during this year’s open enrollment season to ensure employees are protected. Pet insurance doesn’t deplete when used, isn’t affected by inflation and limits the total cost of pet health expenses each year,” said Jorgensen.
How to find the best pet insurance in 2024 Looking for the best pet insurance for 2024? Here are the factors to consider when comparing pet insurance quotes.
⬤ Choose the right plan. Accidentonly policies are cheaper but don’t offer coverage for illnesses, which can include cancer, diabetes and heart problems. Accident and illness pet insurance may be worth the cost unless you only want coverage for emergencies like broken bones, bites, stings and ingesting foreign objects.
⬤ Consider adding a wellness plan. The best pet insurance wellness plans will cover expenses pet insurance doesn’t, such as wellness exam copays, vaccinations, teeth cleaning and prevention meds for fleas, heartworms and ticks.
⬤ Read the fine print. Like human health insurance, pet insurance has exclusions and limitations, which can vary by plan type and pet insurer. Read the fine print to know what’s covered and what isn’t, such as preexisting conditions.
⬤ Verify waiting periods. Most pet insurance plans have waiting periods, which can be up to 12 months for conditions like cruciate ligaments and hip dysplasia. Waiting periods can vary by insurance company and health condition, so verify before you buy. There are also pet insurance policies with no waiting period available.
⬤ Compare quotes with the same coverage details. Now that you know what type of plan is right, it’s time to compare pet insurance quotes. The best way to get an apples-to-apples comparison is to select the same coverage types, limits and deductibles.
Blueprint is an independent publisher and comparison service, not an investment adviser. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results. The information is accurate as of the publish date, but always check the provider’s website for the most current information.