best

Pet Insurance: What it costs, what it covers, and how to find the best

did you know that 100 million of the

roughly 160 million US households have

pets that's a pretty high number but

what's not a high number is that only 2%

of dog owners in 0.5% of cat owners have

pet insurance recently we adopted a pet

his name is Leo he's half border collie

half golden retriever so I have been

doing a lot of research about pet

insurance and I wanted to share

everything in this video that I learned

and right away I do want to recommend

pet insurance not only that by the end

of this video I'm going to let you know

which pet insurance company we selected

in Y as well as give you eight other pet

insurance recommendations that I found

through research I'm also going to break

down a lot of the terms associated with

pet insurance and how to save money when

you're looking so that you can get the

best rate for what you need and the goal

here ultimately is to help save you

money in the long run and as you know

pets can be extremely expensive in fact

the American Kennel Club did a study and

found out the pets cost anywhere from

twenty three thousand dollars to forty

thousand dollars in the lifetime of that

pet that's a lot of money and of course

there are required costs like the cost

of the pet itself the pet food pet toys

that visits and shots bleach collar all

that good stuff

then there's optional costs as well

things like more toys the crazy cat

hotel climbing thing clothes more

clothes and then the big optional cost

pet insurance which obviously most

people decline now depending on your

pets ailment when you bring your pet to

the vet studies show that costs are

gonna range anywhere from 100 to up to a

thousand dollars per visit so how do you

protect your furry little friend without

breaking the bank

that's what this video is all about

because as I found in research there

really is a lot to unpack when it comes

to pet insurance it is all over the

board in terms of cost and what it

covers and what it doesn't cover but

before we go on what's up guys my name

is Frankie this is the money resolution

if you enjoy this video I do put out

videos weekly on apparently all things

personal finance I would really

appreciate if you subscribe to this

video

if you enjoy it by the end I even put a

little subscribe button here in the

corner so you can subscribe right now if

you'd like first of all I've never had

pet insurance and this is one of the

bigger regrets looking back that I have

with my first cat that I had I had a

three thousand dollar surgery emergency

I had to pay for out of pocket and with

my dog I had the same type of situation

where it ended up costing about $7,000

out of pocket and I was originally

quoted ten to fifteen thousand dollars

so obviously I am sold on getting pet

insurance for Leo and this is why we

started researching but I had a lot of

questions like is it better to get

insurance for him now when he's young is

that gonna save me the most money over

time and also what are the best ways to

save money what should I be looking for

exactly when it comes to pet insurance

let's dive into that and let's talk

first about how pet insurance works and

what it cost now one major way that pet

insurance is different from regular

human health insurance is that with pet

insurance in most cases almost all cases

you are going to be responsible for

covering the charges out-of-pocket then

you submit your claims and you're gonna

get reimbursed after the fact and don't

expect to get that money right away

generally speaking what I've seen out

there doing research is it's gonna take

anywhere from roughly seven days to up

to two months also speaking of timing

you cannot just sign up and start using

that insurance the same day generally

there is sort of a waiting period of two

to three weeks and that's of course to

prevent people from signing up just

because they notice that their dog might

be sick or ill or injured or cat now

when it comes to submitting that claim

you are in almost all cases not gonna

get 100% of the cost back to you you're

gonna get on average anywhere from

seventy to eighty to ninety percent back

and that's because you're gonna be

responsible for what's called a copay

more on that in a moment going back to

my earlier question yes the younger your

pet is generally speaking the cheaper

your pet insurance is going to be there

are several things that come into play

when determining the rate you're going

to receive on your insurance so what

type of dog where you live how old the

dog is any pre-existing conditions and

those are the big ones according to the

North American pet health insurance

who knew there was such a thing the

average monthly price is going to be 47

dollars a month for dogs

that's your premium or roughly $30 a

month for cats and the best way to get

started in terms of just determining

costs and getting comparisons is to

start applying for free quotes online in

most cases all you got to do is hand

over your email address to get that free

quote and in terms of how much it covers

I already mentioned that it's not going

to be 100% of the cost but the main

reason I recommend you have health

insurance is so that you never have to

make a life-and-death decision when it

comes to your dog or cat with money

being a strong factor on the line the

choice is going to be made for you

because you're covered so run the

numbers all you want in terms of if you

need it or not

until something major and serious

happens that is when you need it the

most

so when is the best time to sign up for

pet insurance well that's when your pet

is 100% healthy not when something

happens to your pet in fact in a lot of

cases you could be denied altogether if

you do have a serious pre-existing

condition not you your pet so think of

something like a broken bone or again

something that's life-threatening but a

lot of times if your pet does have

something that's pre-existing health

insurance will cover everything else but

not help out when it comes to that

pre-existing condition again though the

best time to get health insurance for

your pet is before you need it I

realized that I've already thrown out

several terms related to pet insurance

and I want to make sure that I take a

moment to sort of define what those are

because they're gonna keep coming up

over and over again and the first one is

premiums so this is how much you're

gonna pay out-of-pocket monthly and

generally the more comprehensive your

insurances the more you're gonna pay in

premiums monthly so the more that is

covered the more you're gonna pay

second is deductible so this is the

amount of money you're gonna have to pay

out-of-pocket before any amount of

insurance kicks in this is a lot like

human health insurance and generally

speaking the higher the deductible the

lower the premium and vice-versa

most deductibles start around $100 but

anywhere in the $200 to $500 range is

common $250 is about average so annually

you're going to need to come

the first $250 before any insurance

kicks in next up is copay so this is the

percentage that you're gonna have to

cover that insurance is not going to

reimburse each time you're making a

claim in almost all cases you're still

gonna have to cover a tiny percent of

that issue if you're keeping track that

means you're gonna owe the premium

monthly you're gonna owe a deductible

annually then once you meet the

deductible you're also going to a

percentage of the cost which is called

your copay the next term I want to make

sure you're familiar with is what's

called caps and limits this is the

amount of money that an insurance

company is willing to cover in any given

year or sometimes the length of the

entire policy some have no caps and no

limits meaning that there is no limit on

the amount of money that they're willing

to reimburse over the length of that

policy but a lot of them do have a cap

so definitely keep an eye out for how

much they're willing to pay out either

on an annual basis or even the lifetime

of the policy and then finally it's

exclusions this is something you're

going to want to look for this is

usually a list that's provided of things

that are not going to be covered in any

case by that insurance company

exclusions can vary widely obviously

we've already covered that pre-existing

conditions are almost never going to be

covered outside of that though look for

a list of what else is not going to be

covered in your policy

okay let's talk insurance coverage types

for the most part there are - there's

going to be comprehensive and accident

wellness and routine is the third one

but that one's actually not very common

these are your typical that visits

things like your shots your neutering

and your Spain here's what I'm gonna

start talking about specific pet

insurance companies but before we get

there I'm gonna give you a couple of

pieces of advice in terms of finding the

right policy and company for you the

first piece of advice is simply to ask

your vet what they recommend there are

lots of options out there it's a lot

like picking a cellphone carrier company

that's a quick plug for a cell phone

video I shot recently you can check out

the link above for that one but again

there are lots of companies lots of

plans and lots of choices to pick from

ask your vet what they recommend based

on their experience what a lot of other

people are using and what they might

think is best based on your pet

but my actual best piece of advice is to

do your own research and hopefully this

video is a part of that so good job but

really when you're doing your research

the main thing you want to be thinking

about is balancing coverage versus cost

so you need to be thinking about any

problems your pet has had in the past or

any potential problems that your pet is

prone to due to its breed or age this is

just gonna come down to personal

preference and a little bit of research

and knowing about your dog the age the

breed the history and trying to project

out any health issues that might happen

in the future obviously there's a lot of

unknowns there okay I've done a lot of

research on the topic so you're probably

ready for some recommendations there is

no just best one-size-fits-all plan that

I can recommend but there are several

that showed up again and again on sort

of top five top ten lists as I was

researching around for myself in

alphabetical order the ones that kept

coming up the most is highly recommended

this is as of early 2020 our embrace by

go healthy paws nationwide pedda sure

pet first pet plan pets best and true

panin these are the ones that I've seen

over and over again and on-screen here

I'm gonna give you a little bit more

information some screen grabs in case

you want to pause it and read a little

bit more about some of these I pulled

these all from sites that I definitely

trust and recommend regardless of which

one you go with what you also probably

want to know is how can I save on my

insurance policy so in this next section

of the video I'm gonna give you five

ways that you can save potentially on

your pet insurance plan the first tip

I'm gonna give you is to take on more

risk so if you want to keep your premium

your monthly payment to a minimum you're

gonna need to take on more risk when it

comes to your deductible and your

co-pays there are some companies out

there like true panin where you can

literally use a slider and you'll see

how these sort of offset with one

another and you can be very specific for

your deductible and your copay and see

how that impacts your premium so you pay

less right now monthly but you take on

more risk if something happens in the

future

next is to

work for the right employer so this is

one of the fastest-growing benefits for

employers to offer which is pet

insurance or over a hundred and fifty

major companies that I found in my

research that are offering this check

with your company maybe they are

offering this and you were unaware or

maybe give HR a little bit of a nudge

that this is something you'd really like

to have I found companies like Delta

Airlines t-mobile UPS Microsoft Chipotle

and a lot more are offering this

currently third is to check for

discounts so the most common discount

you're gonna find looking around is

policies that cover multiple pets but

what if you don't have multiple pets if

you are a member of a group like Triple

A or AARP sometimes you're gonna find

those discounts for you military active

duty and students are other common

discounts that I've seen out there we

were actually able to score 10% off our

policy it was 5% off just for signing up

for the policy online and another 5% off

using the plug-in honey it's a chrome

extension that helps you find promo

codes at checkout once again a quick

plug for a video I did about honey and

how you can save money on Amazon and

elsewhere next number four is to get pet

insurance when your pet is young so I

mentioned that the policies are going to

be cheaper for young pets and a lot of

times it is going to reassess annually

and go up from there but I've actually

seen that there are some policies that

allow you to lock in that premium and

that premiums never gonna go up over

time so it's rare to find those but if

you find it you might want to jump on

that especially if you have a puppy or a

kitten some plans actually won't insure

your pet once that pet is past a certain

age so that's something to keep in mind

and again the last thing you want to do

is wait until some sort of illness or

chronic conditions shows up then go

hunting for health insurance you're not

going to get the best quotes and

oftentimes it's going to be hard to find

coverage at that point and then finally

and this is the big one know what you

need so this is really gonna take some

thought and some reflection and thinking

about your dog your pets history your

age we've already covered this but as

you do your research you're gonna see a

lot of things that are included and a

lot of things that are excluded start

taking mental note of what those things

are and which are the ones that you'd

want the most before I get to the one

that we did pick there were two that

came in just sure and we were very

to picking and that was healthy pause

and true pan Yin a couple friend of ours

also just got a puppy recently and after

some research they ended up going with a

nationwide and I think that's actually

one of the biggest out there so there's

a few you might want to be thinking

about but the one that we ended up going

with was pet plan here was my list of

the things I was definitely looking for

first I wanted to make sure that we

could file claims online or via an app

second I wanted to make sure that there

was no limit on the amount of claims

that we could make third since our pet

is very young and very healthy I wanted

to make sure that we could keep our

premiums very low so under $50 was

essential fourth I wanted illness and

accident covered but wellness was sort

of optional and I knew that that wasn't

likely next was that I didn't want any

sort of cap or at the very least a very

high annual cap I also wanted the

deductible to be annual not per incident

and finally very important to me was

that cancer and scans would be included

in this policy so our deductible is

gonna be 300 dollars annually our cost

our premium monthly is just $37 so it

checks that box of keeping that low but

again this was after we were able to

earn 10% off our annual reimbursement

cap is $15,000 so that felt definitely

high enough for us and then it covers

accidents injuries illness surgery and

Rehab cancer treatment and all scans as

well everything that we're looking for

it even covered emergency dental like

broken teeth lost and found advertising

and rewards vacation reimbursement which

okay cool and we get reimbursed within

30 days but generally I've seen from

other people online they were reimbursed

within a week okay so there you have it

this video was extremely dense so number

one it might be super useful to go back

and re-watch this but at the very least

I hope that I armed you with the

information you need for picking a pet

policy and keeping your cost down

hopefully I gave you a bunch of good

starting points when it comes to picking

a policy overall and number three

ultimately I hope I convinced you that

you do indeed need health insurance for

your pet or pets again this is up to you

which one you're gonna pick based on

your needs and situations and personal

preferences but one thing to do is to

ask the vet and the other thing to do of

course is to do your own research down

below in the description I'm going to

leave links to all nine

I believe companies that I recommended

in this video along with a few articles

that I used in terms of research for

myself and for this video like this

video if you got some value out of it it

does mean a lot to me if you want more

from me in the money resolution be sure

to subscribe I do put out videos weekly

drop a comment down below if you do have

any thoughts or questions I do try to

reply to every single comment and the

last thing is to share this with a

friend if you know somebody else that

could use this information especially

those of us that just adopted a pet

recently and kudos to you if that to you

and you adopted a pet I saw a video the

other day of a shelter and they were

celebrating because every single one of

the pets had been adopted so it's really

cool to see adoption rate go up thanks

as always for watching especially this

far once again my name is Frankie this

is the money resolution and I'll see you

guys in the next one oh but don't go

anywhere just yet here is a quick little

video montage of our puppy leo

in case you just want some puppy footage

to make your name thanks guys

[Music]

[Music]

[Applause]

[Music]

[Music]

yep you got

[Music]

the chosen

[Music]

okay

you

[Music]