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Pet Insurance Differences: Copay Vs. Benefits Schedule
There are over 20 pet insurance companies which offer coverage to pets in North America. This list is constantly changing with new companies being added and other dropping out. Each company has differences in coverage, how claims are processed, and how the claims are paid.
A common question asked by pet owners is what the difference is between companies which refund the pet owner based on a benefit schedule and those that refund you based on a copay.
Today I want to explain the difference.
How a Pet Insurance Benefit Schedule Works
Pet insurance companies that provide coverage based on a benefit schedule will cover up to a maximum dollar amount per condition. For example, Veterinary Pet Insurance (VPI) offers a maximum coverage of $230 for the diagnosis of congestive heart failure under their major medical comprehensive plan. If your dog is diagnosed with congestive heart failure and your bills add up to $230, you would theoretically be reimbursed that $230. If your bills add up to $900, you would be reimbursed $230 and remain responsible for the remaining $670.
How Pet Insurance with a CoPay Works
In benefits with a copay, the maximum is dependent on your contract. For example, if you have a 10% copay, your insurance company would pay 90% of your vet bill after the deductible is paid. If your bill was $230 and you had already paid your deductible, your insurer would reimburse 90% of the bill (or $207.00). If your bills add up to $900, you could expect that you’d be reimbursed 90% of the $900 (or $810.00).
Many pet owners like the security of knowing what their insurance is going to pay if they have a problem. When you have a copay of 70%, 80% or 90%, you can figure out easily what you can expect the insurance company will reimburse.
I hope this gives you more information about the difference between benefits schedule pet insurance and copay-based pet insurance.
Is Pet Insurance Right for you?
Can you afford a $1,000 vet bill? Medical care for pets, including emergency care, diagnostic tests and treatment options, is becoming increasingly more sophisticated and more expensive.
Did You Know? 4 out of 5 pets will have a medical emergency in their lifetime, and every six seconds a pet owner will face a veterinary bill of $1,000 or more.
The best pet insurance offers coverage that’s broad enough for whatever care your pet needs and with enough options to get the perfect coverage for you and your pet.
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