June 28th is National Insurance Day, and Vibe Credit Union is here to discuss a type of insurance you may not even be aware of—pet insurance plans!

Pet insurance plans give owners peace of mind regarding their furry friends. These plans are paid monthly or annually and reimburse you for eligible medical expenses.

We've gathered everything you need to know about pet insurance plans: types of insurance, reasons to get it, and what it does and does not cover.

When to Invest in Pet Insurance 

With the rising costs of routine and emergency veterinary care, pet insurance plans provide peace of mind that your pet will be taken care of no matter the situation.

In fact, every six seconds a pet owner is faced with a vet bill of $1,000 or more. With 70% of U.S. households owning a pet, the monthly or annual expense can save your finances in the long run.

Pet insurance plans allow owners to see most vets or specialists, ensuring their pets get timely and comprehensive care. Investing in your pet's health now is a great idea for anyone with an eligible pet.

Types of Pet Insurance

Not all pet insurance plans are created equal, but everyone has options. Before selecting your coverage amount, consider your budget and lifestyle to assess the risks your pet and your wallet may face.

Accident- Only

These plans cover costs related to sudden injuries and illnesses that require emergency medical attention. They include unexpected situations such as broken bones, bites, or ingesting foreign objects. Accident-only insurance plans typically have lower premiums than more comprehensive plans.

Accident & Illness

These insurance plans cover the above situations, sudden illnesses, and chronic conditions. Eligibility varies by plan, but some examples of scenarios covered are:

• Diagnosis, treatments, and management of illnesses such as infections or diseases.
• Chronic conditions, such as arthritis, allergies, or heart disease.

Because these plans include broader coverage, the premiums are higher, and pre-existing conditions are not eligible.

Preventative Care & Wellness

These are the most comprehensive plans, covering everything from routine check-ups and vaccinations to dental cleanings and spay and neuter procedures. They have the highest premiums and may have coverage limits, but they prioritize your pet's overall health.

What Pet Insurance May Not Cover

Before investing in a pet insurance plan, ensure you understand what is not covered so you're prepared for all pet-related costs. Coverage varies by company and plan, but we've gathered some common exclusions:

• Grooming
• Pre-existing Conditions
• Breeding Costs
• Boarding Fees

This year, take advantage of National Insurance Day to educate yourself about protection options for yourself, your belongings, and your pets. Pet insurance plan options are available for almost all pets and owners, offering peace of mind and financial security for your pets.