Demystifying Pet Insurance Coverages
Let’s cut the jargon, the long-winded explanations and incessant misconceptions. Pet insurance confusion ends today as I help you find all the answers that may have been buried under a rather tricky pile of unnecessary lingo.
If we are being completely honest, pet insurance terminology isn’t for the faint-hearted. Most people that find themselves scouring the internet for pet insurance deals usually end up giving up by page two of Google. And we have the jargon-heavy policy plans to thank for that.
Many people skip out on pet insurance merely based on that fact that it isn’t exactly “user friendly”. Worse off, people that have pet insurance rarely know what their cover actually entails.
But here’s the thing: this isn’t just another premium to add onto your debit order list. This coverage is for your additional family members. It’s your pal and your very best friend. Which means we’ve got to dig up the truth on pet insurance and figure out what you’re signing up for.
So, sit tight and get comfortable as we take you through pet insurance. Without the headache-inducing jargon.
Co-insurance, Copays & Deductibles
So, what happens when the vet bill arrives? Well, we split it.
When you purchase pet insurance you get to select a co-insurance percentage. This is where you decided just how much you want your insurance team to pay towards your veterinary bill claim. You will be responsible for paying the remainder.
It’s important to note that coinsurance and copays aren’t the same things. As a matter of fact, this is one of the most commonly made errors when it comes to pet insurance. While co-insurance works on a fixed percentage of liability, co-pay is your fixed out-of-pocket amount. This fee is applicable for needs such as prescriptions and doctors appointments. To summarise, your copay is a form of cost-sharing between you and our insurance team.
Your deductible, however, is the amount of money that you will fork out-of-pocket BEFORE your insurance kicks in. This amount is paid forward for covered procedures. Meaning that your insurance company will be covering the medical expense at the end. You’ll just need to log a claim for your pet!
How does claiming work
Now, contrary to popular belief claiming for your pet isn’t as complicated as those policy documents may have had you thinking. Pet insurance claiming follows the same outline as human health insurance – so there isn’t much to worry about here.
It should be said though that every pet insurance company has its own claims process but for the most part, they’re all rather similar. Here’s a breakdown of how it will most likely work:
- You download and fill in a claims form
- Send the completed form along with the paid invoice to your insurer
- Wait for an expected response from the insurance company
Now, this process works. It’s easy, efficient and effective. And what’s better is that it’s probably similar to how you would claim for yourself. But in the spirit of making pet insurance incredibly seamless, we’ve found one of the best pet insurance claims processes yet, and we don’t think it would be fair for us to hide it from you (and your pooch).
Oneplan’s smart claims process
In my opinion, very few pet insurance companies should be allowed to refer to their claims processes as “smart”. Especially with Oneplan in the game. Their process is so seamless it’s no wonder other insurance companies are scrambling to catch up.
So, what is it about their process that had me ready to sign up? The fact that it’s all done through an app. Yes, they have a personalised OneApp that will quickly prove to be one of your favourite apps on your phone. All you have to do is log in, load the claim and you’re done! It really is that shockingly simple.
Oneplan has done it again! I honestly challenge you to take any complexed pet insurance scenario to Oneplan and see them give you the simplest solution yet.
Now while it is crucial that we understand terms like copay, coinsurance and deductibles, in a moment of emergency (because accidents do happen with pets) all of this knowledge will probably mean very little. Your pet requires medical assistance and you need money NOW. So what do you do? W
You get Oneplan’s Onecard.
Simply put: this is Oneplan’s exclusive debit card that is given to Oneplan members and it can be swiped at any local veterinarian clinic. Their team fronts you with cash before you even take your pet to their vet, so the stresses of footing the bill aren’t on you. You can worry about the copays and coinsurance later. Their main priority is protecting your pet … and you from a rather hefty medical bill!
Just a little heads up that their Onecard is only applicable to policyholders who have vet visits and routine care included in their plans, those with only hospital cover do not receive a Onecard.
And before you think I’ve concluded my genuine amazement of this insurance company, the benefits continue. Every single one of their policies has routine cover included in the premium. It surely doesn’t get more comprehensive than that.
Ultimately complexed insurance terminology shouldn’t keep your pets from experiencing exceptional care. There’s no need to find yourself in a moment where you’re biting off more than you can chew. Get in contact with our team where we are happy to further demystify anything that you aren’t too sure of.
Until next time,