Pet Insurance Reimbursements
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Automatio...
Insurance Operations Specialist
UPDATED: Mar 21, 2024
Pet Insurance U receives compensation from the third parties included on this site. This includes payment for clicks from our site to insurance providers’ sites and quote requests generated. Our rankings and reviews are not affected by payments from the insurance companies. The compensation we receive allows the site to be free and regularly updated. Our goal is to review every pet insurance provider, but not all companies are listed on the site.
And many of the companies we review do not pay us anything. We simply rate, compare and review their plan because we feel it will be valuable to you. Our reviews are guaranteed to be unbiased, professional and advertising compensation does not influence rankings.
We are a free online resource for anyone interested in learning more about pet insurance. Our goal is to be an objective, third-party resource for everything pet insurance related. We update our site regularly, and all content is reviewed by pet insurance experts.
UPDATED: Mar 21, 2024
Pet Insurance U receives compensation from the third parties included on this site. This includes payment for clicks from our site to insurance providers’ sites and quote requests generated. Our rankings and reviews are not affected by payments from the insurance companies. The compensation we receive allows the site to be free and regularly updated. Our goal is to review every pet insurance provider, but not all companies are listed on the site.
And many of the companies we review do not pay us anything. We simply rate, compare and review their plan because we feel it will be valuable to you. Our reviews are guaranteed to be unbiased, professional and advertising compensation does not influence rankings.
On This Page
Once you have signed up for a new pet insurance policy, you will have many decisions to make.
How can you find the right coverage for your pet? What are the different plans offered?
And of course, you want to make sure get a good, fair affordable monthly premium rate.
What about reimbursements? How does that work?
Fortunately, reimbursements are super easy to understand.
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FACT: Pet insurance pays up to 90% of vet bills when your pet is sick or injured!
How Do Pet Insurance Reimbursements Work?
Reimbursements are the amount your pet insurance company pays you back for the expenses incurred when you take your pet to the vet.
While reimbursements are generally a percentage amount ranging from 65% to 100%, the majority of pet insurance plans have a reimbursement of either 80% or 90% of the total vet bill.
For example, Healthy Paws gives you a reimbursement choice of 70% to 90% of the vet bill.
Figo is the only company that reimburses you 100% of the vet bill.
Related: 10 Things You Must Know Before You Buy Pet Insurance
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The 3 Types of Reimbursements
Actual Cost
The actual cost is always the best choice because this means you are being reimbursed on your actual vet bill.
Benefit Schedules
Benefit schedules are reimbursed by setting a maximum amount that you are reimbursed for each condition. They are hard to understand and not usually favorable.
For example, if your dog happened to injure his paw and get an ear infection in the same year, you will be reimbursed only up to a certain limit. And, you can see how this will add up.
Usual and Customary
Usual and customary is when the company dictates what they deem as the usual cost. It is too random and not really accountable.
Therefore, the easiest and best choice is to find a company on the actual vet bill.
The best companies will do that as it is the most popular and easiest for everyone.
Real Cost Savings from PetFirst Clients
Luna
PetFirst saved his parents
$6,712
A happy energetic Luna one morning couldn’t hold her food down. After months of multiple costly vet visits to specialists and an endoscopy, the problem was discovered and fixed. Luna put 22 pounds back on in no time and her parents were grateful for having PetFirst by their side to pay the bills.
Choosing The Right Reimbursement
When you choose a reimbursement, the higher percentage that you choose, say 90%, you will be reimbursed more on your bill.
But, your premium will go up.
Therefore, you need to decide which you would prefer: a lower monthly rate and less money reimbursed or a higher premium rate and more money reimbursed.
Makes sense, right?
There is one other thing to know.
You need to choose a deductible amount which is the first payment you make on for the first vet bill.
Deductibles can range from $100 to $1,000.
After you pay your deductible, you are reimbursed the remaining portion of the bill with the percentage amount that you choose.
Example of a Pet Health Insurance Reimbursement
You sign up with a plan and choose a reimbursement level of 90% and a $100 deductible.
You had to take your dog to the vet because he got a respiratory infection and needed treatment.
The bill breaks down like this:
- Covered Treatment Cost: $5,000
- Reimbursement Rate: 90%
- Calculation: $5,000 x 90% = $4,500 reimbursed
- Now Subtract Your Deductible: $100
- Total Reimbursed by Insurer: $4,400
Now that your deductible has been taken care of in this first bill of the policy year, the next time your dog needs treatment, you will no longer need to pay that $100 deductible (if you chose the annual deductible model).
That same bill would now be reimbursed $4,500.
Now that you know how you will be reimbursed, it’s important to know how to file a claim.
It is fairly simple.
Once you get your vet bill, you need to pay it. And then submit a claim to your pet insurance provider with the back-up invoices.
After the company reviews your claim and approves it, they will send you a reimbursement check or deposit the funds directly to your bank account.
Reimbursement checks are usually issued within 15 days after the company receives your claim.
Read more: How do claims work with pet insurance?
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Final Thoughts on Reimbursements for Pet Health Insurance
Reimbursements are fairly simple to understand. You just need to decide the percentage amount and make sure that the company reimburses on the actual vet bill.
If you are looking for a solid pet insurance company that does reimburse on the vet bill, our top 10 pet insurance companies is a great place to start!
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Frequently Asked Questions
How do pet insurance reimbursements work?
Reimbursements are the amount your pet insurance company pays you back for the expenses incurred when you take your pet to the vet. Most plans offer a percentage reimbursement, usually ranging from 65% to 100% of the total vet bill.
What are the different types of reimbursements?
There are three types: Actual Cost, which reimburses based on your actual vet bill; Benefit Schedules, which set a maximum amount for each condition; and Usual and Customary, where the company determines the usual cost, but it’s less accountable.
How do I choose the right reimbursement?
The best choice is usually a company that reimburses based on the actual vet bill. When choosing a reimbursement percentage, consider that higher percentages mean higher premiums. You also need to choose a deductible amount, typically ranging from $100 to $1,000.
Can you provide an example of a pet insurance reimbursement?
Sure, if you choose a 90% reimbursement and a $100 deductible, and your vet bill is $5,000, you pay the first $100. After that, the remaining $4,900 will be reimbursed to you.
How do I file a claim for reimbursement?
Once you pay your vet bill, submit a claim to your pet insurance provider with the backup invoices. After the company reviews and approves your claim, they will send you a reimbursement check or deposit funds directly into your bank account.
How long does it take to receive reimbursement?
Reimbursement checks are usually issued within 15 days after the company receives your claim.
What factors should I consider when choosing a reimbursement percentage?
Consider whether you prefer a lower monthly rate and less money reimbursed or a higher premium rate and more money reimbursed. Your choice will affect your overall out-of-pocket expenses.
Is reimbursement based on the actual vet bill common among pet insurance companies?
Yes, many reputable pet insurance companies prefer and use the actual vet bill for reimbursements as it is the most popular and easiest method for everyone involved.
How often can I claim reimbursement?
You can submit a claim for reimbursement each time you incur eligible expenses for your pet’s veterinary care.
Are pet insurance reimbursements taxable?
In most cases, pet insurance reimbursements are not taxable as they are considered a reimbursement for expenses rather than income. However, it’s always advisable to consult with a tax professional for personalized advice.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Automatio...
Insurance Operations Specialist
We are a free online resource for anyone interested in learning more about pet insurance. Our goal is to be an objective, third-party resource for everything pet insurance related. We update our site regularly, and all content is reviewed by pet insurance experts.