The pet insurance marketplace has evolved greatly in the
last 20 years, with the industry now worth an estimated $3 billion per year.
These days, it’s almost impossible to imagine life without pets, and pet owners
are more than willing to go to great lengths to ensure their furry friends are
happy and healthy; from spas and doggy daycares to Instagram-famous lifestyles,
people are willing to spend top dollar on their pets' health care.
Pet Insurance Marketplace Is A 'Golden Possibility' For
Customers Who Are Facing More Expensive Options Than Ever Before
How Big Is The Pet Healthcare Market?
There are two main types of pet insurance coverage:
third-party liability and traditional health care. Third-party liability covers
the cost of injury to someone other than the pet owner, such as a dog attack on
a person. Traditional health care covers physical injuries and diseases not
caused by an accident or third party. It's estimated that the U.S. pet industry
is worth $71 billion annually, which makes it the largest segment of the
veterinary industry. The pet healthcare market has grown from just over half a
billion dollars in 2003 to more than $9 billion today. The pet insurance market
grew by 100% in 2016, with a growth rate projected at 5% per year until 2020. The
global pet insurance market was worth about $6 billion in 2016 and should grow
at an annual rate of 10%. In addition, the availability of high deductible
plans for pets may also contribute to their popularity with consumers seeking
lower premiums because they're more likely to have higher deductibles due to
fewer services covered and higher out-of-pocket costs for those services.
How Does Petsurance Work?
Petsurance connects people with animal health insurance
providers. The marketplace is accessible in four major areas: California, New
York, Oregon and Washington. Customers can find a coverage plan that best fits
their budget and can even help save some money on veterinary bills. The website
provides links to a provider’s website as well as customer reviews of the
company's services. It also allows users to search for pet insurance by type of
pet or breed. One reviewer noted that this was the easiest way they found
affordable pet insurance for their dog who has allergies. The cost of pet
insurance varies depending on how much coverage you need. Coverage plans
include options like accident-only, illness-only and accident & illness.
Petsurance covers accidents up to $5000, illnesses up to
$3000 and wellness visits (such as blood work) up to $1500 per year.
This new service may be worth it if you want more peace of
mind knowing your furry friend will be taken care of no matter what happens!
Why Should You Consider It For Your Pets?
It's your responsibility to make sure your pet is covered,
and pet insurance is a necessary and inexpensive way to ensure they can get the
care they need, when they need it. Here are some of the benefits that come with
having a policy in place:
-Coverage can be customized to cover whatever needs you or
your pet have (including preexisting conditions) -You get access to 24/7
customer service in the event of an emergency -Most policies cover treatments
and procedures not typically offered by traditional healthcare providers
-You'll receive at least one claim yearly; many offer two or more claims each
year! Pet coverage marketplace gives you the opportunity to choose from
different levels of coverage for as low as $2 per day. You may also qualify for
up to $150 cash back if you purchase through this site.
-No annual limits on how much coverage costs each year
-Discounts for bundling your auto and home policies with pet insurance
-Different deductible options available
-No matter what breed, age, size, or breed type, there's a
plan for them all!
-Treatments include annual checkups, vaccines,
neutering/spaying surgery (for females), dentistry services
And What Are The Other Players In This Space?
The other players in this space, PetPremium and Petplan360,
also offer health insurance to pet owners. These two companies may not have the
high-profile of Petsurance but their products are relatively similar. All three
marketplaces share a goal: to make healthcare for pets more affordable and
accessible for every pet owner. This may be just the beginning as larger
corporations continue to explore the field, which some analysts say will
eventually bring more stability to the price of insurance. According to
Bloomberg, Walmart is exploring the idea of partnering with Blue Cross Blue
Shield on pet insurance policies. It's an opportunity for us, said one company
spokesperson. We're always looking at new ways we can serve our customers. If
that involves partnerships like this, then absolutely.
The amount that you'll pay for coverage varies depending on
your pet's age and breed and whether or not you want coverage for pre-existing
conditions. For example, a 5 year old cat would cost $22 per month from
Petsurance if they were healthy when they enrolled in the plan.
If your pet has any pre-existing conditions such as
heartworm disease or diabetes, there are additional costs associated with those
treatments since they won't be covered by the policy (this is where a Health
Savings Account comes into play).
For these reasons many people find it advantageous to enroll
their pets in these types of plans early rather than waiting until after
they've been diagnosed with something costly to treat.
With the rising costs of veterinary care, pet insurance
can sometimes seem like an expense that might not be worth it. However, with
more and more pet owners using wellness insurance to provide coverage and
treatment for their beloved companions, a new Pet Insurance Marketplace site is
hoping to bring together all of the best options in one place to make it easier
than ever before to find affordable plans that fit your budget and your furry
friend’s needs.
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