Reimbursements work just as their name implies: the pet insurance provider pays you back for your out-of-pocket veterinary expenses. With that said, it’s important to understand the specifics so you have an idea of what to expect should your pet require a sudden trip to the vet.

How do you get reimbursed for vet bills?

Reimbursement is the amount your pet insurance provider pays you for a covered condition when you submit a claim for veterinary bills. 

How does pet insurance reimbursement work?

In short, you must take your injured or ill pet to a licensed vet for treatment and file a claim via fax, web, or the provider’s app before you can expect your reimbursement.

How much reimbursement can I expect?

The amount of reimbursement you receive is based on two policy specifications: the percentage of reimbursement and the deductible. Most pet insurance providers will let you choose these specifications at the time of enrollment. Your selections will impact your policy premium (the amount you pay for your policy either monthly or yearly). 

  • Reimbursement ranges from 70% to 90% of the total veterinary bill (or a 30% or 10% co-pay.)
  • Deductibles can be anywhere from $200 to $2,500.

Calculate your insurance reimbursement

To better illustrate how the pet insurance reimbursement system can financially help your family, let’s take a look at an example.

A Miniature Schnauzer was treated for pancreatitis by her veterinarian and her pet parents paid the total bill of $1,542.43. Luckily, this family enrolled their pup early in a pet insurance policy with a 90% reimbursement rate and $200 annual deductible. 

Total bill = $1,542.43

$1,542.43 x 90% reimbursement = $1,388.19

$1,388.19 - $200 deductible = $1,188.19 reimbursement

In this example, this family’s total out of pocket expense fell around $350 – a fraction of their pup's pancreatitis treatment! The pet insurance reimbursed the rest. Be aware, all pet insurance companies have some items and services that are excluded from coverage.

As you can see, the plan you select can greatly impact how much you are reimbursed and it’s best to choose the most comprehensive pet insurance. When shopping for a plan, it’s important to consider your pet’s potential needs, compare pet insurance providers and review each provider’s terms and conditions before you purchase.

For more information on how your pet insurance policy works or how Petplan handles claims, visit our FAQs.

Posted 
May 12, 2020
 in 
Pet Care
 category

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