*This article is a Guest Post from MGS Insurance
Have you heard of pet insurance? You have probably seen or heard about it. It is big, isn’t it? But do you know what people have in mind when they decide to get pet health insurance? It is simple: They want to ensure their best furry friend is not in pain, that he is safe – no matter what happens.
Pets are an essential part of your family. Their unconditional love, companionship, and affection mean more than words can ever express. If you have or intend to have a pet, please do research, and know the costs involved with their care. According to thefilipinodoctor.com, the cost of taking care of a dog during its first year can range from Php 12,000.00 to Php 50,000.00. This range yet excludes emergency funds, the cost of the dog, grooming, and other special needs your pet may have.
Meanwhile, pet medication costs can range from hundreds to thousands of pesos a month, depending on the size of your animal and what sort of medication is necessary. While taking care of your pet medicine expenses with some self-control and discipline is feasible, there are also ways to reduce these costs. Continue reading to learn how pet insurance can benefit you and help you make sure you can afford all your vet bills while keeping your pet healthy.
Pet insurance functions similarly to other types of insurance by shifting the financial risk of covering all your pet’s medical costs in exchange for a premium. Pet owners can get pet insurance to transfer the risk of unplanned, costly medical bills.
Read also: Is Having Pet Insurance Worth It?
Benefits of Pet Insurance for Filipino Pet Owners
1. Pet Insurance saves you money.
One of the most obvious benefits of investing in pet insurance is that it enables the pet owner to save money in case their pet gets sick.
In case of claims, the pet owner must meet a small deductible. After completing this deductible, the insurance plan will shoulder a certain percentage of your veterinary bills. The pet owner shall pay for the rest, which is significantly less than what you would pay if you did not have pet insurance.
Moreover, when an unexpected event happens to your pet, you have little to no chance of draining your savings account to cover all the veterinary expenses.
2. Pet Insurance allows you to prioritize your pet’s health.
Instead of worrying about the money you would spend to afford a costly surgery for your dog, pet insurance gives you more time to focus on your pet’s health and well-being and less on the veterinary bills.
In addition, pet insurance allows pet owners to choose their preferred veterinarian. Just like a human who can find a doctor they like, so can their pet—selecting a vet that your pet likes make the medication and surgery much less stressful for your dog.
3. Some pet insurance plans also cover the pet owner from financial burden arising from an accident.
There are available pet insurance plans in the market that also provide insurance coverage for the pet owners instead of the dogs alone. These plans offer personal accident insurance that protects the pet owner from any financial burden in the event of accidental death, disablement, and dismemberment sustained within the term of coverage.
4. Pet Insurance gives you freedom to choose your plan.
There are already several insurance companies that offer pet insurance in the market. Consider the amount of coverage, primary benefits, and affordable premiums as some of your deciding factors.
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What is Pet Care Insurance?
Pet Care Insurance is a type of insurance that covers the cost of veterinary care for your pet and provides insurance coverage for the pet owner. It is a 3-in-1 insurance plan that provides medical reimbursement, liability insurance, and personal accident insurance. The best part of this plan is that it is affordable with no hidden charges and is different from regular pet health insurance as it also protects you, the pet owner, from financial burdens arising from accidents that happen out of your control.
Pet owners can choose from the two (2) available insurance plans depending on their desired amount of coverage, with insurance premiums amounting to Php 1,815.00 and Php 2,825.00
Give the fur-pect love and protection to your fur babies! Apply here.
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Product Features and Benefits
1. Medical Reimbursement Coverage
This coverage reimburses you for veterinary bills incurred due to any sickness or injury of your pet while under your care or control.
Medical reimbursement benefit covers the following:
- Lifetime limit for treatment or diagnostics for cruciate ligament injuries
- Burial Assistance (due from euthanasia)
- Laboratory tests
- X-ray ultrasound, MRI, CT Scan
- Surgery
- Hospitalization
- Medication (prescribed by a veterinarian)
- Extractions of permanent broken teeth due to an accident
- Euthanasia
- Costs of Veterinarian professional fees or charges
Covered illnesses under Pet Care Insurance are:
- Addison’s Disease
- Ataxia
- Bladder Inflammation with Polyps
- Bladder Inflammation
- Cushing’s Disease
- Fungal Infection
- Heatstroke
- Hemorrhagic Gastroenteritis
- Hyperthyroidism
- Joint Cartilage Erosion
- Kidney Stones
- Lactic Acid Build-up
- Leukemia
- Mumps
- Dermatophytosis or Ringworm (fungal infection)
- Salmonella Infection
- Urinary Tract Infections
- Urolithiasis
- Cruciate Ligament Injuries (PHP 10,000.00 per leg only)
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2. Owner’s Liability Insurance
Pet Care Insurance protects the pet owner from financial responsibilities if your dog injures a person or causes property damage. The insurance provider will pay for the actual or compensatory damages and costs in case the pet owner becomes legally liable for third-party property damage and/or bodily injury due to the actions of the pet.
3. Personal Accident Insurance
This benefit protects the pet owner (up to Php 50,000.00) in the event of loss of life, disablement, and dismemberment as a direct result of an unforeseen and violent event arising within the policy period.
Table of Benefits
Pet owners can choose from the two available insurance plans, regular (Plan A) and express (Plan B), with insurance premiums of Php 2,825.00 and Php 1,815.00, respectively.
Conclusion
With the cost of veterinary treatments rising and the average lifespan of animals increasing, pet owners are increasingly looking for coverage beyond traditional veterinary insurance. The good news is there are now several insurance providers offering policies that are specifically tailored to pet owners, so it should be easy to find a policy that best meets your needs. All you need to do is check with your insurer and see what features are offered in their policies, so you can make an informed choice when deciding on the right pet insurance coverage.
One thing to remember, the main advantage of pet care insurance is that it will give you peace of mind. The thought that no matter what happens to your pet after you take it to the specialist, you will be covered against the risks can give you so much reassurance. Before buying such a policy, be sure to weigh your dog’s condition and physical condition against the price of premiums and settle for the one that makes the most sense financially.
MGS Insurance is working hard to make the process of buying a pet insurance policy as simple and seamless as possible. We have many exciting updates that will improve the buyer experience and make buying a pet insurance plan even more manageable. If you have not yet, start your application today.
*This article is a Guest Post from MGS Insurance