Pet Health Insurance

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Pet Health Insurance

The cost coverage details for United Pet Care, Kaiser, Cigna, Nationwide, Banfield, Trupanion, and Embrace pet insurance are outlined below. Additionally, the policy coverage details being offered by Aetna, Anthem, American Kennel Club, Healthy Paws, and Pumpkin Pet Insurance are also provided, as well as the licensing requirements for US pet insurance brokers. The licensing requirements may differ depending on the US state.

Cost Coverage Details

1. United Pet Care

  • United Pet Care is not pet insurance but a membership program that provides 20-50% instant savings or discounts on veterinary services. A United Pet Care member immediately receives discounts on veterinary visits without having to wait or without having to process insurance claims.
  • There are no deductibles, no yearly limit and there are no exclusions because of preexisting conditions.
  • Here are the veterinary services covered in the discount: veterinary exams (house calls included), health certificates, vaccinations, diagnostic testing, surgeries, lab work, hospitalization, spay/neutering, and medications.

2. Kaiser

  • Kaiser offers three types of coverage for pet insurance: (1) accidents only, (2) accidents and illnesses, or (3) accidents, illnesses, and other medical costs. Kaiser also has a payout limit and the premium costs vary according to the chosen coverage type and payout limit.
  • The exact amount for the payout limit, premium costs, and coverage details are not publicly disclosed as details will be received only upon quote request.

3. Providence

4. Cigna and Nationwide

5. Banfield

6. Trupanion

7. Embrace

Other Pet Insurance Companies

1. Aetna and Pets Best

  • Aetna Insurance Company of Connecticut (AICC), the general insurance subsidiary of Aetna, partnered with Pets Best Insurance to offer pet insurance to their policyholders. The pet insurance products that they offer are endorsed by the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT).
  • Pets Best offers coverage for laboratory tests, veterinary visits, as well as surgery, and medications for illnesses, injuries, and accidents. For veterinary cost coverage, pet owners get to choose any licensed veterinarian. Policyholders receive 80% reimbursement of veterinarian's bill for services that are covered.
  • Care or expenses from emergency services and veterinary specialists are also covered.

2. Anthem and Figo

  • Anthem Insurance Group, Inc. partnered with Figo pet insurance to provide pet insurance products to its policyholders. It covers veterinary services for a dog or cat's illnesses or injuries. The average waiting time for reimbursement is 7 days.
  • The average cost for this pet insurance is $1.25/day. With this insurance, the policyholder can go to any licensed veterinarian, specialist, or ER in Canada, Puerto Rico, or the US. The policy also comes with a pet cloud mobile app to give access to the pet's records when traveling or when there's an emergency. It also has features for lost pet GPS technology with family alerts, a pet-friendly business locator, and reminder alerts for pet health appointments.

3. American Kennel Club

4. Pumpkin Pet Insurance

5. Healthy Paws

  • Business Insider considers Healthy Paws as the best pet insurance overall runner-up, next to the American Society for the Prevention of Cruelty to Animals (ASPCA). ASPCA however is not a pet insurance company, it is a non-profit organization for animal rights that also offers pet insurance plans. Healthy Paws receives high marks from its plan holders.
  • The company offers coverage for pet accidents, illnesses, cancer, hereditary conditions, prescription medications, surgeries, emergency care, hospitalizations, imaging and testing, and other treatments.
  • Its policy cost ranges from $24.77/month to $52.52/month for dogs while that for cats ranges from $9.77/month to $20.77/month. The annual deductible choices are $100, $250, and $500 while the reimbursement rates are 70%, 80%, or 90%.

Licensing Requirements for US Pet Insurance Brokers

  • Training and licensing are essential steps before one can legally sell pet insurance. One needs to have background knowledge of insurance by taking classes or degrees in insurance. After that, one needs to get licensed to become a property insurance agent in a specific US state.
  • According to the Regulator's Guide to Pet Insurance that was issued by the National Association of Insurance Commissioners (NAIC), most US states require a full property-and-casualty (P/C) insurance license to solicit, sell, or negotiate pet insurance, although a handful of states also permit pet insurance brokers who only have a limited-lines license. As of September 2018, New Jersey, Rhode Island, Idaho, and Virginia have included pet insurance as a non-core limited line.
  • State insurance regulators revealed that the level of license and the steps required for the license are still open topics of discussion. In order to get the P/C resident license, the broker needs to pass a written examination. Those who are in the limited line are required to receive training or a program of instruction to be reviewed by the insurance department.
  • Limited-lines license is the license required for travel agents to sell travel insurance, while a full P/C license is the license required for brokers or agents of homeowners or auto insurance.
  • This shows the requirements for insurance agent licensing in each state.

Number of Licensed US Brokers

  • There is no available information for the total number of licensed US pet insurance brokers. However, the US Bureau of Labor Statistics reported last May 2019 that 410,050 is the national estimated number of employment for insurance sales agents which includes agents who sell health, life, property, automotive, casualty, and other types of insurance.
  • This shows the number of domestic insurance companies that sell property insurance and life insurance in each state.