3 Ways to Save on Pet Insurance

3 Ways to Save on Pet Insurance

Pet ownership is a two-way street. Our pets give us unconditional love, entertain us with their antics, even comfort us when we’re feeling down. In return, we make sure their basic needs are taken care of - food, water, playtime, and - as if they’d ever let us forget - treats!

Keeping our pets healthy is, of course, essential. Regular vet checks will keep pets up to date on their vaccines to protect them from many common diseases. During the visit, the doctor will also give your pet a thorough exam, which could detect early warning signs of any health issues.

Are you financially prepared for a worst-case scenario? If not, read on to learn about pet insurance and how you can save money when purchasing this important financial tool.

As pet ownership continues to climb, pet insurance is becoming more readily available. You can check into what’s available through the insurance company you use for home and auto insurance. Some employer healthcare plans even offer it. PSECU members can get a quote through PSECU Protect, LLC.

3 Ways to Save on Pet Insurance

Overall, shopping around to compare costs and covered services is in your best interest. As you start your search, keep in mind that pet insurance is intended for accidents and illnesses. Often insurance companies offer pet wellness plans as add-on coverage, but you can also find standalone wellness plans.

With new advances and technologies in veterinary medicine, more treatment options are available than ever before. To keep them financially within reach, pet insurance is your best bet. As you comparison shop, keep these three money-saving tips in mind:

1. Increase the deductible

A deductible is the amount you have to spend before insurance reimburses you a percentage of medical costs. Agreeing to pay a higher amount almost always reduces your premium. Deductibles can either be determined annually or on a per-incident basis. When you’re shopping, make sure you understand which way the company is calculating the deductible amount.

2. Select a lower reimbursement rate

The reimbursement rate is the percentage the insurer will pay. By choosing a lower rate, say between 70% and 90%, you’ll save money on the premium. However, be aware that you’ll be responsible for what the insurance doesn’t cover.

3. Select a lower annual payout

The annual payout is the maximum your insurance carrier will pay each year after you’ve met your deductible and paid co-insurance. When comparing plans, consider if you want accident-and-illness or accident-only coverage. It might be worth looking at companies that give you the opportunity to switch plans if your pet’s needs change.

Not only can pet insurance help defray the ever-increasing costs of veterinary care, but it can also provide you with peace of mind. You’ll know that you’re financially prepared if you end up at an animal emergency hospital.

If you’re a PSECU member, you can request a quote from PSECU Protect. The helpful agents will do the shopping for you to find plans that work for you and your budget. They can find affordable pet insurance, as well as other insurances, so you can protect what matters to you. Get started with a phone call to 866.797.0507 or visit PSECU Protect.

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Not all products, coverages and discounts are available in every state. Restrictions, exclusions, limits and conditions apply. 

Insurance products are offered by PSECU Protect, LLC an affiliate of Pennsylvania State Employees Credit Union (PSECU). Available insurance products are not deposits of Pennsylvania State Employees Credit Union and are not protected by any type of deposit insurance, are not obligations of or guaranteed by Pennsylvania State Employees Credit Union or its affiliates, and may be subject to risk. Insurance products are not insured or guaranteed by the National Credit Union Administration (NCUA) or any other agency of the United States. Any insurance required as a condition of the extension of credit by Pennsylvania State Employees Credit Union need not be purchased from our Agency, PSECU Protect, LLC, but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the customer's choice. 

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.