Deductibles and Co-pays in a pet insurance policy are important.
Deductibles and co-pays can come in different amounts and is an amount paid by you. For a service there may both be a co-pay and a deductible. Types of deductibles and co-pays are determined by your policy type.
Types of deductibles are:
- Per-incident deductible - A per incident deductible is one that is paid time you have a new illness or injury. Some policies state that once you have made a visit for a illness or injury, you will not have to pay the deductible again for the same problem for a fixed period of time.
- Per-visit deductible- A per-visit deductible is one that is paid every time you visit the vet, regardless of previous deductible payments.
- Annual deductible - Is an amount that you have to pay within a calendar year before a different level of benefits will be paid.
Amounts of deductibles are:
- A fixed amount, for example $50 per visit.
- A percentage amount of the total bill, for example 20%.
Deductibles can also have varying combinations of the above items, it depends on the insurer and the particular policy that you have purchased. It is important to determine both the type and amount of the deductible as stated in your selected policy. Policies with a smaller monthly cost will normally have higher or less favorable deductibles.