How does pet insurance work? Pet insurance works on a reimbursement model. Reimbursements work just as the name implies: the pet insurance provider, such as Fetch, pays you back for your out-of-pocket vet costs. 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.
What does reimbursement mean in pet insurance? Pet reimbursement is the amount your pet insurance provider pays you for a covered condition when you submit a claim for vet bills.
Can you deduct vet bills? Pet insurance providers such as Fetch work on a reimbursement model: you pay the veterinarian bill, then we pay you back. If you’re wondering, do you have to pay vet bills up front, yes you do — but with Fetch, you don’t have to wait too long.
With the Fetch Pet Insurance app, pet reimbursement is as easy as giving a belly rub.
Just take a picture of your vet documents, answer a few questions about your pet’s treatment and we’ll handle it from there. Once your claim is approved, you'll get paid back in as little as 2 days via direct deposit. We cover up to 90% of the cost of treatment for injury and illness, with complete sick visits covered (exam fees are included!). You can use any veterinarian in the U.S. or Canada. Learn more about what pet insurance covers when you enroll with Fetch.
Fetch Pet Insurance pays back up to 90% of unexpected vet bills.
The dollar value you’ll get paid back is based on two policy specifications: the percentage of reimbursement, and the deductible. Most pet insurance providers will let you choose these details at the time of enrollment. Your selections will impact your policy premium (the amount you pay for your policy, either monthly or yearly).
To better illustrate how the pet insurance reimbursement system can financially help your family, let’s look at an example.
A Miniature Schnauzer was treated for pancreatitis by her vet, and her pet parents paid the total bill of $1,542.43. Luckily, this family enrolled their pup in a pet insurance policy early, 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, these pet parents’ total out-of-pocket expense fell around $350 – a fraction of their pup's pancreatitis treatment! The pet insurance reimbursed the rest. Be sure to read the terms and conditions of your policy, because there may be some items and services that are excluded from coverage.
As shown by the above example, the plan you choose can greatly impact how much you’re 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 make a decision.
For more information on how your pet insurance policy works or how Fetch Pet Insurance handles claims, visit our FAQs.
The Dig, Fetch Pet Insurance's expert-backed editorial, answers all of the questions you forget to ask your vet or are too embarrassed to ask at the dog park. We help make sure you and your best friend have more good days, but we’re there on bad days, too.
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