costco pet insurance (administered by figo) is a popular choice for many pet owners. Read this costco pet insurance review to see if it might be a good fit for you and your pet.
One of the biggest concerns for pet owners is keeping their pets as healthy as possible. Some dogs and cats seem to go their lives without ever getting injured or sick, while other pets seem almost accident and illness prone. Keeping some pets healthy can be expensive, which is why many pet owners choose to purchase pet insurance. what is a good pet insurance policy? the many pet insurance companies make choosing one very difficult.
about costco pet insurance
costco pet insurance is a benefit offered through figo pet insurance for costco members. Although it may be called Costco Pet Insurance, it is actually offered through Figo Pet Insurance. Pet insurance is not only offered to Costco members, it is offered at a discount price. This affordable pet insurance can make all the difference by giving your pet the veterinary care they need when they need it.
costco pet insurance review: coverage
Using pet insurance from costco or figo offers several benefits. Unlike some pet insurance companies that require you to only use veterinarians in a certain area or network, there is no network limit for Costco insurance coverage. They also provide 24/7 vet service, so your pet will never have to wait for service during “banking hours.”
Pet owners can choose from their basic accident and sickness policy or can purchase a wellness plan, additional care package, and vet exam fee as add-ons to their basic plan. There’s also no upper age limit, which means you can even get coverage for your older dog or cat. The price of your pet insurance will vary based on several factors, including the type of animal, breed, gender, age, and location. here are some sample citations.
a policy for a three year old mixed breed medium size dog in wisconsin with a $250 deductible, $10k annual payment limit, and 80 percent reimbursement rate is $20.67. this same policy would be $31.59 if the dog lived in chicago, sick. if the policy for the widowed dog were changed to a $500 deductible and 100 percent reimbursement rate, the premium would be $24.80.
A policy for a four-year-old mixed-breed cat in Wisconsin with a $250 deductible, $10,000 annual payment limit, and 80 percent reimbursement rate is $10.64. the same policy would be $16.26 if the cat lived in chicago, illinois. As you can see, different factors can change the premium so pet owners can choose the most affordable policy while still getting the coverage they want and need.
limits
figo pet insurance offers three coverage packages so you can choose the one that suits the needs of your pet and your pocket. their least expensive package has a $5k annual limit; their medium package has an annual cap of $10k and their best package has an unlimited annual amount. the annual limit means the most they will pay in any one year.
As is the case with most pet insurance companies, there are also exceptions and exclusions regarding what costco will and will not pay. will cover:
- surgeries
- recipes
- hospitalization and emergency visits
- hip dysplasia
- knee conditions
- chronic conditions
- images
- veterinary specialists
- orthopedics and prosthetics
- dental injuries and diseases
- congenital and hereditary conditions
- neuter or spay
- pre-existing conditions
- cosmetic surgery
- experimental procedures
- cloning procedures or cloned animals
- pregnancy, childbirth or childbirth
Here are some of the things pet insurance doesn’t cover.
deductibles
You can choose between different deductibles. the deductible is the amount you have to pay before the insurance company will pay anything. you can choose between a deductible of $100, $250, $500 and $750. the higher the deductible you choose, the lower your premium. the deductible is per year and not per incident.
If you have a policy with a $250 deductible and your vet bills you $500 for services rendered to your pet in the first month of the year, your $250 deductible is satisfied for the year. any additional visits that year will not require payment of a deductible. when customers review costco pet insurance, this is a feature they find quite attractive.
In addition to deductibles, pet owners typically must also pay a copay or coinsurance. If the policy lists a reimbursement rate of 80 percent, this means that the pet owner would pay 20 percent of the bill after paying the deductible. For example, your policy has a $100 deductible with 90 percent reimbursement.
You take your dog to the vet and the bill is $500. you will have to pay the $100 deductible, which would leave a balance of $400. of this amount, the insurance would pay $360 (90 percent of $400) and you would pay $40 (ten percent of $400). of this $500 bill, you would end up paying $140. once your deductible is satisfied for the year, you’ll simply be paying your share of qualified expenses, called coinsurance. Unlike a copay with human health insurance, pet health insurance works a little differently. usually you’ll have to pay the bill first and then the pet insurance company will reimburse you based on your plan.
complaints
The claim process is relatively simple once the pet has reached its waiting period. the waiting period is one day for an accidental injury, 14 days for an illness, and six months for any orthopedic condition. pet owners can easily submit their claims online or via their phones once the app is downloaded to the phone. pet owners don’t have to wait long for reimbursement once they’ve invoiced.
anything else
costco offers access to the figo pet cloud, where pet owners can not only submit their bills, but also communicate with other pet owners, view their pet’s medical history, and find a list of locations, places, and services that pet friendly.
