In the world of pet insurance, understanding terms like “annual excess” and “per visit excess” is essential to make informed decisions about your coverage. These concepts are similar to those found in human health insurance, but they apply to your beloved pets and their healthcare expenses. Let’s explore the differences between these two types of excess and provide some practical examples.
Annual Excess
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- Definition: Annual excess (often referred to as an annual deductible) in pet insurance represents the total amount you must pay out of your pocket for covered veterinary expenses within a specific time frame, typically a year.
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- How it Works: Once you’ve paid the full annual excess amount, your pet insurance policy begins covering eligible veterinary costs for the rest of the policy year.
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- Example: Imagine your pet has an annual excess of $250 on your pet insurance policy. If your pet experiences a severe health issue like tick paralysis that results in $800 worth of veterinary expenses in a given year, you would pay the first $250, and the insurance company would cover the remaining $550 for eligible treatments related to the tick paralysis.
Per Visit Excess
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- Definition: Per visit excess (similar to a per visit deductible) in pet insurance is a fixed amount that you must pay for each individual veterinary visit or treatment before your insurance coverage kicks in for that specific visit.
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- How it Works: With per visit excess, you’ll be responsible for this fixed amount every time you take your pet to the vet for a covered service or treatment.
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- Example: Suppose your pet has a per visit excess of $50 on your pet insurance policy, and you bring your pet to the vet for a treatment related to tick paralysis, incurring a cost of $200. In this case, you would pay the $50 per visit excess for this specific treatment, and your insurance policy would cover the remaining $150.
When choosing a pet insurance policy, it’s crucial to understand how the excess component is structured and which type, if not both, applies. Different policies may use annual excess, per visit excess, or a combination of both. The specific amount of the excess can also vary between policies.
The choice of excess type and amount often depends on your pet’s healthcare needs and your budget. For routine check-ups, vaccinations, or treatments like tick paralysis, you can make an informed choice based on your pet’s expected healthcare expenses and your ability to cover the excess costs. Always review the terms and conditions of your pet insurance policy to have a clear understanding of how excess works and its impact on your coverage for your furry companion’s healthcare needs.
At ExtrasJar We believe not confusing the excess with a per visiting. We offer an annual excess.
We are all different and some are extra. Please read the PDS and TMD to consider if ExtrasJar’s products are right for you.
