Hey everyone , Welcome back . We're going to dive into something I think a lot of pet owners think about Pet insurance .
Speaker 2Yeah .
Speaker 1It can feel like kind of like a big scary thing .
Speaker 2Right .
Speaker 1So we're going deep on this one . We're looking at the guide how to Buy Pet Insurance by Ezekiel H Hudson of Hudson Agency LLC , and you know , he kind of breaks it down in a way that I think is really helpful for people to get started .
Speaker 2Yeah , I think what Mr Hudson does really well is he really sets the stage for , like you said , pet insurance being a big decision .
Speaker 1It is .
Speaker 2It's something you shouldn't just jump into .
Speaker 1No .
Speaker 2You know , the first thing you see online .
Speaker 1There are so many options too , it's easy to just be like oh .
Speaker 2Exactly and he really emphasizes . You know , before you even look at a policy , before you even start comparing quotes , you have to take some time to really understand your pet's unique needs , right , Right . So are you dealing with a young , healthy pet ?
Speaker 1Puppy versus like senior dog .
Speaker 2Exactly ? Are there breed-specific issues to keep in mind ?
Speaker 1Right , because , like a German Shepherd , statistically is more likely to need hip surgery than like my Chihuahua .
Speaker 2Yeah , you got it and Hudson uses that exact example . Or you think about bulldogs .
Speaker 1Yeah .
Speaker 2You know , and their breathing problems . So the more you know about your pet's risks .
Speaker 1Yeah .
Speaker 2The better equipped you are to choose a plan Right .
Speaker 1You're not paying for things you'll never use , which is always a plus .
Speaker 2Exactly , exactly .
Speaker 1Okay . So , speaking of different types of coverage , he lays out three main categories . So you've got your accident , only you've got your accident illness , and then you've got your kind of like wellness add-ons .
Speaker 2Think of it as choosing the right level of care for your pet . So , like accident only , this is kind of like your safety net for those you know unexpected moments . Your dog takes a tumble down the stairs , your cat has a strange encounter with a bee sting . Yeah Right , these are those you know oops moments that could lead to a hefty vet bill .
Speaker 1Exactly , exactly .
Speaker 2And while those incidents are definitely stressful , they're usually one offs .
Speaker 1So your pet is relatively young , relatively healthy that basic accident-only coverage might be all you need , right , right . And then we kind of like step it up a notch to the accident and illness , which is like what it sounds like . I think Like if you've got an older pet , they're more likely to have you know something come up .
Speaker 2If you've got a senior pet or even a breed that's predisposed to certain illnesses . Got a senior pet or even a breed that's predisposed to certain illnesses . This is where that accident and illness coverage really shines . Think about things like you know diabetes , arthritis , even cancer treatment these conditions you know that require ongoing care . That can really put a dent in your savings .
Speaker 1Oh , for sure , For sure , yeah , it's not just about the accidents anymore , it's those things that are . You know , exactly , exactly . It's not just about the accidents anymore .
Speaker 2It's those things that are you know , exactly , exactly .
Speaker 1It's just going to happen as your pet gets older .
Speaker 2And this is where Hudson's guide really stresses the importance of shopping around .
Speaker 1Yes .
Speaker 2Right Getting multiple quotes . He compares it to , like you know , apartment hunting .
Speaker 1Okay .
Speaker 2Yeah , you're not just going to sign a lease on the first place , you see .
Speaker 1But if you compare it to something you know that most of us have done , like apartment hunting , it's like oh OK .
Speaker 2Right and just like finding the right apartment , finding the right pet insurance policy , it takes a little bit of homework .
Speaker 1It does , right it does .
Speaker 2It does , so don't just go with the first website that you see .
Speaker 1Right , it's like those , too good to be true .
Speaker 2Yeah .
Speaker 1You know rental listings . You got to do your due diligence .
Speaker 2Exactly , and he points out that you know there are several reputable companies out there .
Speaker 1It's a great place to start your research companies like Healthy Paws , Trupanion , Embrace . And just to be clear for our listeners , those aren't , you know , endorsements . Those are just examples from the guide . Right and like a jumping off place to do your research .
Speaker 2Exactly . It's about having a starting point and then diving deeper into the specifics of each company and what they offer .
Speaker 1Right .
Speaker 2Right Because , just like every pet is different , right so is every policy .
Speaker 1So we've talked about , you know , finding those reputable companies , gathering those quotes . But then comes the part that I think , like stresses a lot of people out .
Speaker 2Yeah .
Speaker 1Which is like actually understanding what's in the policies .
Speaker 2It's true the details can feel like really overwhelming , yeah , but Hudson does a good job of kind of like breaking down some of the key concepts that are really helpful to understand Things like coverage limits and deductibles and reimbursements .
Speaker 1Okay , those are all words that , like I've heard before , Right but if you ask me to like explain them clearly . I don't know if I necessarily could .
Speaker 2Yeah no , it's like learning a new language right Right right . So let's start with coverage limits . Yes , think of it like your insurance company is basically giving you a credit card for your pet's health care each year .
Speaker 1Okay , I you a credit card for your pet's health care each year . Okay , I like this . Okay , so the coverage limit is the total amount that they will pay out Exactly For covered vet bills .
Speaker 2Okay , Got it Exactly Within that certain time period , and some plans have annual limits , some have like per incident limits , okay so those are .
Speaker 1That's an important difference to look out for when you're comparing quotes . So if you know , knock on wood . My dog has like a series of unfortunate events , you know , and he like blows past that annual limit . Yep , I'm on the hook .
Speaker 2For the rest , yeah , that's the gist of it , and that kind of brings us to deductibles .
Speaker 1Okay .
Speaker 2Which is what you pay out of pocket before that insurance credit card kicks in .
Speaker 1Okay , so that makes sense . So the higher the deductible , the lower my monthly payment .
Speaker 2Exactly .
Speaker 1But then if something happens ?
Speaker 2You're shelling out more up front .
Speaker 1I'm paying more , okay , got it . So it's all about finding that balance .
Speaker 2Exactly that works for you . A higher deductible might save you money on those monthly premiums , but then if your pet needs you know a costly procedure , you're responsible for a larger chunk of that bill up front .
Speaker 1Okay , that makes sense . That makes sense . What about reimbursements ?
Speaker 2That one always trips me up a little bit . Okay , so reimbursements are basically the percentage that the insurance company pays after you've met your deductible .
Speaker 1Okay .
Speaker 2So you'll typically see options like 70% , 80% , 90% .
Speaker 1Got it . So if I have an 80% reimbursement and my vet bill is , you know , we'll say $500 , they're going to cover 80% of that .
Speaker 2Correct . After your deductibles met . After the deductible Okay .
Speaker 1Got it , got it Got it Okay . So that's why those percentages really matter .
Speaker 2Exactly . This is why , again , like comparing those quotes is so crucial , Because those seemingly small , you know percentage differences in reimbursements can add up to significant savings over time .
Speaker 1Right , right , especially if your pet has , like you know , more serious , ongoing , exactly Health issues . Yeah , okay , this is starting to make a lot more sense . But you know , even when you like , understand all these terms , I feel like there's always that part of you that's like Right , but what if they don't cover this one thing ?
Speaker 2totally , and that's why Hudson dedicates like a whole section of his guide to what's often referred to as like the fine print . Yes , right , the exclusions yes , the exclusions okay .
Speaker 1So tell us what are some things that pet insurance might not cover that would you know be important for people to know about .
Speaker 2So a big one , and this trips a lot of people up is pre-existing conditions . Ok , yeah , that makes sense so most policies won't cover health issues that your pet had before the policy began .
Speaker 1Right , right , which I mean makes sense from their perspective . But it's good to know that going in .
Speaker 2Exactly , exactly . Another common exclusion is what's called bilateral conditions .
Speaker 1Oh , okay .
Speaker 2So basically like if your pet has a problem on one side of their body , the same issue on the other side might not be covered .
Speaker 1So , like my dog , tears a ligament in his right leg and then a year later tears a ligament in his left leg , they might not cover the second one .
Speaker 2Unfortunately , that's how some of these policies work .
Speaker 1Wow , see , that's what I mean , it's not always intuitive . You think you've got it all figured out .
Speaker 2Right .
Speaker 1Okay , so yeah , bilateral conditions .
Speaker 2What else , and this isn't really an exclusion , but it's important to remember waiting periods .
Speaker 1Oh , right right . That there's like a period after you sign up After you sign up , where it's not all like hunky-dory , you know .
Speaker 2Exactly , and they vary by policy . Yeah , but it's essential to factor that in , especially for new pet owners . Don't wait till your pet's already sick to start looking into insurance , because there might be a waiting period .
Speaker 1Right , right , it's not going to be instant .
Speaker 2Exactly , exactly .
Speaker 1So , okay , we've talked about the different types of coverage . We've talked about those like kind of gotchas , those exclusions . We talked about comparing quotes . Let's say we've done all that , we found the policy , we're like this is it . And then the moment comes and your furry friend needs to go to the vet .
Speaker 2Right .
Speaker 1What happens then ?
Speaker 2That's when understanding the claims process is so important .
Speaker 1Yeah .
Speaker 2Like you can have the insurance .
Speaker 1Right .
Speaker 2But you need to know how to actually use it .
Speaker 1It's like what's the point of having ?
Speaker 2it .
Speaker 1If you're like you know , freaking out because you don't know how to get the money .
Speaker 2Yes , and thankfully Mr Hudson walks us through this in his guide too .
Speaker 1Okay , Mr Hudson walks us through this in his guide too .
Speaker 2Okay , good , he really emphasizes , like what documentation you're going to need .
Speaker 1Yeah , like what .
Speaker 2So think like vet invoices , medical records .
Speaker 1Okay .
Speaker 2Potentially even claim forms , depending on the provider .
Speaker 1So keeping all that organized is like key .
Speaker 2So important Because the last thing you want when you're dealing with , you know , a stressful situation , a sick pet , is to be like where's that piece of paper ?
Speaker 1Right , exactly , exactly .
Speaker 2And it's worth noting , reimbursement times vary between different providers .
Speaker 1OK .
Speaker 2Some are faster than others .
Speaker 1So is that like another thing to look for when you're comparing those quotes ?
Speaker 2Absolutely yeah . You want a company that's known for making this process as smooth and stress-free as possible .
Speaker 1Right .
Speaker 2Especially during what can already be like a difficult time .
Speaker 1Exactly , exactly .
Speaker 2So yeah , it's not just about the price tag . It's about the reputation for like handling these things well .
Speaker 1Okay , so we've got our policy .
Speaker 2Yes .
Speaker 1We understand how to like actually use it .
Speaker 2Right .
Speaker 1Any like final , like words of
wisdom .
Speaker 2Oh yes , he ends with a good one , which is don't forget to ask about discounts .
Speaker 1Ooh , discounts , okay yeah , On pet insurance , tell me more .
Speaker 2It's more common than you think .
Speaker 1Okay .
Speaker 2Some companies offer discounts if you're insuring multiple pets , okay or if you're choosing to pay annually versus monthly .
Speaker 1Oh , that's good to know .
Speaker 2Yeah , little things like that , yeah .
Speaker 1It's like finding extra money in your pocket .
Speaker 2Exactly .
Speaker 1I feel like I've graduated Right . Pet insurance 101 .
Speaker 2There you go , from zero to hero . Yeah , ezekiel , thank you . Thank you for writing this guide how to Buy Pet Insurance , pet insurance . This has been so helpful .
Speaker 1It really breaks it down in a way that's easy to understand .
Speaker 2Yes , if you want to check it out yourself . Listeners , you can find Ezekiel at Hudson Agency LLC .
Speaker 1Yeah , we'll link to that in the show notes . We'll put all that good stuff , his website , all that in the show notes .
Speaker 2And you know , taking the time to understand your options now can save you a lot of stress .
Speaker 1Oh yeah , and money .
Speaker 2Stress and money , two things I do not like .
Speaker 1Exactly .
Speaker 2Big fan of saving both of those . There you go . Well , this was great . Thank you so much for you know , taking this deep dive with me .
Speaker 1It's been fun .
Speaker 2Into pet insurance .
Speaker 1It has .
Speaker 2Here's to healthy here's to that .