Getting a new furry friend can be an exciting time. However, pet ownership also comes with responsibilities – one of the biggest being financially providing for your pet’s medical needs. Just like human health insurance, pet insurance can provide coverage for unexpected illnesses or injuries. If you’re considering pet insurance coverage in the Philippines, read on to learn the basics of what it covers and what to look for when choosing a provider.
What is Pet Insurance?
Pet insurance policies function similarly to health insurance plans for humans. For a monthly premium, your insurance provider will cover all or a portion of your pet’s medical bills should they get sick or injured. Depending on the type of coverage you choose, pet insurance can reimburse you for expenses related to:
- Veterinary exams and office visits
- Diagnostic testing like bloodwork and x-rays
- Prescription medications and supplements
- Surgeries and hospitalizations
- Chronic illness treatment
- Alternative therapies
- Emergency care
Without coverage, paying these costs out-of-pocket can become very expensive. Pet insurance gives owners financial assistance so they can focus on their pet’s treatment and recovery.
What is Typically Covered Under Pet Insurance Policies?
Pet insurance plans vary in what they cover, but most provide reimbursement for:
- Accidents and injuries – Getting into mishaps is part of life for energetic puppies and kittens. Coverage helps pay for wounds, broken bones, swallowing foreign objects that require surgery, and more.
- Common illnesses – Upper respiratory infections, ear infections, skin problems, and gastrointestinal issues are frequent occurrences, especially for younger pets. Insurance can offset the costs associated with diagnosing and treating these ailments.
- Serious/chronic diseases – Unfortunately, pets can develop serious health conditions like cancer, diabetes, allergies, or kidney disease. These require intensive long-term treatment that gets very costly. Insurance makes it more affordable to properly manage these chronic diseases.
- Hereditary and congenital conditions – Certain breeds are prone to inherited conditions like hip dysplasia and heart defects. Insurance provides reimbursement for surgical treatments and ongoing care of congenital diseases.
- Prescription medications – The medications prescribed by your veterinarian can be just as expensive as human drugs. Pet insurance can help cover these medication costs for sick or injured pets.
- Wellness care – Some providers offer routine wellness coverage for preventative care like annual checkups, vaccines, dental cleanings, and parasite prevention. This coverage helps pet parents stay on top of care to keep their furry friends healthy.
As you can see, pet insurance can prove invaluable by lightening the financial load of responsibly caring for your pet through all stages of their life.
Factors that Influence Cost of Pet Insurance in the Philippines
The monthly premiums for pet insurance plans in the Philippines span a wide range. Cost is primarily driven by these key factors:
Age – Just like with human insurance, coverage gets more expensive as your pet ages. It’s best to enroll when your pet is still young to lock in a lower rate. Most companies do not insure pets older than 10 years old.
Breed – Some breeds are predisposed to certain genetic conditions that are expensive to treat. Providers classify these breeds as higher risk, resulting in pricier monthly payments.
Pre-existing conditions – Any illnesses or injuries your pet already had prior to enrollment will be considered pre-existing conditions. Expenses related to these pre-existing conditions are typically excluded from coverage under standard policies.
Coverage amount – Naturally, plans with higher annual or lifetime claim limits, lower deductibles, and lower reimbursement percentages (higher reimbursement by the provider) equate to higher monthly premiums. However, higher coverage means lower out-of-pocket costs for you as the pet parent.
Inclusion of wellness care – Policy options that bundle routine wellness care like dental cleanings and checkups cost more than accident/illness-only coverage. While pricier, the inclusion of preventative care promotes your pet’s long-term health.
Tips for Choosing Pet Insurance in the Philippines
Here are a few tips to selecting the right pet insurance for your furry companion:
- Enroll early – Sign up when adopting a pet or as soon as you bring them home. This locks in lower premiums based on age and avoids pre-existing condition limitations later on.
- Evaluate policy limits & exclusions – Make sure coverage maximums and reimbursement rates are adequate. Also confirm conditions common to your pet’s breed are not blanketly excluded.
- Consider wellness add-ons – If your budget allows, opt for a wellness coverage addition to pay for routine veterinary care to keep your pet healthy long-term.
- Choose an insurer with solid reputation – Do some research to find a reputable provider known for seamless claim reimbursements. This ensures you actually reap the benefits you’re paying for.
- Compare multiple quotes – Cost can vary drastically between providers, so get a number of free quotes before committing. Just provide the same coverage details to each for accurate comparisons.
Popular Pet Insurance Providers in the Philippines
While pet insurance is just beginning to gain traction in the Philippines, major international providers are now offering coverage options. Top pet insurers include:
Petplan – The first pet insurer to establish a presence within the Philippines. Offers a variety of coverage tiers and wellness bundles.
Pets Best Insurance – An award-winning US company now offering accident & illness plans with Rx drug, dental, and wellness additions.
Figo Pet Insurance – Founded by an actual vet, Figo offers budget-friendly coverage options including a preventative care rider.
Spot – A flexible accident & illness insurer from Australia with unique customization features.
Anivive – One of the only Filipino-owned providers, founded by local veterinarians and health insurance experts.
The pet insurance market within the Philippines will likely continue to broaden. For now, the insurers above have proven international track records and provide much needed financial security for pet parents.
Is Pet Insurance Worth it in the Philippines?
Considering the gradually rising costs of veterinary expenses, pet insurance makes financial sense for most pet owners in the Philippines. Policy reimbursements alleviate the burden of massive treatment bills in emergencies. Wellness coverage also promotes routine care to prevent such emergencies and keep your fur baby healthy.
Without insurance, the costs to properly care for a sick or injured pet often end up being too much for owners to manage out-of-pocket. The result can be pets not receiving the urgent care they need or families facing debt or financial crisis.
Yes, paying monthly premiums is an added expense on top of general costs for food, supplies, grooming, etc. However, preventing or limiting financial catastrophes down the road makes pet insurance well worth the upfront investment for your pet’s protection.
Just be sure to work with reputable providers and closely review policy details to maximize value. With smart choices, pet insurance in the Philippines can absolutely be a worthwhile investment into your pet’s health and wellbeing.
Pet Insurance Gives Pet Parents Peace of Mind
There’s no question – pets are valued members of Filipino families. As the country continues advancing economically, pet parents are more willing to invest into services and products to care for their furry companions. Pet insurances coverage helps by providing financial protection against unexpected veterinary costs. Pet insurance Philippines plans make medical care accessible for sick or injured pets while easing the monetary burden on loving pet parents.
