For pet owners in Florida, creating an estate plan that protects your pet against future health problems will probably require acquiring a good pet insurance policy. If you don’t already have a pet insurance plan, acquiring one is no different than looking for an individual health care or other type of insurance plan. You’ll have to determine what you are comfortable paying and investigate the options that fit your needs, as well as the needs of your pet. Here are some common questions you will want to ask yourself when looking for a pet insurance plan.
What kind of health care will my pet need?
Not all pets have the same types of healthcare needs. Older pets will likely need more care than younger pets, while significant differences also exist between specific types of breeds. For example, some dogs are prone to developing eye or hip problems, while other animals might be more prone to developing cancer or other types of healthcare issues. Before you choose a plan, you will want to speak with your veterinary care provider and ask about the types of health problems your pet will likely encounter in the future.
What should I look for when choosing a pet insurance policy?
As with any insurance product, there are numerous options when it comes to pet insurance. Pet insurance comes with coverage limitations just as any health insurance policy does. For example, pet insurance policies typically include a co-pay, as well as deductibles and coverage caps or limits. Some policies offer other options, such as medication coverage or cancer treatment coverage, while others do not. Additionally, almost no policy covers medical conditions that your pet already has at the time of applying for coverage, nor do they cover congenital problems.
When looking for policy, read the details carefully and pay special attention for limitations and exclusions. Some policies, for example, have covered limitations that take effect when the animal reaches a specific age.
How can I make sure the pet insurance premium gets paid after I’m gone?
The best pet insurance policy is one that you can rely upon to be there even if you are not. After you die, you’ll want to make sure that you have a pet trust in place. Through the pet trust your trustee can use trust property to pay the pet insurance premiums. Also, should your pet’s needs change, the trustee can look for other insurance options if he or she deems it appropriate.
Regardless of the type of pet you have or the type of insurance you want to acquire, creating a pet trust and giving the trustee the ability to take care of your pet’s interest after you are gone is essential.