Ok so I just got pet insurance for my cat and i realized I have no idea how it actually works when I go to the vet. Like with human insurance the doctor bills the insurance company directly right? Does pet insurance work the same way or do I have to pay the whole bill myself and then get money back later? Cause if its the second option thats kind of a big deal for a $3000 surgery
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Unfortunately most pet insurance is reimbursement based. You pay the vet, submit the claim, and get reimbursed later. Usually takes 5-14 days depending on the company. Its annoying but thats how almost all of them work. The one exception is Trupanion which can pay the vet directly at some clinics through their software but not all vets have it set up
wait so if my cat needs a $5000 surgery i have to come up with $5000 on the spot?? thats insane. whats even the point then
the point is you get most of it back. so instead of being out $5000 permanently youre out $5000 for like 10 days and then you get a check for $4000 or whatever your reimbursement rate is. also most vets take CareCredit or do payment plans so you dont necessarily need all the cash upfront
Yep its reimbursement. Heres how it went for me last month: cat needed dental extraction, bill was $1,800. I paid with my credit card at the vet. Took photos of the invoice, submitted claim through the app that night. Got an email 8 days later saying claim approved, and direct deposit hit my bank 2 days after that. So 10 days total from paying to getting reimbursed. They covered $1,240 after my deductible. Not ideal but way better than eating the full $1800 myself.
Pro tip: use a credit card with a good rewards program to pay the vet bill. You get the points/cashback AND then the insurance reimburses you. I basically got free airline miles from my dogs knee surgery lol. also some credit cards have 0% interest for 12+ months so even if reimbursement takes a while you arent paying interest