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|Coverage||Treatment for cancer, diagnostics, hospitalization, surgery, therapy, nursing, exam fees|
Securing affordable health insurance coverage for a pet is an increasingly important need for pet owners throughout the country. Veterinary costs have continually risen each year making an unexpected bill for an accident or illness unmanageable for some households.
Pet insurance offers some security and peace of mind that pet owners will not have to come out of pocket for the full cost of veterinary care should something happen to their beloved pet. MetLife Pet Insurance is one company that offers comprehensive pet insurance policies to qualified pets, with a variety of coverage options and price points to meet the unique needs of pet owners. This MetLife pet insurance review will cover the benefits and the drawbacks associated with these policies.
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What is MetLife Pet Insurance?
MetLife is one of the largest providers of insurance benefits to both individual consumers and employers in the United States, and its history dates back to 1868. The company has focused on providing customers with comprehensive coverage for common financial pitfalls, including life insurance, annuities, disability insurance, and other financial products.
Recently, MetLife has partnered with PTZ Insurance Agency through MetLife Auto and Home Insurance to offer pet insurance to individuals and employers who are in the market for comprehensive coverage for dogs and cats.
The Benefits of MetLife Pet Insurance
Pet insurance made available through MetLife offers a variety of benefits to pet owners, not the least of which is the comprehensive coverage which can be customized to meet specific needs. Through a variety of insurance programs, MetLife policyholders have access to the following benefits:
- Coverage for senior dogs and indoor cats
- Treatment for cancer
- Diagnostic testing and imaging
- Pet hospitalization
- Therapy or rehabilitation care
- Nursing expenses
- Veterinary exam fees
- Treatment of hereditary disease
In addition to these common pet health issues, MetLife pet insurance may offer coverage for spaying and neutering, teeth cleaning, flea, tick, and heartworm medications, vaccines and boosters, blood tests, and microchipping.
The comprehensive coverage offered by MetLife pet insurance is the most notable benefit to purchasing a policy, but pet owners also have the ability to customize their coverage in a way that best suits their budget and coverage needs. The comprehensive pet insurance plan allows pet owners to select a reimbursement percentage of 85%, 95%, or 100%. The higher the percentage of reimbursement selected, the higher the monthly premium will be.
MetLife also offers a variety of discounts to policy owners, including a multi-pet discount of up to 15% and a 5% discount for paying the premium in full each year instead of opting for a monthly payment. Pet owners have the ability to select the veterinarian of their choice, and MetLife will reimburse eligible veterinary expenses after a claims form is submitted to the company after care is received.
The Costs and Drawbacks
As with other pet insurance companies, MetLife pet insurance coverage varies in cost depending on a variety of factors, including the breed of the dog or cat, the age of the pet, the state in which the pet owner lives, and the amount of coverage selected at the time of application.
MetLife also imposes some breed restrictions, disqualifying some dogs and cats from obtaining coverage. The average cost of a MetLife pet insurance policy based on an 85% reimbursement rate and a deductible of $500 is $40 per month. Opting for a higher reimbursement amount will increase the premiums due, as will including wellness benefits to a comprehensive policy. MetLife also charges a $2 fee each month when policy owners select a monthly billing option.
Although MetLife pet insurance policies are comprehensive in what they cover, there are limits based on pre-existing conditions either known or unknown at the time an application is submitted. Also, MetLife imposes an annual limit on pet care reimbursement, at $7,000, $9,000, or $14,000. If a higher annual limit is selected, the premium charged for the policy will be higher. Each year, MetLife reserves the right to adjust the premium to a higher amount if the pet’s health history and reimbursement trends warrant such a change.4.54 MetLife Pet Insurance