Owners of senior pets have often found it difficult or impossible to find insurance for their aged companions in the past. Since older animals are more likely to require veterinary attention than their younger counterparts, insurance companies have been traditionally reluctant to provide cover for them. But don’t forget to plan ahead for the excess and co-payment which will be required if you should need to make a claim.Īnother advantage of pet insurance with a co-pay clause is the ability to insure older pets where more traditional policies would not generally allow for this. These lower premiums can be a help for the monthly household budget. Lower premiums are possible because the amount your insurance company will need to pay for any claim is reduced if payments are shared between you and the insurance company. This can make the monthly premiums much more affordable. One of the most obvious advantages of using an insurance policy with co-pay is that the monthly premiums you need to pay are usually lower than the regular payments for more traditional types of pet insurance. Then your insurance company would cover all the remaining veterinary fees up to your limit. What are the advantages of co-pay?Ĭo-payment in pet insurance does have some advantages over more traditional insurance policies where you would simply pay an excess for each claim. Usually, this is around ten to twenty percent of the bill which remains after you have paid your excess. Therefore, in addition to paying your excess when you make a claim, you will also need to pay a certain percentage of the remaining veterinary invoice yourself. It basically means that you will share some of the costs of any veterinary fees with the insurance company. “Co-pay”, co-payment, or sometimes co-insurance, is also known as cost sharing. Co-payment policies take this one step further. Most people are familiar with the idea of paying an excess when they make an insurance claim. Many insurance companies are now offering policies with “co-pay” so what does this mean? Check your insurance policy documents for co-pay clauses when you take out a new policy and at each renewal.Many insurance companies are now offering policies with “co-pay” so what does this mean?.Other features include: 100% coverage on preventive care, in and out of network benefits and the option to include orthodontic benefits. Although you can visit a non-contracted dentist, it’s best to choose a contracted dentist to receive the most savings. The advantage of a co-insurance plan is you will already know insurance will take care of the negotiated fee (the co-insurance percentage). Assuming you have already met your deductible, the plan would then pay 80% of $100, ($80) and you would be responsible for the remaining balance ($20).Ĭontracted dentists have made special agreements with Dental Select to only charge up to a specific dollar amount for services. You check and see that your plan pays 80% for basic services. For example, let’s say your visit is a basic procedure and costs $100. You’ll notice that the percentages will vary by the type of service category, so it’s important to check out your plan summary to see how it will be covered. Percentages can be found on your dental plan summary. Currently, this plan is available in Utah and Texas only.Ī co-insurance dental plan takes a percentage of what your dentist charges, which you will be responsible to pay after meeting your deductible. Other perks include: affordable premiums, no annual maximums and short waiting periods. So the big advantage of a co-pay plan is that you will know what your service will cost you before you even sit in the dentist’s chair. A patient will only be responsible for the difference between the contracted amount and the insurance payment. Your contracted dentist has agreed to use your plan’s fee schedule, so there’s no surprises on what you will pay for each service. With this plan, all fees for procedures are listed on a fee schedule. Since we’ve already examined if a discount dental plan is right for you, let’s dive into the specifics of the co-pay and co-insurance plans next.Ī co-pay dental plan means you will have a fixed amount or flat-fee to pay at your dental visit. But what type of plan will you choose? For many individuals, you have the option to decide between a co-pay, co-insurance or discount plan. Now that we’ve covered the basics on how dental insurance works, you’re just about ready to sign up for an individual dental plan.
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