Note: This information was developed to provide consumers with general information and guidance about insurance coverages and laws. It is not intended to provide a formal, definitive description or interpretation of Department policy. For specific Department policy on any issue, regulated entities (insurance industry) and interested parties should contact the Department.
If you have ever taken a cruise or planned a trip through a travel agency, you may have seen offers for travel insurance. Travel insurance policies have specific limitations and exclusions. When you look at a travel insurance policy, pay special attention to the fine print of the policy. This fact sheet provides some general information about travel insurance.
If you have life, health, homeowners, or even credit card insurance, chances are you may end up paying more than necessary by purchasing travel insurance. Here are some points to consider:
There are a number of different travel insurance options available to cover nearly every type of occurrence or loss associated with traveling. Be sure to read the contract carefully and understand the benefits being offered. Some insurance benefits may be subject to a deductible and coinsurance. Policies can be complex and confusing. Make sure you are buying the coverage you want.
Some common types of travel insurance coverages include:
Many travel insurance policies contain coverage limitations that exclude or limit specific risks, perils, or other effects. Listed are some things to keep in mind:
An Internet search can lead you to web sites that allow you to obtain insurance premium quotes from several companies. For more personal service, a local insurance agent can provide information on coverage available.
Call our Consumer Assistance Hotline toll free at (866) 445-5364 or visit our website at http://insurance.illinois.gov.
For more information about travel, visit the Bureau of Consular Affairs web site at http://www.travel.state.gov
Note: This information was developed to provide consumers with general information and guidance about insurance coverages and laws. It is not intended to provide a formal, definitive description or interpretation of Department policy. For specific Department policy on any issue, regulated entities (insurance industry) and interested parties should contact the Department.
Pet health insurance typically protects you from financial losses when your pet gets into an accident or becomes ill. As with other types of insurance, there is no guarantee that buying pet health insurance will save you money, and it is possible that you will pay more in premiums than you receive in benefits. Before selecting an insurer or policy you should research various policies and select the one that best suits your needs and fits your budget.
Pet health insurance operates similarly to how your health insurance plan may work. Your plan may have deductibles, annual or lifetime limits, and there may be caps on coverage for specific types of illness or accidents.
The most notable difference between human health and pet health insurance policies is the method of reimbursement. When your pet is injured or ill, it is your responsibility to pay the veterinarian bill. You then submit a claim to your insurance company, who reimburses you for some or all of your expenses.
Yes. Most pet health insurance providers permit you to visit any licensed veterinarian, including general, specialist, and emergency veterinarians.
Pet health insurance policies are typically offered in the following three categories:
Insurers may also offer insurance plans that are specialized to the breed, age, or indoor/outdoor nature of your pet.
Pet health insurance contracts vary widely from provider to provider, and providers typically offer several options. It is important to shop for pet insurance based on the coverage provided, rather than simply looking for the lowest price.
Typical elements of a pet health insurance contract include:
It is important that you read the plan carefully to determine what is and is not covered. Policies may include coverage for one or more of the following:
This is the most basic type of pet health insurance. It reimburses you for unexpected accidents and injuries to your pet. This type of coverage typically covers any diagnostics, hospitalizations, lab fees, medications, surgeries and other treatments related to accidents. Covered accidents may include:
Pet owners may also want to insure their pets for illnesses. Policies may include coverage for diagnostic procedures, treatment, prescription medication, lab tests, x-rays, surgery and hospitalization for the following illness categories:
This is an option for pet owners who want more comprehensive insurance coverage, and may or may not be offered by a carrier. A plan with this coverage will insure everyday vet expenses, and may include some of the following benefits:
Certain plans may offer additional benefits unrelated to the above categories, such as:
Premiums
Premiums may be paid on a monthly or annual basis, depending on the provider. The cost of your premium may vary by the age or breed of your pet.
Policies may have one or all of the following limits:
This is the amount you are responsible for before you will be reimbursed for covered services. Deductibles may be annual or per incident.
Providers will either reimburse a percentage of your costs (typically between 60-100%) or use a benefit schedule.
Companies reimbursing by percentage will reimburse you based on usual and customary costs. These are costs that are covered by the plan and considered reasonable in areas similar to yours. For example, a vet may charge you $200 for a service. However, the cost that is considered reasonable for that service in a similar area is only $150. The plan will therefore reimburse you for a percentage of the usual and customary cost of $150 for that service.
Companies reimbursing on a benefit schedule will reimburse you a set amount regardless of cost to you. The company will provide you with information on what conditions and procedures are eligible for coverage, and the amount available for reimbursement for each.
Pet health insurance policies typically exclude coverage for various services or conditions. Remember to carefully read the policy's coverage details and exclusions to make sure you are getting a policy that fits your needs. Listed below are typical exclusions from pet health insurance policies. This list is not comprehensive.
You should also check to see if hereditary and congenital conditions are considered pre-existing conditions under your policy.
Make sure you understand when coverage under the policy begins. All pet insurance plans have a waiting period or an amount of time you have to wait before a certain type of coverage starts. There is usually one waiting period for accidents and a separate one for illnesses. These waiting periods typically range from 2-14 days for accidents and 14-30 days for illnesses.
Begin by considering if you need pet health insurance. Add up the costs of the policy for the expected life of your animal. Take into consideration how much you could afford to pay for emergency treatment or a long illness.
Shop around, comparing the policy benefits, deductibles, limits and exclusions. It is a good idea to obtain more than one estimate or quote. Pet insurance quotes are easily obtained online on provider websites.
Some companies consider conditions treated during a previous policy term to be pre-existing (even if you are staying with the same plan), and therefore will not cover these conditions or will charge a significantly higher premium to cover them. Check to see if your insurance provider offers continuous coverage options to avoid this type of situation.
Reimbursement methods for pet health insurance differ from human health insurance. The general process goes as follows:
Make sure you read your policy carefully for any rules that your insurance provider may have for submitting claims. For example, your provider may only accept claim forms six months from the date of treatment.
Call our Consumer Services Section at (312) 814-2420 or our Office of Consumer Assistance Hotline Toll Free at (866) 445-5364.