Pros and Cons of Equine Medical and Mortality Insurance
Pros:
Alleviates the stress of unanticipated medical expenses — may allow you to make healthcare decisions without as much financial worry
Can allow the owner more freedom of choice when having a problem or condition diagnosed, including advanced imaging
Cost of insurance can be paid quarterly vs. medical expenses which are due at the time of service
For investment horses, can help offset cost of medical expenses that could detract from profitability when the horse is sold
Cost effective if you cannot afford to replace your horse in the event of mortality
Cons:
Ongoing expense of insurance
Once a claim is made on a certain part of the horse that region or the condition may be excluded from coverage thereafter
Picking the Right Insurance
Every insurance plan has specifications as to deductibles, percentages of procedures or diagnostic imaging covered, requirements for mortality coverage, etc. Each plan should be fully investigated by the horse owner to determine if it is an appropriate fit.
To find equine insurance plans to consider, we recommend an online search for “horse medical insurance California” and contacting several companies to compare coverages and costs.
Major Medical: May cover major medical and surgical expenses. There is often a deductible and a maximum coverage per year allowed by the policy.
Surgical: Will cover only surgical procedures for your horse.
Mortality Insurance: Can typically be added to major medical insurance or can be independently purchased for a horse and will cover a certain amount of money in the case of the horse’s death.
Supplemental Plans: Some policies allow you to add supplemental surgical coverage to a major medical plan.
Colic Plans: If you feed your horse SmartPak or Platinum Performance supplements, both companies offer coverage for colic surgery if your horse is enrolled in their program and meets certain requirements (both companies require specific criteria be met yearly). These plans can be in place in conjunction with major medical insurance. Learn more:
An Alternative Way to Be Prepared
If you do not want to incur the ongoing cost of medical insurance for your horse but want to be prepared in case of unanticipated or emergency medical expenses for your horse, you might want to establish a CareCredit account. Designed specifically to pay for out-of-pocket health and wellness expenses for both humans and their animal companions, CareCredit basically works like a credit card — you make convenient monthly payments and, assuming you qualify for promotional financing, you can use it to pay over an extended period of time with 0% interest. Learn more:
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