You might be able to lower your monthly premium by adjusting your co-insurance, deductible, and annual limit on your pet health insurance policy. We bet you’d appreciate an explanation of what those things all are…
Let’s start with co-insurance (which is not the same thing as a co-pay). Co-insurance is the percentage of the total cost your insurance company will pay on a claim. So if the co-insurance you chose is 80%, then the company pays for 80% of covered costs when your pet gets veterinary care, and you pay the other 20%. Keep in mind that this is applied to every claim. With Lemonade pet health insurance, you can pick either a 70%, 80%, or 90% co-insurance.
A deductible is another way you participate in the cost of your claim. You choose this amount—at Lemonade, it’s either $100, $250, or $500—when purchasing your policy and have the option to change it once a year at your policy renewal. The higher your deductible, the lower your monthly premium will be. Your pet health insurance policy has an annual deductible, which means you can exhaust it in one big claim, or use it up over multiple claims throughout the course of a year.