By:  Joshua Rodriguez, CBS News featuring Vincent Birardi, CFP®, AIF®, Wealth Advisor at Halbert Hargrove

If you’ve ever had a pet that needed surgery or regular therapy for a chronic condition, chances are you already know the value of pet insurance. The simple fact is that your pets are part of your family, and when they get sick, they may need a veterinarian.

No matter if you’re talking about a person, a puppy or any other being, healthcare can be expensive. Depending on the underlying problem, a surgery on a dog or cat could set you back several hundred or even several thousand dollars.

Pet insurance may be an effective way to avoid expenses like these – especially if you purchase your policy when your pet is young and healthy. But how much of your vet bill will pet insurance cover?

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That’s what we’ll break down below.

How much of your vet bill does pet insurance cover?

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“Just like human health insurance, pet insurance policies can be purchased with different levels of coverage, premiums and deductibles,” says Vincent Birardi, CFP, AIF, wealth advisor at Halbert Hargrove.

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“So, the odds are very likely that you can purchase a pet insurance policy that best fits your budget.”

“Typically, a pet insurance policy will carry a deductible on each medical condition your pet may experience,” he continued. “As an example, say your dog suffers from allergies and you have a policy that requires you to pay the first $500 of expenses incurred to treat your dog’s allergies.” As long as you pay the first $500, “your insurance company would then cover a percentage (perhaps up to 90%) of your out of pocket costs you may pay to treat the same allergies going forward.”

So, once you’ve covered your deductible for a condition, your pet insurance will typically reimburse a percentage of any additional cost. That percentage depends on the policy you sign up for. In most cases, you’ll be able to choose 70%, 80% or 90% reimbursement coverage.

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