While most of us love our pets, that doesn’t mean we can justify a huge vet bill.
It’s hard to imagine paying $5,000 or $7,000 for your dog or cat to have surgery because they ate one of their toys, for example.
Even if a pet gets cancer, how can you prioritize pricey pet care when you have kids and other bills to pay?
The answer to this conundrum is simple. Buy a pet insurance policy just like you buy health insurance for your family, and you’ll never have to stress if your pet becomes injured or ill.
While pet insurance isn’t free, the monthly premiums can be more affordable than you think if your pet is young and in good health.
Plus, pet insurance will protect you from catastrophic veterinary bills if your pet requires expensive care.
Most importantly, your pet will get the care they need.
Figo Pet Insurance Explained
One pet insurance company that is changing the way owners insure their furry friends is Figo Pet Insurance.
Figo Pet Insurance claims to be the first cloud-based pet insurance company, meaning they rely heavily on technology for all their offerings and claims processing.
Figo Pet Insurance offers some of the easiest to understand plans among their competitors.
While your premiums will vary depending on your pet, the company offers three levels of coverage — essential, preferred, and ultimate.
Where the ultimate plans offer unlimited veterinary coverage on an annual basis, essential and preferred plans offer $10,000 and $14,000 in coverage respectively.
Figo’s cloud-based set-up makes it easy to access veterinary records, bills, and claims through the company’s website or app.
Their claims process is also one of the most seamless out there since you can upload veterinary bills from any device to their online portal.
You’ll also get paid electronically, meaning there will be no lengthy delay while you wait for a paper check in the mail.
What Does Figo Pet Insurance Cover?
There is a lot of information to unpack as you choose the best pet insurance for your needs.
Each pet insurance company has their own set of included ailments/injuries and exclusions.
For that reason, it’s important to understand what is and isn’t covered before you buy a pet insurance policy.
Covered conditions via Figo Pet Insurance include:
- Emergency and hospitalization
- Surgery
- Hereditary and congenital conditions
- Prescription medications
- Cancer treatments
- Specialty care
- Chronic conditions
- X-rays, MRIs, Cat Scans, Ultrasounds, and Bloodwork
- Ligament and knee conditions
- Hip Dysplasia
- Rehabilitation
- Prosthetic and Orthotic devices
- Physical therapy
- Holistic and alternative therapies
- Stem cell therapy
- Non-routine dental treatments
- Euthanasia
- Behavioral therapy
- Boarding kennel fees (with preferred and ultimate plans)
- Advertising and reward (with preferred and ultimate plans)
- Loss due to theft or straying
- Vacation cancellation (with ultimate plans)
- Mortality benefit (with ultimate plans)
Optional coverage:
- Veterinary exam fees
When it comes to what isn’t covered by Figo Pet Insurance, their rules are fairly standard.
For starters, Figo doesn’t cover pre-existing conditions.
They define pre-existing conditions as “any condition that shows clinical signs prior to the start of your policy period.”
Figo offers this quick analogy to put this in perspective:
“You wouldn’t buy an insurance policy on a broken-down automobile and expect them to pay to fix it the next day, would you? That insurance company wouldn’t be in business very long.”
In addition to pre-existing conditions, other exclusions to note with Figo Pet Insurance policies include:
- Routine and preventative care
- Spaying and neutering
- Pets less than eight weeks old
- Cosmetic surgery
- Elective surgeries
- Supplements
- Obedience training or devices
- Grooming
- Failure to follow veterinary advice that causes injury or illness
- Anything not administered by a licensed veterinarian
- Breeding, pregnancy, or giving birth
- Eating disorders
- Inhumane treatments
- Neglect or abuse
- Racing, coursing, or organized fighting
- Experimental procedures
- Cloned pets
- Chemical, biological, or nuclear events
- War, invasion, revolt, or quarantine
How Much Does Figo Pet Insurance Cost?
Like other pet insurance products (and health insurance for humans), the premiums you’ll pay for a policy with Figo vary depending on a wide range of factors.
Fortunately, it is easy to get a quote online and there is no obligation for doing so.
To give you an idea of how much you might pay, I’ve also researched several quotes for you. But first, here are the three plans they have:
- Essential – $10,000 annual coverage limit, $200 deductible, and an 80% reimbursement
- Preferred – $14,000 annual coverage limit, $200 deductible, and an 80% reimbursement
- Ultimate – Unlimited annual coverage limit, $200 deductible, and an 80% reimbursement
| Essential | Preferred | Ultimate | |
|---|---|---|---|
| Mixed-breed dog under one year, 21-70 pounds | $22.61 per month | $24.61 per month | $29.90 per month |
| Mixed breed cat, four years old | $20.19 per month | $20.80 per month | $24.07 per month |
| Mixed-breed dog, 10 years old, 71+ pounds | $27.85 per month | $30.32 per month | $36.83 per month |
Keep in mind that the above quotes are for policies with a $200 deductible and only 80% reimbursement. Here are those plans and a few sample premiums available for several different pet profiles:
This means if your pet gets sick, you would have to pay a $200 deductible upfront and 20% of their medical bills.
If they wind up having to have a $10,000 surgery, you would be on the hook for $2,000 of that cost even after coverage pays their part.
Fortunately, Figo does offer some flexibility in these plans.
You may be able to secure a plan with 100% reimbursement depending on your pet, but most plans allow you to select 90% coverage, at a minimum.
You can also raise your deductible to secure lower monthly premiums if affordability is an issue.
Figo Pet Insurance: Pros and Cons
At this point, we’ve mentioned how Figo Pet Insurance works along with how much pet insurance costs for a few different pets.
We’ve learned what is covered and what’s not covered along with more details about the type of policies they offer.
Still, we haven’t mentioned the biggest advantages and disadvantages of this coverage.
Consider the following pros and cons before you sign up for a plan.
Advantages of Figo Pet Insurance:
- Their coverage levels are higher than many of their competitors at $10,000 and $14,000 annually for lower end policies.
- Figo Pet Insurance offers a policy with unlimited veterinary coverage per year.
- You can get a Figo Pet Insurance policy with 100% reimbursement, and not all providers offer that option.
- There are multiple discounts available.
- Figo’s cloud-based coverage makes it easy to access your accounts or file claims from anywhere.
- Veterinary exam fees are covered if you wish.
- There are no upper age limits on pets.
- You can customize your policy based on your ideal deductible and reimbursement levels.
Disadvantages of Figo Pet Insurance:
- Figo has a longer list of excluded conditions than many of their competitors.
- Plans with the most robust levels of coverage can be pricey.
- Dental care is not covered by these plans.
Final Thoughts
If you have a dog or cat who means the world to you, purchasing pet insurance can be a good idea.
Not only can a policy protect you financially, but it can help your pet receive the care he or she deserves.
The good news is, Figo offers policies you can tailor to your needs and your budget.
They also offer higher levels of coverage than many of their competitors, along with a claims process that makes it easy to file claims and get paid.
You and your pet deserve the best, so check out Figo Pet Insurance today.
The post Figo Pet Insurance Review appeared first on Good Financial Cents.
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