From Time Media Company:

Pet insurance is popular for pet parents seeking financial protection for their pets’ medical expenses. Understanding what a pet insurance deductible is and how it impacts costs is crucial. There are different types of pet insurance deductibles, including annual, per-incident, and lifetime per condition. The best deductible for your pet insurance policy depends on your needs and budget. Low-deductible plans require lower out-of-pocket expenses but come with higher monthly premiums. High-deductible plans have cheaper monthly premiums but require more out-of-pocket expenses.

The annual deductible requires one payment each policy year before insurance reimbursement kicks in. A per-incident deductible means you pay a set amount each time your pet requires treatment. A lifetime per-condition deductible requires payment for each condition your pet may develop, making it good for chronic or severe conditions. The deductible is the out-of-pocket amount you’ll need to pay before your insurance kicks in, while the reimbursement rate refers to the percentage of the total cost that your insurance will cover.



Read more: How Do Pet Insurance Deductibles Work?