Pet Insurance and the Meaning of Policy Terms

Pet insurance policies can be difficult to understand if you are unfamiliar with the meaning of the terms they contain. Many policies are written with jargon that is difficult to understand which can prevent you from knowing exactly what you are getting for your money.

Deductibles, co-pay, exclusions, pre-existing; the list of terms goes on. Understanding what these terms mean before you start looking for a pet health insurance policy will help you to avoid any frustration or confusion.

Here then are the meanings of the more common terms in pet insurance policies. The next time you read through the features of a pet health insurance policy, you'll have a better understanding of what everything means.

By knowing the meaning of each term, you'll be able to ask intelligent questions, make informed decisions and ultimately buy the right policy for you and your cat.

Let's get started.

Descriptions of Pet Insurance Policy Terms

Deductible
The term 'Deductible' is fairly straight forward. You've probably heard of the term deductible from car insurance. If you don't have a car or are new to insurance, here is what it means.

A deductible is essentially the money that is deducted from a Vet bill or a charge for medication. It's the part of a claim that you are responsible for paying.

There are two types of deductibles in pet insurance; the annual deductible and the per-incident deductible.

The best way to explain what they mean is by example. Let's say your Cat, Simone, is going to the Vet to be treated for an infection. After everything is done including the blood work, treatments, medications and visits to the Vet the total costs are $1800.

Luckily you have pet health insurance and won't have to take a second job to pay for the costs. The deductibles on your insurance policy determine how much money you will have to pay. The remaining amount will be paid by the insurance company.

First there is your annual deductible. Let's say its $500. Next is the per incident deductible which is usually around $100. Your total deductibles come to $600. The remaining balance of $1200 dollars is paid through your insurance policy.

The next time Simone has to go to the Vet during the same year all you need to pay is the per-incident deductible and your policy covers the rest.

Once you've fully paid your annual deductible, you're good for the rest of the year. With your annual deductible fully paid, you'll only need to pay a per-incident deductible on any new claims made during the remainder of the year.

Per-Incident Deductible
A per incident deductible is the amount that you pay on a claim for a specific incident. Depending on your insurance policy you may need to pay a per-incident deductible.

Let's say your Cat has been diagnosed with kidney disease. The first time he goes in for treatment you will pay a per-incident deductible. If the treatment continues you will not need to pay another per-incident deductible since it is part of the same incident.

Benefit
If your pet dies during the term of your pet insurance policy, you will receive a benefit from the insurance company. This is a lump sum paid out to you that covers any related expenses such as the burial or cremation of your beloved pet.

Claim
A claim is a request made to a pet insurance company for any Vet expenses, treatments and or medications for your pet. Your pet insurance policy will have a list of the items you are able to claim for. Check your pet insurance policy to see the expenses you are able to claim.

Most claim forms are available on the insurance company's web site. Once you have downloaded and printed the form, simply fill it out and mail it in.

The amount of time it takes your insurance company to process a claim and send out a payment varies from company to company. Check with your insurance company to see when you can expect to receive a payment.

Co-Pay
A co-pay is a small fee that is paid each time you visit your Vet. Any additional expenses will be paid through your pet insurance policy. A Co-Pay is usually around $20. and must be paid before any other pet health insurance payments can be made.

Exclusions
Exclusions are items that your policy will not cover. Exclusions can be anything from specific diseases and ailments to the Vet you would like to use.

Depending on your pet insurance policy, only certain Vets or types of pet care will be covered. If you are unwilling to switch Vets, make sure the Vet you plan to use is covered before buying a policy.

Does your cat have any pre-existing conditions? Check to see if their condition is covered. Be sure to review all the exclusions of a policy and ask any questions in order to fully understand all the exclusions.

Most pet health insurance plans contain a number of common exclusions. If the pet insurance plan you are looking at has an exclusion that you need coverage for then ask what the additional cost would be to have the coverage added. If nothing can be done, consider looking for another pet insurance plan.

AM Best Underwriter Rating
The AM best underwriter rating is a top rating company that develops independent reviews on insurance companies. They determine how well an insurance company can make payments based on their financial state.

To get an idea of the stability and quality of the pet insurance company you are planning to use, be sure to take a look at the AM best rating. This rating is a good indicator as to the ability of a particular insurance company to pay on a claim.

We hope this list of terms and their meaning will come in handy during your search for a pet insurance policy. Although this list is not exhaustive, it will help you to better understand pet insurance policies.

There are many pet insurance companies with different plans available. By knowing the meaning of these common terms you'll see that pet insurance isn't as complicated as you may have originally thought.

If there is a term you come across while reviewing a pet insurance policy that is not covered here, share it with us in the comments. Also, be sure to ask as many questions as you need to fully understand the meaning of any terms not covered here.

Never assume or take someone elses word for anything that appears in a policy. It's your money and your Cat's welfare you're protecting. Make sure you understand everything completely.

Reviewing Long Term Care Costs By State

It is understandable why 89% of Americans over the age of 55 prefer to stay home should the time come that they would need long time care. Members of close-knit families find it hard to imagine being separated from their loved ones and admitted to a nursing home. Besides, with the continuous uproar on long term care costs by state, they think staying home and having their relatives to look after them is the best resort.

This would be the ideal setup had the cost of care been more affordable. Unfortunately, this remains a far fetched dream that is probably never going to be realized in this lifetime.

Although anybody can choose to receive care at home, the idea of relying solely on family members to assist you in the activities of daily living and household chores for say a good three-year or five-year period is nothing but selfishness.

It is normal for families to care for each other but not to the extent of requiring anybody to quit his or her job, or perhaps, to surrender their future plans just so they can be at your beck and call 24 hours a day.

What's more, nobody stays healthy and strong forever. So when your time is over, have you ever wondered how the person who took care of you for a lengthy period would go on with his life considering the fact that he has stopped planning it since he started providing you care?

Everybody has to plan his future health care needs. Even those professional nurses, caregivers and home health aides that we rely on for personal care will one day need somebody to take care of them. So, what more the wife, mother, husband, son, or sister who is currently feeding, bathing and dressing up a disabled elderly loved one at home?

There is no denying that people are currently comparing long term care costs by state, either for their own benefit or for their parents. Not all baby boomers over the age of 65 years old are conscious about the soaring cost of care in their place that is why it is often the children who are taking the initiative to plan their parents' future health care.

Since majority of today's elderly population prefer to receive home care than be placed in a community-based long term care (LTC) facility, their children are scouting for the most affordable home health aide.

Reports have it that Alaska, Rhode Island, Hawaii, Massachusetts, and Minnesota offer the most expensive home health care services. If you're living in any of these states, you should plan your retirement while you are in your 40s.

Do the math before deciding which type of LTC service to settle for. For instance, an elderly woman residing in Juneau, Alaska currently spends $60,632 a year for a home health aide, which is significantly bigger than $48,048 which a senior citizen in Los Angeles, CA is forking out annually for the same service.

If you're determined to stay at home even though you feel that you will require nursing care at some point in your life, you might end up spending more than what you planned. After all, when you were told to review long term care costs by state it does not follow that you should discount your personal health care needs.

Allianz Indonesia

Allianz Group

Allianz is one of the largest global providers of insurance and asset management.

Founded in 1890 in Germany, Allianz is a company with a long history and a strong tradition. Allianz now operates in more than 70 countries all over the world and serves more than 76 million clients around the world. In addition, Allianz provides insurance coverage and its services to almost half of the Fortune 500 companies.

In fiscal 2010 the Allianz Group achieved total revenues of over 106.5 billion euros. By the end of 2010, Allianz was recorded as the world’s largest asset managers, with third-party assets of 1.164 billion euros under management.

In September 2006, an agreement to merge the company was signed between Allianz AG and RAS Holding S.p.A. Allianz AG from then on, changed its legal form to a Societas Europaea (SE), a European company. Following the registration procedures in Italy and Germany, on October 16, 2006 Allianz SE became the first company registered in the DJ EURO STOXX 50 Index.


Allianz in Asia Pasific

Asia Pacific is one of Allianz’s three major growth regions. It is characterized by its rich diversity of cultures, languages and customs. Allianz has been presented in the region since 1917, providing fire and marine insurance in the coastal cities of China.

In Asia Pacific, Allianz presents in 15 markets offering its core businesses of property and casualty insurance, life and health insurance, and asset management. With more than 14,500 staff Allianz serve the needs of over 21.5 million customers in the region. Allianz's ability to adapt quickly to local needs has been the key to its success.


Allianz Indonesia

Allianz started its operations in Indonesia with a representative office in 1981. In 1989, Allianz established PT Asuransi Allianz Utama Indonesia, a general insurance company. Furthermore, Allianz entered the Indonesian life insurance market by opening PT Asuransi Allianz Life Indonesia in 1996. In 2006, Allianz Utama and Allianz Life Indonesia started sharia insurance business.

In 2007, Allianz Indonesia introduces Allianz Center as One Stop Solutions concept, where customer and agent of Allianz get insurance services in one premise. Allianz Center has operated in Jakarta, Surabaya, Bandung and Denpasar.

Now, Allianz Indonesia presents in 44 cities with 80 service centers, supported by more than 14,000 agents with more than 1,000 employees and solid banking partners to serve our customer. Allianz Indonesia gives you insurance solution from A to Z.

In 2010, both Allianz in Indonesia; Allianz Utama and Allianz Life Indonesia reached total premium income Gross Written Premium (GWP) at IDR 5.6 trillion.

Today, Allianz in Indonesia is one of the leading insurance groups in the market who has been trusted to serve more than 1.8 million policyholders consisting of individual and corporate customers.

More Than Anyone Else, Who Needs The CLASS Act?

I'll be the first to raise my hand in response to this question. Prior to considering the Community Living Assistance Services and Supports Act (CLASS Act), the first of many health reforms which the government is working on and which was signed into law just last year by the President, I thought about purchasing a private long term care insurance policy.

At 69 and showing symptoms of hypertension and obesity, I was unfortunately told that I'll be paying a much higher annual premium. Why? Well, it appears I'll be requiring long term care (LTC) anytime soon.

Good thing I have not thought about retiring yet and I have only one reason for still working like a dog - I'm still without a long term care plan.

I've been reading a lot about the cost of long term care as of late and mind you, the value of LTC facilities here in my area is definitely much more than the much coveted Yamashita treasure which was buried in the Philippines.

There is a big percentage of us elders who wish to stay home even after an event subjects us to long term care. If I become disabled one day, I would personally prefer a home health aide to come into my home every day and assist me in my usual activities of daily living and, perhaps, I can also hire somebody to cook, clean the house, do my laundry and perform other household chores.

I learned that the CLASS Act covers both home care and community-based LTC plus it will also shoulder home modifications if deemed necessary for an individual's functional problems.

Thinking about my future and planning it seems so easy and doable until I stumbled upon the data of current long term care costs which was provided by leading LTC insurance providers. Looking at the huge figures made me wish that these are at stake in the lottery instead of being the current value of LTC services.

I can't believe that those who are currently receiving home care are spending approximately $155 a day for a home health aide's few hours of services. Those who require homemaker services are forking out $139 a day! These numbers do not include their daily expenses on food and other basic necessities yet.

I wonder how much I'll need when it's my turn to receive care 20 years from now, as LTC experts predicted cost of care will be four times more than what the public is enduring at present. I'll be 89 by then and I can only pray that I'll be able to manage my future health care expenses.

Hopefully, by the time I'm 76 I would be done paying the five-year annual premium of the Act as it won't be until 2013 before the public can apply for membership and start paying the premium. Even if I retire from my present job which I've been dedicated to for the past 30 years, I can secure a home-based job to avoid being disqualified from this health program. It is, after all, stipulated in the Act's guidelines that anybody aged 18 and older who is employed or self-employed is eligible to apply for membership.