Horse health insurance is an important part of horse ownership. If your horse is injured, you want to ensure you’re covered. Some key coverage types include Guaranteed Extension coverage, Catastrophic Accident & Illness coverage, Permanent disability or loss of use endorsement, and Named Perils coverage.
Guaranteed Extension Coverage
Considering health insurance for horses, you should look for guaranteed extension coverage. This feature will automatically extend your coverage for an additional twelve months after the initial period. Some insurers also offer guaranteed renewal of mortality coverage. Ensure that your policy provides this type of coverage, as failure can jeopardize your coverage.
Many types of coverage are available for horse owners, and some companies may have limitations based on what they cover. For example, some companies only cover certain surgical procedures, while others may limit treatment to a certain period.
Catastrophic Accident & Illness Coverage
It is important to understand that getting sick will cost you money if your horse gets sick. The insurance company will reimburse you for part or all of the cost of treatment, depending on the policy. This coverage is similar to that of human health insurance. It will cover the costs of medical treatment and medications and may even cover the surgery. However, you’ll need a large livestock veterinarian to cover your horse. These vets can be expensive, but the insurance will reimburse you up to 60 percent of your horse’s treatment cost.
Major Medical Coverage: This coverage will reimburse you for vet fees if your horse suffers a catastrophic illness or accident. There are limits on the amount of coverage a horse can receive per day, and you will also need a Mortality Limit. For example, if your horse suffers from colic, a surgical plan will reimburse you for up to $10,000 for surgery. However, these plans are limited to surgical procedures, and room and board are not covered.
Permanent Disability or Loss-of-use Endorsement
Health insurance covers various medical issues for horses with a permanent disability or loss-of-use endorsement. These conditions include accidents, illnesses, and ground-related injuries. However, they don’t cover pre-existing conditions. In addition, the process of proving a disability can be time-consuming and expensive. A battery of tests and multiple vet visits may be required. Ultimately, the amount of coverage depends on the severity of the disability.
Loss-of-use coverage is often purchased to cover veterinary bills for injured or disabled horses. The policy may be triggered by an accident or illness, but it can also cover routine veterinary care and vaccinations.
Full Mortality Policy
A Full Mortality policy for horse health insurance will cover veterinary expenses up to a specified limit. These expenses include medical procedures and veterinary services but do not include routine vet bills. However, these policies can help you pay for unexpected vet bills, like dental work or major surgeries.
Some insurance companies also provide an “equine major medical” endorsement. This coverage covers reasonable charges for procedures, medical treatments, and diagnostic testing for a horse. However, many of these policies impose a time limit on treatment and may require a co-pay.
Limited Colic Surgery Coverage
Colic surgery is one of the most costly vet bills, especially for horses, so it is important to consider a policy that covers it. Some policies include a limit of $3,500 for colic surgery, but not all companies offer that level of coverage. Some companies offer medical-only coverage, and others only cover surgical procedures.
The costs of colic treatments can vary significantly, especially in referral practices. As a result, it’s important to consider the cost of each referral and ensure that the insurance policy covers it fully. Unfortunately, the study found that a significant gap between insurance coverage and the cost of surgery is often left untreated, and owners should be aware of this when determining their horse’s care budget.