Choosing pet insurance can feel like an overwhelming task, with a plethora of options to sift through. Today, we’re here to simplify the process, honing in on two prominent providers: Pet’s Best and Lemonade Pet Insurance. Both have earned their stripes in the industry, but how do they stack up against each other? Let’s dissect the details and find out.
Understanding the Basics: Pet’s Best vs Lemonade
Before we plunge into the details, let’s take a moment to understand the core of these two companies.
Pet’s Best has been a leader in pet insurance since 2005, offering customizable policies that fit diverse needs and budgets. They aim to make pet care more affordable without compromising on coverage, boasting a reputation for quick claims processing.
Lemonade, on the other hand, is a digital insurance provider with pet insurance as one of its key offerings. They’ve established a strong online presence with a tech-driven approach that promises speedy claims settlements, and a user-friendly platform that allows policyholders to personalize their insurance plan.
Diving into Coverage: What’s on Offer?
Understanding what each plan covers is crucial. Let’s decode the coverage details:
Pet’s Best provides coverage for accidents, illnesses, cancer, hereditary conditions, emergency care, surgeries, and prescription medications. They also have an optional wellness add-on that covers routine care, vaccinations, and preventative treatments.
Lemonade’s coverage extends to accidents, illnesses, diagnostic tests, procedures, and medication. Additionally, Lemonade offers a preventative and wellness package, covering regular check-ups, vaccinations, and heartworm tests.
Cost is an important consideration. So, what can you expect from these providers?
Pet’s Best offers plans starting from around $30 per month, with their unlimited 90% coverage plan often being cheaper than similar options from other providers. You can customize your deductible and reimbursement level, influencing your premium accordingly.
Lemonade, on the other hand, has a reputation for competitive pricing. Premiums can start as low as $10 per month depending on the coverage and deductible chosen, making it an appealing choice for budget-conscious pet owners.
Speedy Settlements: Claims Processing Times
When it comes to claims, you want a provider that pays out quickly.
Pet’s Best claims to process 80% of its claims within five days, ensuring you aren’t left in the lurch when it comes to out-of-pocket expenses. They offer direct deposit, so you receive the money as soon as it’s approved.
Lemonade leverages its digital infrastructure to process claims almost instantly in some cases. Their AI-driven system checks the legitimacy of claims, meaning that straightforward ones can be approved and paid out within minutes.
When it comes to taking proactive care of your pet, wellness coverage is key. The Wellness routine care coverage offered by Pet’s Best covers treatments such as spay/neuter procedures, routine exams, vaccinations, flea and tick prevention, and heartworm prevention. This add-on allows pet parents to make decisions about routine care without fretting over costs.
Lemonade, in contrast, offers a Preventative and Wellness package, which incorporates annual wellness exams, vaccinations, and heartworm and fecal tests. However, it does not explicitly include spay/neuter procedures, which is a commonly required treatment for many pet owners.
Claims Process: Understanding the Details
While both companies promise swift claims processing, it’s worth digging into the specifics. With Pet’s Best, you can submit a claim online, through the Pet’s Best customer care portal, or even via fax. In most cases, you need to pay your vet upfront, then get reimbursed once your claim is approved. The direct deposit option ensures a hassle-free money transfer.
Lemonade distinguishes itself with an AI-driven, seamless claims process. Through their mobile app, you can file claims instantly, eliminating paperwork. Plus, their instant payment for certain straightforward claims is a unique selling proposition. However, similar to Pet’s Best, you are generally required to pay for the vet costs upfront.
Customization and Flexibility: Tailoring Your Plan
Customization options can be the deciding factor for many pet parents. Pet’s Best allows you to customize your deductible (from $50 to $1,000) and your reimbursement level (from 70% to 90%). The ‘Accident Only’ plan and ‘Essential, Plus, Elite’ plans give you more control over your coverage.
Lemonade, however, offers even more granular control. You can customize your deductible, reimbursement level, and even your annual coverage limit. This can make Lemonade an appealing option for those who have specific coverage needs or budget constraints.
Existing Condition Coverage: A Vital Consideration
One common concern with pet insurance is coverage for existing conditions. Pet’s Best provides coverage for curable pre-existing conditions after a 365-day exclusionary period. However, incurable pre-existing conditions are not covered.
Lemonade follows a similar approach, excluding pre-existing conditions from their coverage. They define pre-existing conditions as any condition that occurred or showed symptoms before coverage began or during the waiting period.
Customer Service: Getting Help When You Need It
Customer service is another critical factor in choosing a pet insurance provider. Pet’s Best offers customer support via phone, email, and live chat. Customer reviews suggest that they have a helpful and responsive service.
Lemonade operates mainly online. Support is available through their app and website, and they offer a live chat function. While this may be a boon for tech-savvy customers, those who prefer traditional phone communication might find it less accommodating.
The Bottom Line: Which One’s for You?
Ultimately, choosing between Pet’s Best and Lemonade comes down to your specific needs and preferences. Pet’s Best offers robust coverage, flexible plans, and speedy claims processing, making it a reliable choice for comprehensive pet insurance. Lemonade, with its competitive pricing, instant claims settlement, and easy-to-use digital platform, is a great option for those seeking affordable coverage and convenience.
FAQs: Pet’s Best vs. Lemonade Pet Insurance
1. Can I Choose Any Vet With Pet’s Best and Lemonade Insurance?
Pet’s Best and Lemonade do not restrict your choice of vet, specialist, or emergency clinic. Both providers allow you to visit any licensed veterinarian, even when you’re traveling outside the United States.
2. How Do Age and Breed Affect Premiums?
For both providers, age and breed of your pet influence the cost of the premium. As your pet ages or if your pet belongs to a breed prone to specific health conditions, premiums may be higher due to an increased risk of illness or injury.
3. What is the Waiting Period for Pet’s Best and Lemonade?
Pet’s Best has a 3-day waiting period for accidents, a 14-day period for illnesses, and a 6-month period for cruciate ligament events. Lemonade applies a 2-day waiting period for accidents, a 14-day period for illnesses, and a 6-month waiting period for cruciate ligament events and orthopedic conditions.
4. Are Prescription Medications Covered?
Prescription medications are covered by both Pet’s Best and Lemonade as long as they are prescribed to treat a covered accident or illness. Over-the-counter supplements and medications, unless endorsed by a vet as a necessary treatment, are typically not covered.
5. What Are the Policy Terms?
Both Pet’s Best and Lemonade offer annual policies, which means your policy lasts for one year. The terms and conditions, including premiums and coverage, can be revised at the time of renewal.
6. Do Pet’s Best and Lemonade Cover Alternative Therapies?
Pet’s Best covers alternative treatments such as chiropractic care, acupuncture, physiotherapy, and homeopathic remedies when provided by a licensed veterinarian. Lemonade also covers alternative therapies, including physical therapy and hydrotherapy, when part of a treatment plan for a covered condition.
7. What is the Cancellation Policy?
Both Pet’s Best and Lemonade allow policyholders to cancel their policy at any time. With Pet’s Best, if you cancel within the first 30 days and haven’t filed any claims, you can get a full refund. Lemonade also provides a prorated refund if you cancel your policy before the term ends.
8. Are Behavioral Treatments Covered by Pet’s Best and Lemonade?
Pet’s Best insurance does cover behavioral treatments as part of its ‘Plus’ and ‘Elite’ accident and illness plans. The treatment must be performed by a veterinarian and related to conditions like anxiety or compulsive behavior.
On the other hand, Lemonade does not explicitly mention coverage for behavioral treatments in their policy documents. It’s advisable to contact their customer service for precise information.
9. What Happens if My Pet Has a Chronic Condition?
Pet’s Best provides coverage for chronic conditions, as long as they aren’t considered pre-existing. These conditions remain covered in subsequent policy periods without any additional waiting periods.
Similarly, Lemonade covers chronic conditions, given they didn’t manifest or show symptoms before the start of the policy or during the waiting period.
10. Do Pet’s Best and Lemonade Offer Multi-pet Discounts?
Pet’s Best does offer a multi-pet discount. You can avail of a 5% discount for insuring multiple pets, although it’s not available in all states.
Lemonade does not offer a multi-pet discount. Check with Lemonade for the most current policy offerings.
11. Do Pet’s Best and Lemonade Cover Dental Care?
Pet’s Best includes dental treatments resulting from accidents in all its plans. Coverage for dental illnesses, such as periodontal disease, is included in the ‘Plus’ and ‘Elite’ plans.
Lemonade covers dental illnesses and accidents under its comprehensive policy, but it’s limited to extraction and reconstruction of damaged teeth.
12. How Long Does It Take to Get Reimbursed?
Reimbursement time can vary, but Pet’s Best usually processes claims within 5 days. After approval, the reimbursement is issued via check or direct deposit.
With Lemonade, thanks to their AI-driven process, some claims may get processed and paid instantly. However, more complicated cases could take longer.
13. Do the Plans Cover Examination Fees?
Pet’s Best includes exam fees related to covered accidents and illnesses in its ‘Plus’ and ‘Elite’ plans.
Lemonade, on the other hand, covers exam fees under its comprehensive policy. These include consultation, examination, and office visit fees.
14. How Does Pre-existing Condition Coverage Differ Between Pet’s Best and Lemonade?
Both Pet’s Best and Lemonade do not cover pre-existing conditions, in line with industry standards. These are conditions that occurred or showed symptoms before the policy’s effective date or during the waiting period.
15. Can I Adjust My Reimbursement Rate and Deductible?
With both Pet’s Best and Lemonade, you can customize your deductible and reimbursement level, allowing you to adjust the premium to fit your budget.
16. Are Hereditary and Congenital Conditions Covered?
Pet’s Best provides coverage for hereditary and congenital conditions provided they aren’t pre-existing, as part of their accident and illness plans.
Similarly, Lemonade also covers hereditary and congenital conditions as long as they aren’t diagnosed or show symptoms before the policy start date or during the waiting period.
17. How Do They Handle Claims for Bilateral Conditions?
Pet’s Best and Lemonade consider conditions affecting body parts of which your pet has two (one on each side of the body), such as ears (ear infections), eyes (cataracts), knees (cruciate ligament problems), as one condition. This means that once a pet has been treated for a condition on one side, it will be considered pre-existing if it later affects the other side.
18. Do They Offer Direct Vet Payment?
Neither Pet’s Best nor Lemonade offered a direct vet payment option. Both work on a reimbursement basis, meaning you pay the vet bill first, then file a claim to be reimbursed.
19. Are Preventive Care and Wellness Plans Available?
Pet’s Best offers optional wellness plans, with two levels of routine care coverage that can be added to any accident and illness plan.
Lemonade, however, does not offer wellness or preventive care coverage in its standard plans.
Keep these considerations in mind as they can significantly impact the overall value and convenience of the insurance coverage for your pet.