Lemonade Pet Insurance Review

 

Whether you have one pet or a houseful of furry family members, you love your animals. With that love comes a responsibility to care for their health and well-being. Sadly, many pet owners don’t realize that there are insurance policies that allow them to better protect their pets against injuries, sicknesses, and all the other challenges that can arise from pet ownership. If you have insurance for yourself and your family, you should certainly consider adding an insurance policy for your four-legged family members.

According to some studies, Americans spend somewhere around $500 per year on their pets’ health. That cost is just for routine vet visits, flea and tick treatment, and other routine healthcare costs. However, that cost does not take pet emergencies into consideration. When you factor in emergency costs, the annual cost of pet ownership goes up exponentially. In fact, a 2018 study showed that American pet owners spent approximately $18.11 billion on pet emergencies.

With such a massive amount being spent on annual pet care, the need for pet insurance cannot be overstated. No pet owner wants to be put in a position to have to choose between getting their pet the healthcare he or she needs and being financially responsible. Fortunately, there are several insurance companies that have started offering coverage for pets.

Lemonade Pet Insurance was launched in 2016 as a fully licensed insurance company that underwrites its own policies. In addition to their insurance policy offerings, Lemonade takes their philanthropy a step further by donating a percentage of their profits to charities, including The Trevor Project, the American Red Cross, and Teach for America.

 

Lemonade Pet Insurance Benefits

 

As is the case with any insurance policy that you’re considering, you should make sure that you have a clear understanding of the benefits associated with a Lemonade Pet Insurance policy. Obviously, different policies have different benefits, but some of the expenses covered by Lemonade include the following:

• Lab work
• Accidents – including sprains, broken bones, and poisonous consumption
• Diagnostics – including bloodwork, X-rays, ultrasounds and urinalysis
• CT scans and MRIs
• Hospitalizations
• Procedures including operations (both emergency and scheduled)
• Emergency care
• Outpatient care
• Injections administered in a vet’s office
• Prescription medications

 

As you can see, Lemonade’s Pet Insurance policies cover virtually every health-related need that you may run into with your pet.

 

What Isn’t Covered by Lemonade Pet Insurance?

 

As is the case with any insurance policy, there are some health issues that won’t be covered by your Lemonade Pet Insurance policy. Excluded items on every Lemonade Pet Insurance policy include:

• Preexisting conditions
• Elective surgeries that do not stem from an injury or illness
• Dental care
• Any injury or illness that stems from neglect

 

Are There Any Add-Ons for Lemonade Pet Insurance?

 

If you have an insurance policy for yourself and your family, you’re probably already aware that there are some add-ons that you can opt for. Lemonade’s Pet Insurance policies are no different. Once you’ve decided which policy you want to obtain for your pet, you can choose from multiple add-ons which allow you to create a more comprehensive healthcare plan that better protects your furry friend. To better understand the Lemonade add-ons, we will break them down by package.

The additions that you can add into your pet insurance policy include the following: Preventative and Wellness Package:

• Routine vaccinations
• Blood tests
• Annual wellness examinations
• Heartworm, flea, and tick medications
• Routine dental cleanings
• Annual testing for heartworms and other parasites

 

Should you decide to opt for the Preventative and Wellness Package through Lemonade Pet Insurance, you will also receive access to a live chat with Lemonade’s pet health expert team.

The Extended Accident and Wellness Package includes:

• Hydrotherapy
• Acupuncture
• Physical therapy

 

How Long Does It Take for Lemonade Pet Insurance to Become Active?

 

In most cases, pet insurance doesn’t become active until a certain amount of time has passed by. This period is known as the waiting period. The waiting period for Lemonade Pet Insurance begins on your policy’s start date. Lemonade’s waiting periods work as follows:

• Accidents have a 2-day waiting period
• Illnesses have a 14-day waiting period
• Cruciate ligament events have a 6-month waiting period

 

The 2-day minimum waiting period associated with accidents is relatively standard for the pet insurance industry. In fact, it’s lower than some of the more popular names in the industry. Other insurance companies such as ASPCA and Spot have a 14-day waiting period for accidents, which means that Lemonade is quicker than some other companies. The 14-day waiting period for illnesses is the industry standard and appears to be the waiting period for virtually every other pet insurance company.

The waiting period associated with cruciate ligament events is a bit longer than most of the other pet insurance companies in the industry. If you know that your pet is prone to cruciate ligament events, you may be better served by checking out one of the other companies.

 

Are There Ways to Save Money on Lemonade Pet Insurance?

 

There are a few steps that you can take to save on your Lemonade Pet Insurance policy. Those savings options include:

• 5% discount when you insure multiple pets
• 5% annual discount for maintaining your policy
• 10% discount if you bundle your Lemonade Pet Insurance with a Lemonade Home Insurance or Lemonade Renter’s Insurance policy.

 

Are There Different Levels of Lemonade Pet Insurance?

 

Finally, it’s important to understand the different levels of Lemonade Pet Insurance. As is the case with any type of insurance, there are different levels, sometimes referred to as “tiers” within your policy. Understanding the different coverage levels, deductibles, and other factors can help you be better informed about the policy that you choose.

 

Maximum Annual Limits

 

Maximum annual limits refer to the maximum amount that Lemonade will pay in a single year. You can choose from the following annual limits:

• $5,000
• $10,000
• $20,000
• $50,000
• $100,000

 

Deductible Options

 

A deductible is the amount that you are required to spend before your insurance policy begins paying. Lemonade has three different deductible options:

• $100
• $250
• $500

 

Reimbursement Options

 

Finally, it’s important to note the different reimbursement options that you can choose from. This amount determines the maximum percentage that your pet insurance policy will cover from your vet bill. Lemonade’s reimbursement options are as follows:

• 70%
• 80%
• 90%

 

Pros and Cons of Lemonade Pet Insurance

 

As is the case with any insurance policy, there are pros and cons associated with it.

Pros:

• Most affordable among the plans that we analyzed
• Optional wellness plans available to keep your pet healthy
• Accident coverage waiting period is only two days versus industry standard
• Deductibles starting as low as $100 annually

Cons:

• Cruciate ligament injuries incur a six-month waiting period
• No pet tele-health line offered
• No insurance coverage for behavioral or other alternative therapies
• Lemonade does not cover stem cell treatment, prescription food, or microchipping services

 

Overall, Lemonade’s Pet Insurance policies are considered amongst the better options in the pet insurance industry. When comparing the cost of the policy against the coverage that you and your pet receive, Lemonade is competitive with all the other pet insurance companies. It’s also important to note that there doesn’t appear to be any age restrictions with Lemonade, which cannot be said about some of the other companies within the industry. When you combine their commitment to pet health with their philanthropic work, Lemonade is an excellent option for pet owners.

 

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