A Vet's Review of Companion Protect Pet Insurance
2024

• Companion Protect's Bilateral conditions policy is not clear at the time of this writing.
• Companion Protect's Hereditary/Congenital conditions policy is not clear at the time of this writing.
• When a generic version of the drug is available but a brand name drug is used, they reserve the right to limit the amount paid to the cost of the generic version.
• Pre-certification is required for certain situations, including but not limited to: (Does not apply to emergencies)
  • Any Surgical procedures.
  • Veterinary Specialist fees.
  • Hospitalization.
  • Services over $2,500.
  • Treatment for hip dysplasia.
• In their policy they state: "We reserve the right to select the provider of any surgical procedure".
• Deductible is per-claim.
• Uses an In-Network Veterinarian / Out-Of-Network Veterinarian structure. Some deductible and reimbursement amounts vary depending on veterinarian's network status.
• Dental coverage for accidents and illness is limited.

• Strong Underwriter
• In their FAQ, they state that they will do a medical review once they receive your application so that you know upfront what the the pre-existing conditions will be. This is a strong plus as not many companies offer this.

• UPDATE 9/04/2024 - Some customers are reporting they received letters from Companion Protect stating their policies will change to a new insurance company on renewal. For many of these customers, the new terms will come with less coverage. It is not clear if Companion Protect is transferring policies because they are going out of business, were bought by another company, or if they are just changing their name. Therefore, at this time, it would be prudent to wait for more clarity from this company before buying a policy.
• At the time of this writing, Companion Protect's bilateral conditions policy is unclear.
• At the time of this writing, Companion Protect's full Hereditary/Congenital conditions policy is unclear. Because it is not clear, it leaves the door open for these type of conditions to possibly be deemed pre-existing at any time. Usually companies that cover Hereditary and Congenital conditions explicitly state it. They will also have a definition for it in their policies.
• At the time of this writing, it is not clear whether reimbursements are calculated by taking the deductible first or the reimbursement percentage first.
• How long is Companion Protects turn around time for Pre-certification? While emergency treatments are exempt, certain non-emergency procedures still need to be taken care in a timely manner.
• I have concerns about Companion Protect statement, "We reserve the right to select the provider of any surgical procedure". I feel you should be able to choose the veterinarian you feel most comfortable with, especially when it comes to a surgical procedure.
• Companion Protect uses an In-Network Veterinarian / Out-Of-Network Veterinarian structure. This may limit your choice of veterinarian if you want the maximum reimbursement amount and lowest per-visit deductible.
• I wish there was more clarity on when and by how much premiums can increase.

• Make sure you research what customers are saying about the company. A company may have the 5 components that should be part of a pet insurance plan, but the company may not be a hit with customers. Sites to check include but are not limited to BBB.org, Yelp.com and PetInsuranceReview.com Things to look for include but are not limited to: How fast are payments paid?, What are customers saying about the pre-existing conditions policy?, How often are claims denied and for what reason?, What is the customer service experience like?, Are there issues with premium increases?
• Check with your state's Department of Insurance to see if any complaints have been filed for the company you are interested in.
• Make sure you understand what the waiting periods are.
• Make sure you understand their bilateral conditions policy.
• Make sure you understand any requirements that you must adhere to to maintain coverage.
• Make sure you read the terms and conditions to get a thorough understanding of all exclusions.
• Make sure you understand when and by how much your premium can increase.
• If you change plan levels, there is a possibility that all medical conditions present under the old plan will be considered pre-existing in the new plan. Make sure you ask the company if this is the case.
• For some companies, pre-existing conditions can be based on signs and symptoms alone, a diagnosis is not needed. For example, if your pet had a cough before you applied for pet insurance and this cough was discussed and written in the pet's medical record, there is the possibility that all future cough conditions, no matter what the cause, would be considered pre-existing - even if there was no treatment given. Make sure you ask the company if this is the case.
• Pet insurance companies are businesses. The top priority of any business is to make a profit for their stakeholders. Pet insurance companies can and may change your rates and terms to meet that top priority. A change of business ownership or underwriters can also be a catalyst for changes in your rates and terms.
  
  When you purchase pet insurance make sure you have a realistic understanding of this and how it can affect you.

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