Policies serviced by Rainwalk Technology, Inc.
Let’s assume your pet has been ill and suffers from a cancer or other condition covered by the policy. To correct the issue, your pet will need to undergo cancer treatment. Here is what you would get if you had a standard pet insurance policy with a $20,000 annual coverage limit, 90% Amount We Pay percentage and a $250 deductible:
$5,000 Cost to treat
-$250 Deductible
x90% Amount We Pay
$4,275 Total Reimbursement
$725 Pet Parent’s out-of-pocket expense (deductible and 10% of bill)
For Policies serviced by Odie Pet Insurance.
Coinsurance then deductible reimbursement method
Pet insurance uses a direct reimbursement method when calculating claims refunds. We first take a look at all line items and determine which ones are eligible for coverage under your chosen policy plan. Next, the co-insurance is subtracted from the entire covered charges and then any remaining annual deductible is taken from the smaller amount.
Let's take a look at an example. For this example, we'll assume a $950 annual deductible and a 90% reimbursement plan has been selected.
| $1,500 | Actual Vet Bill |
| - $150 | 10% Co-insurance (90% Reimbursement Percentage) |
| - $ 950 | Remaining Annual Deductible |
| $400 | Reimbursement Amount |
You've taken your pet the vet and submitted for a $1,500 bill. First, the 10% Co-insurance ($150) is factored leaving you with $1,350 remaining. Then, the $950 deductible is taken and the total reimbursement is $400