Nationwide Cancels Over 100,000 Pet Insurance Policies but There’s a Possible Solution
Dog and cat parents get pet insurance to manage the sometimes crazy expensive costs of veterinary care and to make sure their pets receive the best possible medical treatment. For some dog and cat owners, a big change in one of the most popular insurance providers has left them scrambling for solutions.
Nationwide Pet, the country’s largest provider of pet insurance, says it is cancelling about 100,000 pet insurance policies between now and next summer to keep up with rising costs in vet care.
According to CNN, Nationwide said in an announcement last week, “Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business.”
Impacted policyholders will be notified in writing, the company said.
Related: Former Veterinary Assistant Gets Real About the Best and Worst Pet Insurance
Dr. Molly Brinkmann, in the Instagram reel above, a veterinarian out of Franklin, Tennessee, shared that Pumpkin Pet Insurance is offering solutions for pet parents affected by the Nationwide cancellation.
Per Pumpkins website, it states, “Having a hurt or sick pet is stressful enough,” says Alexandre Douzet, CEO of Pumpkin. “Pet owners who made the responsible decision to protect their pet’s health shouldn’t have to worry about their coverage being unexpectedly revoked. As a premium insurance provider specializing and focusing solely on the health and well-being of dogs and cats, Pumpkin is 100% dedicated to helping pet owners afford life-changing and life-extending care for the lifetime of their beloved pets.”
Pumpkin then goes on to state, “If you were affected by Nationwide’s recent policy non-renewals:Email Pumpkin’s Care Team at [email protected] or call 1-866-273-6369 for a consultation.”
People in the comments are reacting to this news, and one person said, “We just got Nationwide for our puppy when we got her because they have a plan that is affordable through my husband’s job. I’m scared now.”
Why Pet Owners Should Consider Insurance
Elnur/Shutterstock
Vet care can be so expensive, especially in cases of emergencies, surgeries, or long-term illnesses. Pet insurance sometimes can help mitigate these unexpected costs, making it easier to manage significant veterinary bills. When you sign up for a policy, you pay a set premium for coverage, usually monthly or annually. Typically, pet owners pay out of pocket for when their pet is treated for a covered condition, then file a claim to be reimbursed for a portion of the bill.
It’s important to research different pet insurance companies because some offer preventive care, like regular checkups that help determine detection if your pet has health issues, all the way to things like acupuncture and hydrotherapy.
Sometimes an insurance policy will cover chronic conditions like diabetes, arthritis, or allergies.
If you’d like more information about choosing a pet insurance policy, you can click here.
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