Costco Pet Insurance Review: Is It a Good Choice?
Costco members have access to pet insurance through a partnership with Figo. This review explores the features, benefits, and costs of Costco pet insurance, examining whether it’s a good fit for your furry friend.
What Costco Pet Insurance Offers
Costco pet insurance, provided by Figo, primarily offers accident and illness coverage, the most common type of pet insurance plan. Figo’s plans cover a range of veterinary expenses, including:
- Accidents: Broken bones, ingestion of foreign objects, being hit by a vehicle.
- Illnesses: Diabetes, cancer, allergies, infections, and congenital and genetic conditions (hip dysplasia, intervertebral disc disease).
- Hospitalizations: Vet/technician time, emergency care, surgeries, and rehabilitation.
- Specialist Care: Veterinarians, internal medicine experts, and oncologists.
- Alternative Therapy: Acupuncture, chiropractic treatment, and magnet therapy.
- Prescription Medication: Medications for covered conditions.
- Diagnostics: Blood tests, X-rays, and CAT scans.
Figo also provides several “Powerups,” which are add-ons that enhance the basic coverage:
- Wellness Powerup: Offers various wellness plans that cover routine care, such as dental cleaning, deworming, health certificates, microchipping, spay/neuter, and wellness exams. These plans cost from $7 to $38 per month.
- Veterinary Exam Fees Powerup: Covers the cost of vet exam fees for both accidents and illnesses.
- Extra Care Pack Powerup: Provides coverage for: advertising and reward for lost/stolen pets, boarding fees if the owner is hospitalized, cremation and burial expenses (up to $250), vacation cancellation expenses, and up to $10,000 liability coverage if your pet damages others’ property.
What’s Not Covered
It’s crucial to understand what Costco pet insurance, via Figo, doesn’t cover. Exclusions include:
- Breeding, pregnancy, or giving birth.
- Cosmetic surgeries.
- Cloned pets or cloning procedures.
- Pre-existing conditions.
- Spay/neuter (unless you add the wellness plan).
Coverage Options
Costco pet insurance, through Figo, offers several options to customize your plan:
- Maximum Annual Limit: $5,000, $10,000, or Unlimited coverage.
- Deductible Options: $100, $250, $500 or $750.
- Reimbursement Options: 70%, 80%, 90% or 100%.
Waiting Periods and Age Restrictions
After purchasing a policy, waiting periods apply before coverage begins:
- Accidents: 1 day
- Illnesses: 14 days
- Orthopedic Conditions: 6 months (can be waived with an orthopedic exam).
Dogs and cats must be at least 8 weeks old. There is no upper age limit to purchase a new policy.
Cost of Costco Pet Insurance
According to Forbes Advisor’s research, the average cost is:
- Dog: $48 per month (for $5,000 annual coverage, $250 deductible, and 80% reimbursement).
- Cat: $19 per month (for $5,000 annual coverage, $250 deductible, and 80% reimbursement).
For unlimited coverage, a $250 deductible, and 80% reimbursement, the average cost is:
- Dog: $75 per month
- Cat: $30 per month
These are average costs; actual premiums vary based on factors like breed.
Example Price Comparison for Dogs
Example Price Comparison for Cats
Costco Pet Insurance vs. Competitors
Here’s how Costco’s plans through Figo compare to other pet insurance providers:
Filing a Claim
Claims can be filed through Figo via:
- The Figo Pet Cloud (accessible on any device)
- Email: [email protected]
- Phone: (888) 223-0596
- Fax: (773) 966-0769
To file, upload a copy of your paid vet invoice with a $0 balance and provide your pet’s medical records. Claims typically take 7-10 days to process. If you don’t agree with the decision, you can appeal by emailing [email protected].
Availability
Costco pet insurance through Figo is available nationwide.
Key Takeaways
Costco’s pet insurance, provided through their partnership with Figo, offers comprehensive accident and illness coverage with flexible deductible, reimbursement, and annual limit options. It’s available in all 50 states. The potential for a multi-pet discount provides added value. However, potential customers should carefully consider what it doesn’t cover as well as evaluate the pricing based on their pet’s breed and age.
