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Costco Pet Insurance review
Costco, a well-known wholesale retailer, offers various products and services, including an exclusive pet insurance plan for its members. Costco members can benefit from a 15 percent discount when they sign up for a pet insurance policy administered by Figo Pet Insurance.
Underwritten by Independence American Insurance Company, Figo is known for providing comprehensive coverage options. The partnership leverages Costco's reputation for quality and value, offering a compelling choice for those looking to protect their pets' health without breaking the bank.
Since its inception, Costco pet insurance has aimed to provide affordable and reliable insurance solutions, ensuring pet owners can access essential veterinary care without financial strain. The plans cover a wide range of medical conditions and treatments, offering peace of mind to pet owners.
Costco
Summary
Annual deductible options: $100, $250, $500 and $750
Reimbursement percentage: 70, 80, 90, 100 percent
Annual limit: $5,000, $10,000, unlimited
Claim turnaround time: Figo processes most claims within 2.6 days.
Enrollment age: Minimum 8 weeks, no upper age limit.
Direct vet pay: No
Costco coverage options
Costco's coverage aims to provide a broad safety net for pets, ensuring they receive comprehensive care when needed. The coverage includes accident and illness protection, ensuring that pets receive medical care for unexpected injuries or illnesses.
As with the other information in this review, Costco's coverage is identical to Figo's.
Costco plans and customizations
Pet insurance companies typically offer three different types of coverage plans. However, Costco’s insurance for dogs and cats, administered by Figo, does not have an accident-only option.
Figo's accident and illness pet insurance plan offers flexibility through customizable options for annual deductibles, reimbursement rates and annual coverage limits. This customization allows pet owners to choose the best plan to suit their financial situation and their pet's needs.
Annual deductibles
The deductible is the amount you pay out of pocket before your insurance coverage kicks in. Figo provides a range of annual deductible options ($100, $250, $500 and $750), allowing pet owners to select an amount they are comfortable with.
Choosing a higher deductible will lower your monthly premium but requires more out-of-pocket spending before the insurance coverage begins. Conversely, a lower deductible means higher premiums but less out-of-pocket cost when you make a claim.
Reimbursement rates
Reimbursement rates refer to the percentage of covered veterinary expenses the insurance company will pay after you meet your deductible. Figo offers three reimbursement rate options:70, 80 and 90 percent.
For example, if you choose a 90 percent reimbursement rate, Figo will cover 90 percent of the eligible veterinary expenses after the deductible has been paid, and you will be responsible for the remaining 10 percent. Higher reimbursement rates provide greater financial coverage but result in higher monthly premiums.
Annual coverage limit
The annual coverage limit is the maximum amount Figo will pay for covered expenses in a policy year. Figo's plans typically offer three options for annual limits: $5,000, $10,000 and unlimited.
The $5,000 and $10,000 limits are suitable for pet owners who want to balance premium costs with coverage. The unlimited option provides extensive financial protection for pets with chronic or severe health conditions that require costly treatments.
Customization options
Pet owners can mix and match these deductibles, reimbursement rates and annual limit options to create a plan that best fits their budget and coverage needs. For example, a plan with a high deductible, lower reimbursement rate and high annual limit might appeal to someone who wants to keep monthly premiums low while still having substantial coverage for major medical events.
Conversely, a plan with a low deductible, high reimbursement rate and moderate annual limit might be ideal for someone looking for more comprehensive coverage with a lower out-of-pocket cost per incident and willing to pay higher monthly premiums.
Wellness plans
Preventive care and regular wellness visits can help to identify small issues before they morph into big and expensive ones. Figo offers financial assistance toward routine pet care costs in the form of its Wellness Powerups.
The Wellness Basic costs an additional $9.50 per month for scheduled reimbursements of up to $135 per year. For a maximum of $250 in wellness care reimbursements, add the Wellness Plus rider to any Figo pet insurance plan for an extra $16.50 monthly.
Figo’s Wellness Plans reimburse for the following routine pet care costs:
- Deworming
- Flea, tick and heartworm preventives
- Microchip or health certificate
- Screening or tests (urinalysis, fecal test, blood panel, heartworm test)
- Spay/neuter or teeth cleaning
- Vaccinations
- Wellness exams
Pros and Cons
Pros
- Co-pay waiver: Figo plans offer a waiver for the deductible and co-pay when your pet needs life-saving treatment.
- Cost-effective premiums: The 15 percent discount for Costco members makes it an attractive option for budget-conscious pet owners.
- Coverage for curable pre-existing conditions: If certain pre-existing conditions show no signs or symptoms for 12 months, they will no longer be excluded from coverage.
- Diminishing deductible: Your annual deductible will drop by $50 for each claim-free year.
- Multi-pet discount: Figo offers a 5 percent discount for each subsequent pet enrolled.
- No per-incident caps: Claim payments are not capped per condition.
- One-day accident waiting period: A one-day accident waiting period is short when compared to many other insurance companies.
- Quick claims: Figo processes over 80 percent of claims within 2.6 business days.
Cons
- Complex claim process: Some users report that the claim process can be cumbersome, with extensive documentation required
- Extra cost for exam fee coverage: Pet parents have to pay extra for add-ons to cover exam fees.
- No accident-only coverage: For pet parents looking for the affordability of an accident-only pet insurance policy, Costco is not an option.
Additional features of Costco
Through Figo, Costco pet insurance includes several additional features designed to enhance the value of the coverage and provide greater convenience to policyholders.
Live vet 24/7
When your cat swallows a piece of string, and you are unsure whether to rush your precious feline to the vet or wait for the string to pass, you want quick answers. There's no need to worry with Costco pet insurance. Members have 24/7 access to a licensed vet or vet technician. You can text your questions or concerns from the comfort of your home.
VIP support
Access Figo’s support team via call, chat, email or text. They can guide you through the enrollment process and submitting claims.
Figo’s Pet Cloud™
Pet owners who insure with Figo can make use of Figo’s Pet Cloud app. The app is user-friendly and designed to make managing pet insurance easy and accessible:
- Evie, Figo’s AI assistant, will help you through the claim submission process.
- Connect with other pet owners.
- Find pet services and pet-friendly places near you.
- Store your pet’s medical records and organize their vaccination schedule and vet visits.
Discounts
Over and above the 15 percent discount Costco members receive when signing up for their Figo pet insurance policy, Costco and Figo offer a few additional ways to save:
- Costco executive members do not pay the $15 enrollment fee.
- Costco members benefit from discounts on Kirkland signature pet foods and purchasing pet prescriptions at Costco pharmacies.
- You can take advantage of a 5 percent multi-pet discount when you enroll two or more pets.
- Service members get a 5 percent military discount (not available in Florida, New York, Tennessee or Washington).
Exam fee add-on
With the exception of MetLife, Fetch and ASPCA, most insurance companies do not include coverage for exam fee costs in their basic policies. With Figo, you can choose to include vet exam expenses in your plan for a small fee.
Exclusions and restrictions
Age restrictions
Costco Pet Insurance typically enrolls puppies and kittens from eight weeks of age. Older pets are eligible for new policies, although certain restrictions may apply.
Waiting periods
Costco’s pet insurance waiting period for injury is one day and the illness waiting period is 14 days. The orthopedic waiting period is six months. However, this will be waived if you submit a completed orthopedic waiver form within 30 days of your policy’s effective date.
Location restrictions
With a Figo Pet Insurance plan, you may visit any veterinarian, vet specialist or animal emergency center in the world.
How much does Costco cost?
How much your pet insurance policy costs will depend on many individual factors. Costco's pet insurance plans are discounted from Figo's typical rates.
These sample rates can give you an idea of how costs vary based on age and breed. Get your own quotes to have a better idea of what you would pay.
| Breed | 2 years old | 5 years old | 8 years old | 10 years old |
|---|---|---|---|---|
|
*Sample policies were for a female dog with excellent health in Arizona with the ZIP code 85251. The choices for customization selected were for an accident and illness plan with a $250 deductible, 90% reimbursement limit and $5,000 annual benefit limit. The rates listed are for illustrative purposes only. You should contact the company directly for applicable quotes. |
||||
| French bulldog | $94 | $147 | $253 | $383 |
| Labrador retriever | $66 | $103 | $178 | $269 |
| Golden retriever | $59 | $93 | $159 | $241 |
| German shepherd | $65 | $101 | $174 | $263 |
| Poodle | $50 | $78 | $134 | $159 |
| Dachshund | $33 | $52 | $89 | $135 |
| Breed | 2 years old | 5 years old | 8 years old | 10 years old |
|---|---|---|---|---|
|
*Sample policies were for a male cat with excellent health in Arizona with the ZIP code 85251. The choices for customization selected were for an accident and illness plan with a $250 deductible, 90% reimbursement limit and $5,000 annual benefit limit. The rates listed are for illustrative purposes only. You should contact the company directly for applicable quotes. |
||||
| Ragdoll | $26 | $38 | $66 | $90 |
| Maine coon | $26 | $38 | $66 | $90 |
| Persian | $26 | $38 | $66 | $90 |
| Exotic | $28 | $40 | $69 | $95 |
| Devon rex | $28 | $40 | $69 | $95 |
| British shorthair | $28 | $40 | $69 | $95 |
How to file a claim with Costco
Costco’s claim submission process is straightforward. For a quick turnaround time, gather the following documents to submit via your Pet Cloud app, fax or email:
- Last two years of medical records with notes (your vet can upload or send these on your behalf)
- An itemized invoice indicating that the bill is paid in full
- Completed claim form (which you can download from Figo's website)
File your claims within 180 days of the treatment date. According to Figo’s website, reimbursement via direct deposit should occur within three to five days of claim approval. You can expect to receive a check within seven to ten business days.
Frequently asked questions
Methodology
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