Costco Pet Insurance: Comprehensive Coverage with Figo

Costco is known for its wide range of offerings, from groceries to auto insurance, and now, pet insurance through a partnership with Figo. If you’re a pet owner, protecting your furry friend is essential, and understanding how Costco Pet Insurance stacks up is critical in making the right choice. This article breaks down the costs, coverage, and overall value of Costco’s pet insurance plan, allowing you to decide if it’s the right option for you.

Overview of Costco Pet Insurance

Costco has partnered with Figo Pet Insurance, a well-known provider in the pet insurance space. Figo’s plans offer coverage for a wide variety of health issues, including injuries, illnesses, and congenital conditions. The insurance covers various needs such as emergency care, surgeries, diagnostic tests, and even hereditary conditions that may develop later in your pet’s life.

One key benefit of buying Costco Pet Insurance is the discount offered to members. For both Gold Star and Executive Members, a 15% discount on premiums is available. Executive Members enjoy an additional perk: the $15 enrollment fee is waived. Costco also provides a 5% discount for insuring multiple pets under the same policy.

Coverage Options

Costco Pet Insurance offers customizable coverage, meaning pet owners can tailor their policies based on their pet’s needs and budget. Policyholders can adjust the following parameters:

• Annual coverage limits: This is the maximum amount Figo will pay out for claims each year.
• Deductibles: The amount you pay out of pocket before the insurance kicks in. Higher deductibles lower your premium.
• Reimbursement rates: This determines how much you get back from a claim, ranging from 70% to 100%.

In addition to the standard accident and illness coverage, Costco members can add optional wellness packages, which include routine care services like annual vet visits, bloodwork, and vaccinations. Unlike many pet insurance providers, Figo has no upper age limit, so you can insure senior pets without concern about age restrictions.

Cost Breakdown

The cost of Costco Pet Insurance varies based on several factors, including your pet’s age, breed, and location. However, Costco members can benefit from significant discounts.

• Premium Discounts: Both Gold Star and Executive Members receive a 15% discount on their premiums.
• Enrollment Fees: Executive Members benefit from a waived $15 enrollment fee, making the initial cost lower than other pet insurance options.
• Multiple Pet Discount: If you have more than one pet, Costco offers an additional 5% discount for each pet added to your policy.

While premiums depend on the pet’s age and health history, basic plans can start at around $25 per month, with wellness packages and higher coverage limits leading to higher premiums.

How It Works

When your pet needs medical care, you can submit claims to Figo through their online portal or mobile app. The process is straightforward:

1. Submit your claim: Upload the necessary documents (like vet bills) via the Figo Pet Cloud, email, fax, or mail.
2. Review Process: Claims must be submitted within 90 days of the date of service, after which Figo will review the claim.
3. Reimbursement: Once the claim is approved, you’ll receive reimbursement based on your chosen reimbursement rate.

Figo’s Pet Cloud app is user-friendly, allowing you to manage your pet’s health records, chat with a licensed vet, and file claims with ease.

Things to Consider

Before choosing Costco’s pet insurance, here are some factors to keep in mind:

1. Waiting Periods: Costco’s pet insurance, like most policies, has waiting periods for coverage. Accidents generally have a 1–3 day waiting period, while illnesses have a 14-day waiting period.
2. Exclusions: Certain conditions, such as pre-existing conditions, are not covered by Costco’s pet insurance plan. It’s essential to carefully review what is and isn’t covered to avoid any surprises.
3. Claim Denials: Some users have reported dissatisfaction with Figo, citing claims being denied for reasons such as the retroactive classification of health issues as pre-existing conditions. Reading the fine print and understanding the policy thoroughly before purchasing is advised​
4. Wellness Packages: While wellness packages are optional, they can add significant value by covering routine care, which isn’t typically included in standard insurance plans. However, these packages come at an additional cost.

What The People Say: Forum Opinions and Reviews

Costco Pet Insurance offers a variety of benefits, particularly for Costco members who can take advantage of discounts and waived fees. The 15% discount on premiums and customizable policies make it a flexible option, while the ease of managing claims through the Figo Pet Cloud app adds to its convenience.​

• Major claim denial issue with Figo: The original poster shared their negative experience where Figo denied a major claim for their cat’s dental surgery, despite giving preapproval. Figo later cited a minor case of gingivitis as a pre-existing condition, leading to the denial.
• Broad pre-existing condition definitions: Many users expressed frustration with how Figo (and other pet insurers) broadly define pre-existing conditions, often using small past health issues to deny future claims.
• State insurance complaints: Some users recommended filing complaints with state insurance commissioners to push back against claim denials.
• Veterinarians advocating for claims: A few users noted that having a vet strongly advocate on behalf of the pet owner can sometimes reverse denials.
• Skepticism toward all pet insurance: Many comments shared the sentiment that all pet insurance is often unreliable, with most companies trying to avoid payouts by using technicalities.
• Alternatives suggested: Some users suggested alternative companies like Lemonade, while others advised forgoing insurance entirely and instead saving money for future pet health emergencies.

On the other hand, others appreciate the ease of filing claims online and through the mobile app, as well as the discounts offered by Costco. We recommend getting insured with us instead to avoid the hassle.

Additional Things To Consider:

• Dental Coverage Limitations: Highlight that Costco pet insurance only covers dental care for trauma or accidents, not routine cleanings or checkups​
• Bilateral Condition Exclusions: Explain that some conditions, like hip dysplasia, may only be covered on one side if the pet hasn’t already had the condition on the other​
• Pregnancy and Birthing Costs: Mention that most pet insurance policies, including Costco’s, don’t cover pregnancy-related expenses​
• Elective and Cosmetic Procedure Exclusions: Many policies, including Costco’s, don’t cover cosmetic surgeries like declawing, ear cropping, or tail docking​
• Behavioral Training and Care Exclusions: Behavioral care is usually not covered by Costco pet insurance, which can be a significant consideration for pets with anxiety or aggression​
• Accident Coverage Details: Explain the specifics of accident coverage, which includes ligament damage and poisoning, but not illnesses​
• Illness Coverage Limitations as Pets Age: As pets get older, illness coverage might not be as comprehensive, and premiums could rise​
• Alternative Therapies Coverage: While some pet insurance providers cover alternative therapies like acupuncture, this isn’t always included in Costco’s base plans​
• Waiting Period for Specific Conditions: Point out the longer waiting periods for certain conditions, like orthopedic issues​
• Exclusions for Experimental Treatments: Most policies, including Costco’s, don’t cover experimental treatments or drugs​
• Exclusions for Pre-existing Conditions: Costco pet insurance excludes pre-existing conditions, which often causes disputes in claim approvals​
• Exclusions for Preventative Treatments: Vaccines, flea, and tick preventatives are often not included unless you add a wellness plan​
• Breed-Specific Exclusions: Some breeds may not be covered for certain hereditary conditions like hip dysplasia​
• Death and Burial Coverage: End-of-life costs like euthanasia and cremation are not always included​
• Age Restrictions for Coverage: While Costco doesn’t have an upper age limit for coverage, some illnesses might not be covered as pets age​
• Dietary and Supplement Exclusions: Costco’s plan typically excludes the cost of special diets and supplements​
• Consultation Fees for Routine Visits: Routine vet consultation fees are excluded unless you add on specific wellness options​
• Coverage for Lost Pets: Costco offers optional add-ons for covering advertising or rewards for lost pets, but this isn’t included in the base plan​

FAQ

1. What does Costco Pet Insurance cost?

The cost depends on your pet’s age, breed, and health, but Costco members enjoy a 15% discount on premiums. Plans can start as low as $25 per month.

2. Does Costco Pet Insurance cover vaccines?

Vaccines and routine care are covered under optional wellness packages, which are available for an additional cost.

3. How much should you spend on pet insurance for a dog?

Premiums vary based on the level of coverage, but a typical range for dogs is between $25 to $50 per month, depending on the breed, age, and health conditions.

4. What insurance does Costco cover?

Costco offers various types of insurance, including pet insurance, health insurance, and auto insurance. For pets, Costco partners with Figo to provide customizable coverage plans.

Conclusion

Costco offers solid pet insurance options through its partnership with Figo, especially for members who can take advantage of premium discounts and waived fees. With customizable policies, easy claims filing, and no upper age limit for pets, this insurance could be an excellent choice for pet owners seeking flexibility and peace of mind. Be sure to read the policy carefully, especially regarding pre-existing conditions, and consider your pet’s needs before making a decision.

For more detailed reviews and experiences, contact us and get quality pet insurance coverage at a tailor made price based off of need.