Should You Get Pet Insurance at Costco?

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Costco is known for offering discounts on a wide range of products — even pet insurance. Learn why it’s worth considering. 

Pets are more than just animals, they are family members. That’s why they deserve the best care possible, even when they get sick or hurt. But veterinary care bills can be very expensive, and not everyone has the means to pay for them out of pocket. That’s where pet insurance comes in. Pet insurance can help cover the cost of unexpected vet bills, so you can rest easy knowing that your furry friend will always have access to the medical care they need. But is pet insurance at Costco a good option?

Costco members save through Figo Pet Insurance

Costco partners with a pet insurance provider called Figo to offer pet insurance to its members. Figo is a well-established pet insurance company that has been around since 2012. One of the biggest pros of getting pet insurance at Costco is the cost.

Costco members can save up to 15% on their pet insurance premiums. Executive Members also get the $15 enrollment fee waived.

What does Figo cover?

Figo offers several plans for its members, including common illnesses, accidents and emergencies, wellness and preventive care, and more. This means that pet owners can choose the plan that best fits their budget and their pet’s needs.

One of Figo’s perks is its Pet Cloud Live Vet feature. Members get free 24/7 direct access to a licensed veterinarian. Pet owners can also use the app to connect with other pet owners, find pet parks, pet daycare centers, keep track of a pet’s medical records, and more.

Figo states that most claims close in just 2.6 working days. Figo is also one of the few pet insurers with a 100% reimbursement option. Most plans cap coverage at 90%. Figo will reimburse 100% of your eligible expenses once you meet your deductible and up to your annual benefit.

How much does Figo cost?

The cost of pet insurance depends on many variables, such as the type of pet, breed, sex, age, location, annual coverage limit, and the deductible. Average premium costs can vary from $20 to $50 a month.

For a 12-week female puppy, here are the costs for the different plans that Figo offers. Costco members get an additional 15% from these prices according to a quote:

MOST POPULAR PLAN: $47.52 /month

Figo pays 80% of approved vet medical costs up to $10,000 per year after you pay a $250 deductible.

HIGHER COVERAGE: $53.61 /month

Figo pays 90% of approved vet medical costs with no annual coverage cap after you pay a $500 deductible.

VALUE PLUS: $17.88 /month

Figo pays 70% of approved vet medical costs up to $5,000 per year after you pay a $750 deductible.

Figo also offers customized plans based on your budget. In addition, Figo offers Powerup Plans that cover vet exam fees and routine wellness coverage.

Vet Exam Fees: An additional $3.65/mo.

Coverage for vet exam fees for accidents and illnesses, including telehealth consultations. Does not provide coverage for annual wellness exams or preventive care.

Wellness: An additional $9.50/mo.

Routine care coverage, including dental, can be added to any plan to help pay for vaccinations, spay/neuter, bloodwork, heartworm preventive, and more. Coverage amounts based on benefit schedule.

Members can also get a 5% discount when adding multiple pets.

Figo only covers cats and dogs

While Figo pet insurance has much to offer pet owners seeking coverage for their furry friends, it’s important to note that the coverage is limited to only cats and dogs. Unfortunately, this means that other types of pets, such as birds, hamsters, or reptiles, will not be covered under this insurer.

Additionally, Figo, like all pet insurance companies, has some exclusions and limitations in its coverage, so it’s important to read the fine print and understand exactly what is and isn’t covered.

Despite these drawbacks, Figo’s comprehensive plans for cats and dogs are impressive, as it offers accident and illness coverage, as well as routine care coverage options. Figo also has an easy-to-use app for submitting claims and accessing vital information on your pet’s health. Overall, Figo provides excellent coverage, but pet owners of non-traditional pets should seek coverage elsewhere.

Overall, getting pet insurance at Costco can be a good option for pet owners who want affordable coverage with a reputable provider. The discounts and coverage options offered by Figo can make pet insurance more accessible for many families. However, it’s important to weigh the pros and cons before making a decision and to do your research to ensure that you’re getting the best coverage possible for your furry friend. By investing in pet insurance, you can give your pet the care they deserve without sacrificing your financial stability.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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