Check Out This Community-Based Alternative to Expensive Pet Insurance Policies

The pet industry expenditure is expected to surpass $109 billion by the end of 2021. Americans spend billions of dollars cumulatively in taking care of their pets and protecting them from unprecedented illnesses and accidents. However, there are times when it could become tedious to find the right balance of coverage and monthly premiums from traditional pet insurance providers. Moreover, you'll seldom find transparency in how much of your premiums are used for fees and care.

A community-based cost-sharing platform called Eusoh stated that the average 6-month cost of insurance premiums could range anywhere between $480 to $600. This might not even offer the best possible coverage for your pet's health and well-being. Eusoh aims to offer complete control of how and where premiums are paid towards pet expense reimbursements through an online community-driven approach.

The California-based firm offers a subscription-based alternative to pet insurance where the members in their online community can share pet expenses between themselves while paying a fixed monthly fee of $17 to Eusoh that helps them develop their platform, check for frauds, audit claims, and manage funds. Groups may consist of friends, family, or people with common interests.

How Cost-Sharing Reimbursements for Pet Expenses Work at Eusoh

After signing up on their intuitive online platform, you will need to fill in a brief pet questionnaire and join a cost-sharing group. After that, you can securely link a payment option and pay the refundable deposit of $48.

When someone in your group claims a reimbursement for pet expenses, a portion of the deposit from all of the members will be collected and sent to the claimant. Each month, you will refill the amount deducted from your deposit (say $30) to help group members to the limit of $48. To summarize, you'll never pay more than $65 in a month, which includes the fixed subscription fee of $17 and the variable cost-sharing expense with a $48 cap. In case the expenses in your community group is lower for a particular month, you are likely to pay less to refill that cost-sharing deposit to the amount of $48.

When you visit your vet for a regular checkup or treatment, you can simply submit the invoice and receipt of total expenses to the Eusoh community group you are a part of, and get reimbursed by group members after the claim is verified by a Eusoh administrator.

Bear in mind that you will only be able to claim expenses from group members after you have directly paid $250 to the vet in annual out-of-pocket expenses. After that, your member share will be 20 percent of the claim you make whereas your group members will collectively contribute the remaining 80 percent. The maximum reimbursement for each pet is $8,500 annually for injuries, checkups, illnesses, surgical procedures, medications, and even alternative treatment options. In case you have two pets, you can register each of them with their own deposit and individual monthly fee of $17. Those with more than two pets can enjoy a lower subscription fee at $10.

Is There a Waiting Period to Make Claims?

A 30-day waiting period has been put in place before submitting an expense to prevent cases where group members who are aware of upcoming expenses join the Eusoh community to make the claims and then exit.

Since the community aims to look out for everyone's pets, a waiting period also ensures that only those who are committed to the overall well-being of the pet society can become a part of Eusoh. Although pets with pre-existing conditions may join certain groups in the growing online community, Eusoh will currently not reimburse claims for these cases.

Give your pet the comprehensive protection that they deserve today.