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Medibank Pet Insurance Review

About Medibank Pet Insurance

Medibank was founded in 1975 and currently has over 3.8 million members, which is approximately 30% of the Australian insurance market.  The company offers health, travel, life and pet insurance.  During 2016, Medibank paid out over 148,000 claims, $20,000,000 in claims paid with 85% of claims paid within 5 days.  The average payout for claims was $135, which suggests most policies sold would have no excess.

Medibank currently offers three different pet policies, Essential Pet Care (Basic), Emergency Pet Care (Standard) and Ultimate Pet Care (Comprehensive).

To be eligible for the plans, they typically require you to purchase the policy when your pet is between 8 weeks until 9 years old. For accidental cover, there is no upper limit so your pet could be 13 years old and still be eligible for accidental cover. The excess is flexible, ranging from $0 till $200, with the lower excess attracting a higher premium.

Medibank occasionally offers promo codes and coupon codes but have an always on 10% discount for existing Medibank members.  To find out the latest offers you can visit Medibank Promo Codes.

 

Medibank Essential Pet Care (Accident Only) Insurance Cover

The Basic cover offers both Accidental injury & illness which could make this plan a standard when compared with most other insurance providers.  The plans offers a $4,000 annual benefit limit with 75% benefit paid, which is much lower than others policies however there are many inclusions which is a huge plus.  The plan includes coverage for Cancer, Hip dysplasia, up to $300 in consultation and vet visits.  However, it is important to note the following are not covered: Cat scan & MRI, Petella Luxations, Elbow dysplasia and Intervetebral Dis Disease (IVDD).

The basic plan would definitely suit most pets during the earlier stages of their lives.

 

Medibank Emergency Pet Care (Standard) Insurance Cover

In addition to the basic cover, this plans annual limit raised to $8,000 from $4,000.  The extras includes an increase in tick paralysis from $1,000 to $1,200, Cancer treatment at $5,000, skin condition, infectious disease, hereditary and congenital conditions cover.  The emergency pet care plan suits pets with a history of health issues and it also covers the exclusions with the basic plan such as Cat scan & MRI, Patella luxations, elbow dysplasia and Intervertebral Disc Disease (IVDD)

The plan includes a 30 days waiting period for some conditions and 6 months for cruciate ligaments.

 

Medibank Ultimate Pet Care + Routine (Comprehensive) Insurance Cover

The ultimate pet care is the highest level cover to provide pet owners greater level of coverage. The annual benefit limit increases right up to $15,000 from $8,000.  The routine care benefit valued at $165 is covers $50 which you can use towards De-sexing, Micro chipping , Heart worm, preventative medication, teeth cleaning, council registrations fees, Alternative therapies, prescription diets, declaw removal, cremation or Burial and Dog training.

There is also an increase in coverage for tick paralysis and emergency boarding.  This plan is an extension for the emergency care and should provide adequate coverage for the worst of events.  However, the downside of this plan does not include dental and working dog coverage.

  • Competitive Pricing for all plan levels
  • Great coverage at all levels including basic plan
  • 10% Discount for existing Medibank Members
  • No coverage for working dogs
  • No dental coverage

Compare Medibank's Pet Insurance basic, standard and comprehensive plans

 Essential Pet CareEmergency Pet CareUltimate Pet Care
Age eligibility8 weeks and aboveMinimum aged 8 weeks to 9 years oldMinimum aged 8 weeks to 9 years old
Annual Benefit Limit$4,000$8,000$15,000
% Cover on eligible vet bills75%80%80%
Excess$0 or $100$0, $100 or $200$0, $100 or $200
Consultations and Visits$300 Annual Limit$300 Annual Limit$300 Annual Limit
Cover Accidental InjuryYes OptionYes OptionYes Option
Cover IllnessesYes OptionYes OptionYes Option
Routine Care CoverNo OptionNo OptionYes Option
Routine Care Cover Limit$0$0$165 worth of benefits
Tick Paralysis - Annual Benefit$1,000$1,200$1,200
Emergency Boarding Fees - up to $20 per day$500$800$1,200
Lifetime Cover - Renewal GuaranteedYes OptionYes OptionYes Option
Cooling Off Period21 Days21 Days21 Days
Cancer TreatmentYes Option$5,000Yes Option
Skin Conditions e.g. allergiesNo OptionYes OptionYes Option
After-hours emergency visitsYes OptionYes OptionYes Option
Specialist CareYes OptionYes OptionYes Option
Laboratory and diagnostic testsYes OptionYes OptionYes Option
HospitalisationYes OptionYes OptionYes Option
RadiologyYes OptionYes OptionYes Option
Medicines & drugsYes OptionYes OptionYes Option
SurgeryYes OptionYes OptionYes Option
Cruciate Ligament Conditions$2,600 Annual Limit$2,600 Annual Limit$2,600 Annual Limit
Hereditary and congenital conditionsNo OptionYes OptionYes Option
VaccinationsNo OptionNo Option$50
DesexingNo OptionNo Option$50
Overseas Pet Travel InsuranceYes OptionYes OptionYes Option
Dental CoverageNo OptionNo Option$2,000
Waiting period for illness conditionsNo waiting period for Accidental Cover30 Days for illness condition30 Days for illness condition
Waiting period for cruciate6 months6 months6 months
Special OffersN/AN/AN/A
Multi-Pet DiscountYes OptionYes OptionYes Option

Like any insurance policy, there are exclusions which you must carefully read through. Product Disclosure Statement here.

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