What is a Maximum Limit or Payout Per Year?
A maximum limit or payout per year (also known as Annual Limit) is the maximum amount of money a pet insurance provider will reimburse you for eligible claims within a given year. Once you’ve hit your pet insurance plan’s maximum limit or payout per year, you will not be reimbursed for eligible claims until your policy is renewed during the next year. All veterinary costs after you’ve hit your maximum limit will be 100% out of pocket.
How Maximum Payout Per Year Works
Many top providers on Pawlicy Advisor’s marketplace offer plans with unlimited limits. When shopping for a pet insurance policy, it’s important that you know what your pet insurance policy’s maximum limit or payout per year is so that you can avoid unpleasant surprises later on.
Key Takeaways
- A maximum limit or payout per year determines the maximum amount of money a pet insurance provider will reimburse you for within one year.
- Once you’ve hit your maximum limit or payout, all veterinary bills will be 100% out of pocket until your pet insurance policy is renewed the following year.
- A maximum limit or payout per year may also be referred to as the maximum annual payout, or annual limit.
