KEY POINTS
- Costco has teamed up with Figo pet insurance to provide a significant discount for its members.
- When considering Figo pet insurance, evaluate how much you anticipate spending annually.
- It’s crucial to thoroughly assess additional options like wellness packages to determine if they’re worth the cost.
While browsing through the Costco website recently, I discovered that the company has a partnership with Figo pet insurance, offering members even more opportunities to save with their Costco membership.
Being naturally inquisitive, I decided to explore further. What I discovered might surprise you. Here are some key insights to consider before purchasing pet insurance through Costco.
1. Costco members save 15% or more
Costco is always exploring new ways to help us save money. By applying for Figo insurance through the Costco link on their website, you can save 15% or more, depending on your membership type. Costco Gold Star and Business members receive a 15% discount on base Figo coverage, while Executive members enjoy 15% off plus a waiver of the $15 enrollment fee for Figo.
I tested this to ensure there were no hidden catches. Although my cat Gomez already has insurance through Spot, I used him as a hypothetical example.
I created a policy similar to his existing one, featuring $5,000 in coverage, a $100 deductible, and 90% reimbursement, with optional vet exam fee coverage and Wellness Plus, which covers some of his annual shot fees and other needs. Before the Costco discount, Figo estimated these costs at $38.52 per month; afterward, it was reduced to $35.21.
As a Gold Star member, I would still need to pay the $15 enrollment fee if I decided to enroll.
2. You can choose unlimited annual coverage
Most pet insurance plans do not offer unlimited coverage. I reviewed 20 different plans before selecting my current one, and they typically cap coverage around $10,000—except for Figo. Figo provides an unlimited coverage option, even with a $100 deductible and 90% reimbursement.
For a non-Costco application, it costs approximately an extra $12.48 for a 1-year-old neutered male mixed breed cat, and about $10.62 for the unlimited upgrade with the Costco discount, compared to the base $5,000 coverage.
Unlimited coverage is extensive. While we all wish to do everything possible for our pets, we must also acknowledge that most pet insurance operates on a reimbursement basis. You won’t be receiving $100,000 in coverage annually unless you have affluent friends willing to lend the money until your insurance reimburses you.
Consult your vet for estimates on the procedures you’re most concerned about, then double or triple that amount for a buffer. The primary reason I obtained pet insurance for my cat was due to potential urinary blockages, a common issue in male cats. In my area, $5,000 is sufficient coverage, even for emergency vet visits.
For Costco members, the annual difference between $10,000 coverage and unlimited is about $80; for $5,000 and unlimited, it’s nearly $120.
3. Wellness packages may or may not be worth it
Figo, like many pet insurance providers, offers optional wellness packages covering annual vaccines, bloodwork, microchipping, and more. Whether these packages are worthwhile depends on your needs and the package contents.
Take Figo’s Wellness Plus plan for Gomez as an example. It offers $40 coverage for wellness exams, $50 for vaccines, $45 for testing (including worm testing), and $10 for deworming, at $16.50 per month.
If these are the only procedures he requires (the package also includes neutering, microchipping, and teeth cleaning), I would use $145 worth of services but pay $198. It only makes financial sense if we utilize the full coverage. Since he’s already neutered and microchipped, it’s not ideal for us.
The Wellness Basic plan costs $9.50 per month, but Gomez would only use $80 of the coverage, resulting in a $114 shortfall annually for that plan.
For Gomez, Figo’s Wellness package isn’t financially viable, and there are no additional discounts for Costco members on add-on packages.
Costco’s partnership with Figo can provide savings on pet insurance
No matter your budget, Costco’s collaboration with Figo can help you save on pet insurance. However, it’s essential to carefully consider the type of coverage you need and how you intend to use your plan.
If your goal is simply to manage a serious, common issue like mine, you might opt to forgo the extras and save a bit more in the process.
