I wanted to share a cautionary tale about an insurance product that Costco endorses.
I purchased Figo pet insurance through Costco for my cat. The reviews seemed decent, and Costco’s endorsement gave me confidence in its quality.
However, my experience has been far from satisfactory. Several months into the policy term, my cat was diagnosed with stomatitis, a severe autoimmune disease often requiring the extraction of all teeth. I obtained an estimate from a local veterinary dental specialist and submitted it to Figo for preapproval. Initially, I was relieved to receive Figo’s response, stating that the stomatitis would not be considered a preexisting condition and might be eligible for coverage.
The extraction proceeded as planned, and I submitted my claim to Figo. To my dismay, they denied it in less than a business day. When I inquired about the reason, they claimed that the stomatitis was a preexisting condition because my cat had previously shown signs of mild gingivitis, which his vet attributed to the eruption of his adult teeth. (Figo had these records when they provided preapproval.) Apparently, Figo considers any prior sign of gum disease a preexisting condition for any subsequent dental diagnosis, a fact they did not disclose when I purchased the insurance. For example, if your pet has even a spot of tartar or plaque noted in its medical records, it will apparently be completely ineligible for any dental illness coverage in the future.
The Figo representatives I spoke with were dismissive of the preapproval letter. They emphasized that the preapproval letter was not a guarantee of coverage (obviously, they could deny the claim for other reasons, just not the one they specifically ruled out). When I asked about the point of obtaining preapproval, the rep responded, “I don’t know.”
Needless to say, I was extremely disappointed.
In summary, don’t waste your money on this misleading insurance.