“A Comprehensive Guide to Insuring Your Older Pet”

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How Does Pet Insurance Work?

Pet insurance typically covers accidents, illnesses, and some chronic conditions. It usually does not cover wellness visits or dental cleanings, although some policies may include these services. Most pet insurance companies cover dogs and cats, and a few also cover other pets such as reptiles, rodents, birds, and horses.

Insurance policies often have waiting periods before coverage begins, ranging from a few days for accidents to a few weeks for other claims. Similar to human insurance, there are deductibles, coverage limits, and specific conditions that are covered. Many tests and treatments are eligible for reimbursement, making it a valuable option if you cannot afford expensive procedures upfront.

Some policies pay the veterinarian or hospital directly, while others require you to pay first and then file for reimbursement. Most policies have annual deductibles, while others have a deductible per condition. It is essential to research your options to find the right balance of cost and coverage for your needs.

Can You Insure an Older Pet?

Yes, you can often insure an older pet, typically a dog that is 6 or 7 years old or a cat that is 7 or 8 years old. However, monthly premiums are generally lower when a pet is young and healthy. It is important to note that pets do not age at the same rates. For example, large dogs have shorter life expectancies than smaller ones, and indoor cats tend to live longer than outdoor cats.

When choosing a policy, consider the following factors:

• Common ailments for older pets that may not be covered
• Treatments that are not covered
• Deductible
• Reimbursement rate
• How you will be reimbursed
• Whether end-of-life care, including euthanasia and cremation, is covered
• Whether the policy is guaranteed renewable

These factors can impact whether your specific concerns for your pet will be covered, whether coverage makes financial sense, and which insurance carrier you choose.

How Much Does Pet Insurance Cost?

Compared to human health insurance, many pet insurance policies are relatively affordable. According to the North American Pet Health Insurance Association, accident-only pet insurance costs an average of $640 annually for dogs and $387 for cats.

For example, the monthly premium for a 1-year-old Labrador retriever is $40.55, but it increases to $125.70 for a 12-year-old dog. This translates to $486.60 per year for a 1-year-old lab and over $1,500 for a 12-year-old dog.

How to Reduce the Cost of Pet Insurance for an Older Pet

Insurance for older pets may not always be the best choice, especially if your pet has developed conditions or illnesses that would be excluded from coverage. However, for a healthy older pet, insurance can potentially save thousands of dollars and provide peace of mind.

To save money on pet insurance for an older pet, consider increasing your deductible or decreasing the percentage you’ll be reimbursed for care. This will lower your monthly premiums but could result in higher out-of-pocket costs if your pet needs care.

Look for discounts that can make pet insurance more affordable. Senior citizens, wholesale club members, and military veterans may be eligible for lower prices. Additionally, keeping your pet healthy with regular exams, nutritious food, access to fresh water, flea and tick preventive measures, exercise, and mental stimulation can help reduce insurance costs.

The Bottom Line

Pets are family members, and keeping them healthy is a priority. Unexpected veterinary bills can disrupt your budget. Whether or not you decide to buy insurance for your older pet, having a healthy emergency fund can help you cover the costs of accidents or illnesses without adding to your debt. This allows you to focus on getting your pet healthy.

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