Is pet insurance for older pets worth it?
When pets are still young, it is easy to forget that one day, they may not be as healthy as they are right now.
The fact is, though, as our pets get older, they are more likely to come down with an illness or experience injury. For certain pet breeds, getting older means they are susceptible to specific types of health issues that may require ongoing care to keep them in good shape.
Ongoing medical care and treatment for your pet can add up quickly. Depending on your budget, you may be wondering how you will afford specific medical treatments for your pet.
No pet owner ever wants to forego necessary medical treatment for their pet because of the cost. To avoid this stressful situation, consider investing in pet insurance. It helps you afford medical treatments and procedures for your pet when they experience a severe illness or injury.
What does pet insurance for older pets cover?
Depending on your pet insurance provider, your pet may be covered for a number of medical treatments under their plan. You will often have to choose between injury-only, illness-only, or a combination of injury and illness coverage. Most often, pet insurance plans cover:
- Hereditary and congenital conditions: Inherited conditions and health issues your pet may be born with are typically covered by your pet insurance plan.
- Broken bones and wounds: Broken bones, torn ligaments, bite wounds, and other injuries are often covered under a pet insurance plan.
- Infections and diseases: Skin and ear infections, as well as diseases caused by ticks or other parasites, are generally covered.
As your pet gets older, they are more susceptible to developing long-term issues that could affect them for the rest of their life. It’s important to note that pet insurance does not typically cover pre-existing conditions that arise ahead of their insurance coverage. For coverage related to more serious, ongoing illnesses, such as cancer, you will need to ensure your pet has an insurance plan ahead of the diagnosis, and treatments for the specific issue are covered.
How are premiums determined for older pets?
There are few variables that contribute to your pet’s monthly insurance premium for coverage. Here are some of the factors that insurance providers take into consideration when determining a monthly premium:
- Species and breed: The type of pet you have, as well as their breed, will factor largely into the monthly insurance premium. Depending on whether your pet is more susceptible to certain illnesses or injuries because of their species or breed, you may be required to pay a higher monthly premium.
- Location: If you are in an area where less vet offices take your insurance coverage, you may be required to pay more overall.
- Plan details: Various insurance providers offer options for your coverage capacity, yearly deductible, and overall reimbursement percentage. Depending on the specific details of your unique plan, you may be required to pay more or less than average for your monthly premium.
- Age: For older pets, age is a large factor in your monthly premium. Generally, the older your pet is, the higher your overall premium is likely to be. This is because older pets are more likely to experience severe illnesses or injuries that take a lot of work to treat. These treatments can get expensive fast and will require more of your insurance provider to cover. Additionally, some providers have a cap on the age of pets they cover. If you have a much older pet, be sure to confirm they are eligible for coverage ahead of signing up for a plan.
How to choose the best pet insurance for older pets
You have many options to choose from when deciding on the right insurance plan for your pet. Here are some things to keep in mind as you figure out which plan is right for you:
- Consider your pet’s needs: Older pets often need more care than younger pets, and you will want to make sure the treatments they need are covered under your plan. Be sure to review what all is included in your insurance plan, and confirm the treatments your pet may need in the future are on the list.
- Review your provider’s coverage availability: Older pets may not always be covered under insurance plans, whether it is because they are too old, or they have pre-existing conditions that are not covered. Review your options to confirm your pet qualifies for coverage.
- Compare and contrast plans: Once you’ve selected a few potential options, compare and contrast what each has to offer. Plans range in what they cover, as well as what they have to offer for reimbursement percentages, yearly deductibles and overall coverage caps. Compare each to determine which makes the most sense for you and your pet.
- Read customer reviews: Take a look at what customers who have your potential insurance plan have to say. You will want to understand what the claims submission process is like, as well as how your provider handles questions and concerns from customers. We also have reviews on pet insurance providers that could be helpful.