Understanding Pet Insurance for Older Pets

At O1ne Mortgage, we understand that pets are cherished members of your family. Just like humans, they deserve the best care, especially as they age. If you have an older pet, you might be wondering about the feasibility and cost of pet insurance. This blog will guide you through the essentials of insuring an older pet, helping you make informed decisions to keep your furry friends healthy and happy.

How Does Pet Insurance Work?

Pet insurance typically covers accidents, illnesses, and some chronic conditions. However, it usually does not cover wellness visits or dental cleanings unless you opt for a policy that includes these services. Most pet insurance companies offer coverage for dogs and cats, and some even extend their services to other pets like reptiles, rodents, birds, and horses.

Insurance policies often have waiting periods before coverage kicks in, ranging from a few days for accidents to a couple of weeks for other claims. Similar to human insurance, pet insurance comes with 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 to pay for 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, but some have a deductible per condition. It’s crucial to research your options carefully 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, this means a dog that is 6 or 7 years old or a cat that is 7 or 8 years old. However, monthly premiums are generally less expensive when a pet is young and healthy.

It’s important to note that pets age at different rates. For example, large dogs have shorter life expectancies than smaller ones, with the average lifespan for all dogs being 10 to 13 years. Indoor cats, with an expected lifespan of 13 to 17 years, tend to outlive their outdoor counterparts. Cat insurance is generally slightly cheaper than dog insurance.

When choosing a policy for an older pet, 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

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

For example, the monthly premium for a 1-year-old Labrador Retriever would be $40.55, but it would rise to $125.70 for a 12-year-old dog. This translates to $486.60 per year for a 1-year-old lab, but more than $1,500 for the 12-year-old dog.

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

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

The easiest way to save money on pet insurance for an older pet is to increase your deductible or decrease the percentage you’ll be reimbursed for care. Keep in mind that while you’ll pay less each month in insurance premiums, you could spend more in the long run if your pet needs care.

Additionally, you can investigate discounts that can make pet insurance more affordable. Examples of groups eligible for lower prices might include senior citizens, wholesale club members, or military veterans.

Finally, you can help keep your pet as healthy as possible with regular exams, nutritious food, access to fresh water, flea and tick preventive measures, exercise, and mental stimulation.

The Bottom Line

Pets are family members, and keeping them healthy is a priority. Unexpected veterinary bills can disrupt your budget, but whether or not you decide to buy insurance for your older pet, having a healthy emergency fund can help you manage unexpected expenses. This way, you’ll be able to pay for treatment without worrying about adding to your debt, allowing you to focus on getting your pet healthy.

At O1ne Mortgage, we care about your financial well-being and the health of your pets. If you have any questions about mortgage services or need assistance, don’t hesitate to call us at 213-732-3074. We’re here to help you make the best financial decisions for you and your family, including your beloved pets.