Is Pet Insurance Worth It for Senior Dogs and Cats?
If your senior dog or cat is currently covered by a pet insurance policy, congratulations! You have the peace of mind of knowing that, much like other types of insurance, you're protected against unexpected veterinary expenses.
According to the North American Pet Health Insurance Association (NAPHIA), pet insurance has become increasingly popular in recent years. Even so, only a relatively small percentage of dogs and cats in the United States are currently insured compared to the overall pet population.
Pet insurance has many similarities to human health insurance. There are different types of policies, and every insurance company offers its own plans with varying levels of premium, coverage, deductibles, reimbursement percentages, and exclusions.
Wellness Plans: Help cover the cost of routine veterinary care, such as annual wellness examinations, vaccinations, and preventive services.
Accident & Illness Plans: Cover eligible veterinary expenses resulting from accidents, injuries, and many illnesses.
Accident-Only Plans: Cover veterinary expenses related only to injuries caused by accidents.
While there is no universal definition of a "senior" pet, the American Veterinary Medical Association (AVMA) generally considers both dogs and cats around seven years of age and older to be entering their senior years. However, every breed ages differently, and individual insurance companies may use their own age guidelines.
What About Your Senior Pet?
The bottom line is simple:
The older your pet is when you purchase a policy, the more expensive it is likely to be.
In addition, some insurance companies place age restrictions on new enrollments, while others continue to accept older pets but may charge higher premiums or impose additional limitations. Policies vary from one company to another.
Another important consideration is pre-existing conditions. Most pet insurance companies do not cover medical conditions that existed before the policy became effective. Because senior pets are more likely to have developed chronic health conditions, this can significantly affect the value of a new policy.
If you're considering pet insurance for an older dog or cat that isn't currently insured, ask yourself the following questions:
- Can you find a company willing to insure your pet based on its age and medical history?
- What conditions, treatments, medications, and diagnostic tests are covered—and what is excluded?
- Does the policy provide coverage for health problems commonly seen in senior pets, such as arthritis, cancer, heart disease, kidney disease, or liver disease?
- What are the deductible, reimbursement percentage, annual limits, and waiting periods?
- How does the cost of the policy compare to the potential veterinary expenses you may face?
Life expectancy should also be part of the decision. Cats often live 15 to 18 years or longer. Many small dog breeds enjoy similar lifespans, while giant breeds such as Great Danes often have significantly shorter life expectancies. Understanding your pet's stage of life can help you decide whether purchasing a new insurance policy makes financial sense.
Final Thoughts
Pet insurance can provide valuable financial protection, but it isn't the right choice for every senior pet. Carefully compare the policy's cost, coverage, exclusions, your pet's current health, and your financial situation, before making a decision. In some cases, setting aside money in a dedicated savings account for future veterinary expenses may be a reasonable alternative to purchasing insurance.