Pets play an important role in improving the quality of life for seniors, helping them combat common issues like loneliness and isolation. Not only do they keep one feeling positive and motivated, but they also encourage some physical activity during playtime, keeping one more engaged. Due to these factors, one must make sure their pet companion gets the best of care. One way of ensuring this is by signing up for a pet insurance plan.
Tips to find the cheapest pet insurance plan for seniors
Although pet insurance can help seniors save thousands of dollars in pet care, many hesitate to consider buying these plans due to the perceived high expenses. Luckily, there are many ways in which one can save money when buying pet insurance policies.
1. Customize the plan based on needs
Seniors have the option of choosing between two types of pet insurance plans – Accident-Only Coverage (AO) and Accident and Illness Coverage (AI).
When it comes to AO plans, buyers are typically eligible for lower rates, as the overall coverage is limited only to vet costs in the case of an accident. AI plans, on the other hand, are more comprehensive, and the cost tends to be higher. In addition to accident-related problems, AI plans also cover other issues for one’s pets.
Apart from this, insurance cost depends on factors such as the deductible limit, annual limit, and reimbursement rate. For instance, a plan that covers the entire cost of the veterinarian visit is likely to be more expensive than one that requires a co-pay of 20-30%.
When signing up for a policy, seniors must carefully read the terms and conditions to fully understand their plan’s coverage. This will go a long way in helping them choose the best insurance plan for their pets. Some plans may also allow users to customize the terms and adjust the price accordingly.
2. Look for discounts
Many insurers offer a variety of discounts that could help sweeten the deal when buying a policy for pets. Most typically have a 5-10% offer on multi-pet policies purchased.
Current and veteran military members (and some of their family members) may also be eligible to receive an additional 15% discount on their policy purchases.
Apart from these, seniors can also turn to major retail and wholesale sellers who offer club membership discounts. Some of these plans can help seniors save as much as 15% on the pet insurance plan.
At companies like Lemonade, insurers may also be eligible for discounts when they bundle up their other policies at the same company. Similarly, Embrace Pet Insurance offers Wellness Rewards plans, where buyers may be eligible to receive an annual bonus for their purchase.
3. Compare plans
As discussed above, not all pet insurance plans offer the same benefit. Instead of being in a rush to sign up for a policy, take the time to compare plans offered by multiple insurance providers. Don’t just compare the premium cost at the time of purchase. Instead, take a wider look at what the company offers within the policy.
It is important to note that monthly premiums tend to increase with age. That is why buyers must also consider the projected costs over the policy’s lifetime. Many online companies offer these comparison services, which can help seniors save significantly when buying pet insurance.
4. Insure the pet early
Premiums for pet insurance policies tend to be lower when the pets are young. That is why seniors must get their insurance plans as soon as possible. That being said, some breeds may be more expensive to insure due to hereditary issues or their susceptibility to certain illnesses.
5. Keep up with pet maintenance for its well-being
Investing in keeping one’s dog maintained can go a long way in ensuring that insurance costs remain low. Active grooming will also help reduce hairballs, prevent matting, and even help pet parents bond with their furry companions. Ensure that the pets also get regular exercise, either through walks or playtime, and that they eat well. The parameters for this may look different for every breed, so it’s best to seek advice from one’s vet to find the best ways to determine the best pet care practices.
Popular pet insurance policy providers
1. ManyPets
This company offers some of the cheapest unlimited AI pet insurance plans that also cover veterinarian visits. In some cases, ManyPets may also cover pre-existing issues and include a waiting period waiver to customers, offering them a more lucrative deal.
2. Lemonade
Cat parents may lean more towards Lemonade, as the company provides the cheapest pet insurance rates (cat), with annual coverage up to $100,000. Based on the chosen plan, seniors may enjoy a reimbursement rate of 70%, 80%, or 90%.
3. Odie
For dog parents, Odie offers the most affordable insurance premiums that include basic AI coverage along with the option to add coverage for vet visits and other additions. Waiting periods with the company may also be waived if one has the necessary certifications.
4. Pets Best
Another excellent yet cheap pet insurance provider is Pets Best, which combines solid basic coverage with several deductibles that can help one plan their finances better. For a $5,000 coverage, pet parents can expect to pay around $42 on average for both cats and dogs.