About pet insurance for older pets
Posted on January 18, 2012 under Industry News
For Pets Best Insurance
Pet insurance is important for many reasons— pet owners often don’t realize that vet medicine and technology have reached an all-time high. We’re now able to provide our pets with treatments that are very similar to what we might do for ourselves if we became hurt or sick.
Vets have started using equipment and procedures similar, if not identical, to those your physician or surgeon might use on you. And because of this, pets are living longer, healthier lives—but that high level of care vets are able to provide comes at a price, and many pet owners are unaware of how high the cost of care can actually be.
As a dog owner and animal lover, I made sure to purchase a pet insurance policy for my furry little girl a few years back. When I initially bought her policy, she was just a young, spritely pup. I was impressed with how cost effective it was to insure her in the case of accidents and illnesses. But it made sense to me that as she ages, her premiums will increase, considering that she will be more likely to have health issues as she grows older.
Some pet owners may notice a change in rates this policy term. This change has come from a recent analysis of Pets Best Insurance actuarial data, and is not based on personal claims filing history. The data revealed that Pets Best Insurance was under accounting for pet ages, so older pets were enjoying rates normally reserved for younger pets.
To alter the impact of a rate change, pet owners can consider changing their limit, deductibles, or reimbursement levels. For instance, moving to a $2,500 per-incident, $250 deductible, 70% reimbursement amount plan could bring significant change to your rate.
Many pet owners would be surprised to learn that insurance rates are based on a number of things that are largely out of the insurer’s hands— like actuarial data that shows senior pets file more claims on average and have more health problems overall. Some of the other premium price determining factors include: the pet’s age and breed, where they live, the plan and deductible selected, and general inflation. But Pets Best Insurance never increases premiums based on the number of claims a pet owner has filed—which is reassuring to me, considering how much trouble my sweet girl tends to get herself into.
If you think of pet insurance like human health insurance, it’s understandable that a 20-year-old woman would pay a lower insurance premium than, say, a 80-year-old woman—the reason being, of course, that the older woman will likely have more health issues than someone 60 years younger. As pets (and people) age, there’s more likelihood that they will develop issues, such as cancers, diabetes, and other age-related conditions. Studies have shown that 1 in 3 pets will develop cancer sometime over the course of their life and it’s most often seen in older pets. Unlike some of the other dog and cat insurance companies who require pet owners to purchase an add-on plan to cover cancer, coverage for cancer is included in the standard accident and illness plans from Pets Best Insurance.
One of the great things about insuring your older pet with Pets Best Insurance is that there are so many plan options. Pet owners have the ability to customize their policy so it fits within their budgetary needs. Similarly to any other kind of insurance, with pet insurance, the higher the deductible you choose, the lower your monthly premium—and vice versa. Pets Best Insurance has a number of deductible options you can choose from, including the newly added $50 deductible (in addition to the $100, $250 or $500 options.)
Aside from the deductibles being highly customizable—pet owners can now choose from a 70%, 80%, or 90% level of reimbursement. Another great perk Pets Best Insurance has added to its plans, is increasing its lifetime limits. This was formerly capped at $100,000 over the pet’s lifetime—but now has been increased to $200,000. With more plan options, and higher levels of coverage, it’s easy for pet owners to find a premium rate that will work for them and their senior pet.
*The explanations provided in our insured blog communications do not replace actual Policy terminology. They are brief explanations to assist you in understanding how your Policy operates. Please refer to your actual Policy form for all terms, conditions, limitations and exclusions.