The financial benefits of early enrollment in pet insurance

Pet insurance is an increasingly popular option for pet owners looking to manage the costs of veterinary care. While it’s never too late to consider insurance for your furry friend, there are compelling reasons to enroll your pet early. If you’re thinking about purchasing coverage, you may be able to save money and support your pet’s essential care by opting in sooner rather than later.

How pet insurance works

Pet insurance supports pet owners when routine or veterinary costs arise so their pets can get care without excessive financial strain. Coverage details and plan options vary, with some insurance companies offering unique add-ons and riders.

The most popular pet insurance plans cover:

• Accidents
• Chronic conditions
• Diagnostic tests
• Emergency care, surgery, hospitalization
• Hereditary and congenital conditions
• Illnesses and diseases
• Some medications

Before you get too hopeful about coverage for something specific, like a puppy’s epilepsy medications, note that there is always fine print. For example, pets diagnosed with an illness, disease or allergies before enrolling for pet insurance are unlikely to be covered for related treatments or medications. Most pet insurers do not cover pre-existing conditions — at least not when you first begin coverage.

The benefits of early enrollment in pet insurance

Here are some compelling pros to enlisting for pet insurance sooner rather than later.

1. You get the most coverage for the lowest price

When signing up for pet insurance, your insurer will consider factors like your pet’s age, size, breed and location. Any pre-existing conditions will play a role in determining your premiums and coverage eligibility. Insuring your pet when young (usually from eight weeks) ensures you get the broadest possible coverage.

The following factors will impact your monthly premiums and coverage eligibility:

• Age limits: Many pet insurers have age restrictions for new policy enrollments. Insuring your pet when young guarantees they are under the maximum age limit for starting a new policy. After this cutoff, companies may not accept new pet enrollments. Note that plans will cost more as your pet ages, but enrolling them early means you won’t be locked out of enrolling.
• Customizable plans: Many insurers offer more flexibility in coverage options for younger pets, while older pets have more limited choices.
• Fewer exclusions and limitations: Policies for younger pets have fewer exclusions because they are at lower risk of developing certain health conditions. This can lead to more out-of-pocket costs for older pets.
• Pre-existing conditions and symptoms: Many health issues that might affect your pet later in life haven’t developed yet. Signing up early ensures these potential future conditions won’t be classified as pre-existing.
• Shorter medical history: Insurers may look at your pet’s health history when you apply for coverage. A younger pet will have a shorter medical history than older ones, impacting their eligibility, coverage levels and the costs of your premiums.

2. Peace of mind during an emergency

Pet insurance prepares you for unexpected veterinary expenses in your pet’s life. Whether it’s an accident-prone puppy with a broken leg, a cat with a urinary tract infection or a dog that wants to eat everything in sight, you can live with the peace of mind that whatever your pet sustains, the treatment costs will be supported. This allows you to act quickly if your pet is hit by a car or swallows a poisonous substance.

3. Financial predictability

Pet insurance is a predictable monthly cost rather than a surprise expense, and it ensures you are covered for exorbitant and unexpected vet visits. This relief allows you to care for and treat your pet without excessive out-of-pocket expenses.

The Veterinary Economics Division has reported that the average cost per vet visit has risen from $138 to $161 in the past decade, outpacing U.S. inflation. These price hikes are due to increased labor costs and rising expenses of medical equipment and supplies. As a result, vet emergencies without pet insurance can put a massive dent in your wallet.

4. A wellness care plan can protect pets from avoidable diseases

Thirty percent of pet owners cannot afford to care for their pets and thus skip annual wellness checks. While this may seem like a minor issue for a young, healthy dog or cat, underlying issues can go unnoticed. Opting for a Wellness Plan add-on for your pet insurance can ensure you don’t miss these important visits early in your pet’s life.

Pets who receive annual or bi-annual checkups may be prevent long-term health problems in the following ways:

• Dental cleanings: Ignoring your pet’s dental health has a domino effect. It can cause pain, tooth decay and loss or even severe conditions such as systemic kidney infections and liver or heart infections.
• Flea, tick and heartworm prevention: Routine flea and parasite treatments can save your pet from conditions like digestive issues, skin conditions and parasite-related diseases.
• Routine blood work: Any progressive diseases, like chronic kidney disease, can be diagnosed early and treated to avoid symptom progression and discomfort in your pet.
• Routine checkups and physical exams: Ensuring your pet remains healthy helps curb the consequences of obesity, such as diabetes, arthritis, cancer, kidney failure and heart disease.
• Spay/neuter procedures: Sterilizing your pet can save them from developing diseases and behavioral issues.
• Vaccinations: Staying on top of pet vaccinations and booster shots protects them from viral and infectious diseases.

The downsides of early enrollment in pet insurance

While early enrollment has many benefits, it’s important to evaluate potential drawbacks:

• Cumulative costs: Paying premiums over many years can add up, especially if your pet remains healthy.
• Changing needs: Your pet’s insurance needs may change over time, potentially making your initial policy less suitable.
• Opportunity cost: The money spent on premiums could be invested or saved for future veterinary expenses.
• Policy exclusions: Even young pets can be diagnosed with illness. If your pet has shown symptoms and seen a vet, they may already have some coverage limitations.

When to choose early enrollment

Ask yourself the following questions to determine whether early enrollment in pet insurance is right for you:

• Can you handle unexpected veterinary costs without insurance?
• What are your pet’s health risks? Consider their breed, genetics, lifestyle and personality. Speak to your veterinarian about your pet’s specific health needs and risks to make an informed decision.
• Is there a pet insurance policy that suits your budget and your pet’s health risks?
• Would you rather start a savings account dedicated to pet health care?
• What are the long-term benefits of an insurance plan vs. a personal savings method?

The bottom line

Your decision to enroll in pet insurance early depends on your circumstances, risk tolerance and the value you place on peace of mind. By carefully weighing the benefits and downsides, you can make an informed choice that best serves your pet’s health and financial well-being. There is still value in getting insurance for a senior pet. However, you can expect more exclusions and higher premiums.

Best pet insurance companies

Check out the top pet insurance companies to compare your options and weigh your coverage needs.

Learn more

Frequently asked questions

• When should I insure my pet?

  Pet insurance is most beneficial when obtained early. Most pet insurance companies will not cover pre-existing conditions, so insuring your pet while they’re young, before the onset of any issues, can save you unexpected expenses for minor or major incidents. However, insuring your pet at any age may still relieve you of future expenses.

• Is it worth getting a wellness pet insurance plan?

  A pet wellness plan can help you manage the costs of preventive care services for your pet. If a wellness plan is something you consider valuable for your pet and you’d like them to have regular checkups, it’s worth it. However, if you are diligent at budgeting for wellness exams that include vaccines, dental care and flea and tick prevention, then a wellness plan may be unnecessary.

• How can I save money on my pet insurance?

  Choosing a cheaper plan, adjusting your features or add-ons, inquiring about discounts and shopping around for an affordable provider are some of the many ways to find more affordable pet insurance. Enrolling your pet early also ensures lower fees and can save you money in the long run before your pet develops health issues or incurs accidents and injuries.

• Can pet insurance be backdated?

  Unfortunately not. Most pet insurance companies will not cover pre-existing conditions and implement a waiting period before coverage kicks in for certain health issues.