Pet insurance can be a great way to reduce the rising costs of pet care. This specialized insurance type can cover dogs, cats and some exotic animals. Veterinarian visits, medications and even some surgical procedures can be covered with a pet insurance plan. And it can be done at a reasonable price point, depending on the health and breed of the animal in question. This allows pet owners to keep more of their money while also providing peace of mind by knowing that they’ll be protected during emergencies or accidents. 

And, during this time of year, it can also be a smart gift to give the dog or cat owner in your life (premiums can be paid in advance for the year or every month). Below, we’ll break down three reasons why pet insurance could be a great gift this holiday season.

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Why pet insurance could be a great gift this holiday season

Here are three reasons why a pet insurance policy may be worth buying for a family member or friend this year:

The price is reasonable

Accident and illness policies range from $383 annually for cats to $676 annually for dogs, according to the North American Pet Health Insurance Association (NAPHIA). That’s less than $60 a month for a policy that can easily save pet owners thousands of dollars that they otherwise would have had to pay on their own. And prices may be even lower than those averages, depending on the health of the pet, the age at which a policy was applied for, and the specific breed of the cat or dog. Like all insurance types, however, it’s critical to shop around to see which providers are offering the most cost-effective care – and which ones just seem to be.

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Waiting could cause prices to rise

If you wait to buy pet insurance next year or even during the 2025 holiday season, that could be a costly mistake. Pet insurance providers reward owners who act early with lower premiums and greater coverage options to choose from. Waiting for the pet to age and, thus, increase the likelihood of health issues, will come at a potentially expensive cost. And if the dog or cat develops pre-existing medical conditions before applying, they could risk being denied coverage in full. Securing a policy now, then, prevents these scenarios from becoming a reality.

The timing makes sense

Ahead of the colder, winter months in which dogs may be injured due to icy conditions and snowy weather, a pet insurance policy makes sense to secure now. With issues like frostbite, sprains and fractures due to slips, falls and more, locking in coverage today could be smart for when it may be needed in January or February. But it makes sense to apply for a plan now. There’s a waiting period of a few weeks (on average) between the time an application is approved and the time owners can access it. Being proactive, when coverage isn’t needed, could help owners complete this waiting period more easily than if they had applied post-injury.

The bottom line

A pet insurance policy for the pet owners in your life may not have been the first thing you thought of when compiling your holiday shopping list. But that doesn’t mean it can’t still be a thoughtful, inexpensive and valuable gift, either. By acting now you can potentially pay less for more coverage ahead of a time of year when many pet owners need additional medical protection. So start shopping for providers and policies now to learn more about this exciting gift opportunity. 

While inflation and interest rates both declined in recent months, the economic burden felt from years of high borrowing costs and more expensive daily living will take some time to lessen. Unfortunately, for many seniors and older adults reliant upon restricted budgets, much of the damage has already taken place. For this demographic, then, it may be worth exploring ways to reduce additional costs to come.

One great way to do so is by purchasing a robust long-term care insurance plan. This unique insurance type can help cover the costs of in-home caretakers (including family members and friends), nursing homes, assisted living facilities and more. Like all insurance types, however, delaying an application could be a costly decision in more ways than one. 

With a new year quickly approaching, then, it’s helpful to understand the reasons supporting a long-term care insurance application now, before 2025. Below, we’ll break down three of them.

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3 reasons to apply for long-term care insurance before 2025

Here are three big reasons why those considering long-term care insurance may want to apply before January 2025:

Lower premiums

Every calendar year that passes puts applicants into a different risk pool. And riskier applicants are more expensive to insure and that expense is often passed on to applicants in the form of higher premiums. So if you know you need the financial support of a long-term care insurance plan, strongly consider applying now, even before 2025. Waiting for the new year could complicate your application and cause your prospective premiums to be higher than if you had been proactive and applied at a younger age. 

This is not an exact science and the premium you’re charged in the first quarter of 2025 may be the same one you get quoted now, depending on the provider. But it’s also possible, if not likely, that you’ll pay more for a plan in 2025 than you would have if you applied now. So don’t take that risk.

Explore some top long-term care insurance providers here now.

More comprehensive care

A lower price point isn’t the only compelling reason to apply for long-term care insurance (or any insurance type) earlier than later. If you’re looking for more comprehensive care at a more affordable price, it makes sense to apply sooner, including for those considering long-term care. If you delay an application until you need the care or until much later in life, you risk being denied altogether. For those seniors and older adults who know they don’t have the financing to cover these inevitable costs, then, it’s smart to start researching prospective policies and providers now.

A head start on the elimination period

Many insurance policies have elimination periods, the time in between being approved for a policy and when it can be utilized. With long-term care insurance elimination periods ranging significantly from 0 to 120 days, approximately, it behooves savers to start as soon as possible. It will be easier and significantly less expensive to complete this elimination period when you don’t require an in-home caretaker or nursing home, for example, versus when you do. Weigh the costs of waiting carefully.

The bottom line

There’s a compelling case to be made for those considering long-term care insurance to act now, before the new year rolls around. By being proactive, these prospective applicants can potentially lock in a lower premium, more coverage choices and start crossing off the days in their elimination period. That said, each individual’s financial situation and preferences differ and, in some cases, delaying action may be the right choice. This is why it’s worth speaking to a financial advisor and a long-term care insurance representative who can present a fuller picture of this unique insurance protection.