Three ways to manage surging pet care costs?

You are currently viewing Three ways to manage surging pet care costs?
Representation image: This image is an artistic interpretation related to the article theme.

That’s right, Benson’s boss is a miniature horse named “Mr. Bigglesworth.”

Benson, a self-proclaimed “horse whisperer,” has been working with Mr. Bigglesworth for the past three years. She’s not just his assistant, she’s his confidante, his therapist, and his best friend.

GoFundMe was a lifesaver for her, allowing her to raise $10,000 in just a few weeks. This is a story about resilience and the power of community. It’s a story about how a woman named Benson, facing a series of unfortunate events, found strength and support in unexpected places. Benson’s journey began with a series of health issues.

“It is disconcerting how quickly and aggressively prices have gone up, leaving pet owners feeling taken advantage of,” says Erin Witte, director of consumer protection for the Consumer Federation of America (CFA). Vet care seems to be an inflationary hot spot. From July 2023-July 2024, the cost of veterinary services rose 6.2%, according to the Bureau of Labor Statistics. Senator Elizabeth Warren blames private equity firms for buying up veterinary practices and consolidating the industry into fewer hands. Those firms “have spent billions on buying up veterinary practices and then profiteering while reducing quality of care, increasing prices for pet owners, and making working conditions even harder for veterinarians,” Warren wrote in a recent letter with fellow Senator Richard Blumenthal.

Thanks to the cost of pet care, 91% of pet owners report experiencing financial stress, according to a recent survey of dog owners by USA Today. Here are some tips to keep your finances – along with Fluffy or Fido – healthy. BEWARE THE HARD SELL Obviously, we all want to give our pets the moon, but the reality is we do not have unlimited funds. Use your best judgment about what your pet truly needs. “I adopted a puppy last week and was immediately given a sales pitch for a monthly ‘pet wellness plan,’ a subscription plan that claims to cover routine visits and immunizations, but excludes sick and emergency visits,” says CFA’s Witte.

Witte’s advice? Create a savings account for pet care and stash money there each month rather than paying for a wellness plan. CONSIDER INSURANCE CAREFULLY The growing field of pet insurance is definitely an option and can help with major costs. After Denver communications consultant Maureen Carrig rescued Sasha (a Yorkie/Schnauzer mix) back in 2020, the pup was diagnosed with cancer, and had to undergo two surgeries. Her policy with the firm Trupanion “thankfully covered a substantial amount,” she says. Just be clear about what insurance covers and what it doesn’t. Many policies do not cover routine checkups, for example. The costs they do cover may first be applied to the deductible, which can be high.

This is a significant increase from the $500 average premium in 2022. The rising cost of pet insurance is a complex issue with multiple contributing factors. One of the most significant is the increasing demand for pet insurance. As pet ownership continues to rise, so does the demand for pet insurance, leading to increased competition and higher premiums.

“Some areas have clinics that offer reduced fees based on income, and many vets offer options to spread costs over time,” suggests Melissa Caro, a financial planner in New York City. “There are options for financial assistance, like The Pet Fund and RedRover. These organizations take this seriously and are often well-funded to help people care for, rather than abandon, their animals.” (Editing by Lauren Young and Aurora Ellis) By Chris Taylor

Leave a Reply