Bankrate reposted this
The news out of the New York Times about soaring vet bills probably isn't much of a surprise for most pet owners. 🐶 😺 Earlier this year, I reported for Bankrate that pet parents spent an average of $4,800 on their furry friends in 2023, according to data from MetLife. One-quarter of that was on vet visits alone. The NYT reported that pet owners are going into debt to afford vet bills, and many don't have pet insurance. If you've ever paid a huge, unexpected vet bill, you know how suddenly those costs can sneak up on you. 😰 That's why pet insurance can be such a lifesaver. I have pet insurance myself for my dog and cat, and not only is it a pretty low monthly premium (I've paid between $30-$50 a month for up to three pets), it can really help you in the event of sudden, expensive medical costs. There's one caveat, though. Pet insurance typically reimburses you, it won't pay your vet bills. So don't forget to also prioritize growing your emergency savings! (This wouldn't be one of my articles if I didn't emphasize that you need👏 to 👏 prioritize 👏 emergency 👏 savings! 👏 ) #pets #petparent #vetbills #savings
R.E. Hawley
1mo
What they don't warn you about when you get a cat is the dental bills! We're looking into pet insurance before we're due for another cleaning.
I have a dear friend who is a Vet. She, like many Vets in the US, works for a chain corporation and cannot create her own fee schedule. At the end of the day, her salary and the salary of her vet techs is not anywhere equal to the revenue driven in. The clinic she runs brings in approx. $250k per month - and she lives in a humble apartment due to her wages vs cost of living expenses. I fail to understand the disconnect where corporations feel it necessary to capitalize on the most sensitive and important aspects of our lives (i.e. children, pets, finances, food, shelter). I wish there was a not-for-profit entity for Veterinary care. We would all be better off with more not-for-profit entities.
My pug, Alfie, randomly developed really intense seasonal allergies when I moved to another apartment complex with different grass. He requires monthly shots, medicated wash, medicated ear wash, etc... and it all adds up. 😅 Unfortunately, I made the mistake of not taking out pet insurance as soon as I got him, so his allergies are a preexisting condition and aren't covered. This is why I tell everyone I know to get pet insurance as soon as they bring home your furry friend. Great coverage, Lane! I know I certainly would have needed to hear this when I first got Alfie.
Sara Samora
1mo
I have pet insurance and let me add, those vet bills costs grow as your fur babies grow older.
External Relations & Communications Manager at Repsol
1moHave any studies been done as to whether pet insurance actually contributes to increased vet bills? Anecdotally, I'm afraid that insurance companies are doing to vet bills what they've already done to hospital bills - artificially inflating prices to the point that most services are unaffordable without expensive insurance.