Emergencies happen for our pets — how can pet owners prepare for these situations and their costs?
The average annual cost of owning a pet is $2,500-$4,000. Variables are: age, breed size and species. Cats tend to cost a little less, dogs a little more; consider the difference in food costs alone between say a Yorkshire terrier and a Great Dane.
And that is just for the basics — food, annual exams vaccines, flea/tick medication etc. It doesn’t take into account after-hours care or chronic illness medications.
A surgery to remove foreign material from your pet, or hospitalization for pancreatitis, can cost thousands. Surgery for a ruptured cruciate ligament is at least $4,000. Chronic medications for heart disease or allergies can be hundreds per month.
The cost of everything has been steadily increasing as seen by a visit to the local grocery store. The cost to provide veterinary care has increased along with everything else. Veterinary hospital equipment, supplies and real estate costs have increased substantially.
With these changes it can be difficult for pet owners to be able to afford unexpected bills or chronic medications. So what options are there to help ease the load?
One option is to have a pet savings account that you contribute to monthly. It is a flexible way to have emergency money set aside, but it remains your own money and you always have access to it.
On the flip side, it takes time to build up a savings account and it is limited to what you have contributed. Funds can become depleted quickly and you may not have enough in the account when you need it.
For emergencies, there are financial companies that provide a line of credit or credit card specifically for your pet. You have to make sure that the clinic you are going to is set up work with that company. There is also a credit check process on how much they are willing to lend you. High interest rates, and fixed payment schedules can be a downside to this option.
The third option, and my recommendation to many pet owners, is pet insurance.
Pet insurance actually dates back to the late 1800s in Sweden with policies being made for horses and livestock, moving to Britain in the 1940s, and in 1982 TV’s Lassie became the first dog in the United States to have insurance.
The boom of pet insurance companies for companion animals started in the early 2000s, and it has evolved a lot since then. Over the last 20 years, there has been an increase in flexibility of insurance plans, between premiums, deductibles and coverage.
Coverage varies between companies and policies within each company. There are even some policies now that will cover regular dental cleanings and some provide coverage for vaccinations as well. However, wide coverage such as this comes with a higher monthly premium. You can even find add-ons for behaviour consults and physiotherapy coverage.
Pet insurance works like you would expect. You pay the bill, submit a claim and insurance sends you reimbursement for what they will cover. Some will pay directly to the clinic so you only have to pay the difference out of pocket. The policies between companies vary widely so do your research to pick the one that fits your budget and needs the best.
It is worth noting that pet insurance companies will not cover pre-existing conditions. The earlier you sign your pet up, the better.
Most also have waiting times before coverage begins after setup; a week for accidents and a month for illnesses is common. Starting your pets young decreases the likelihood of conditions on your coverage, ensuring you get the maximum benefit of the policy.
While there is no flexibility with your monthly premiums compared to using your own savings account, but there are a lot of plans out there with unlimited payouts per condition so it can be a great sense of relief when you find yourself at an emergency clinic with your dog that ate half a towel, or your cat that can’t urinate facing down a large hospital bill.
It will also help with illnesses, subsidizing chronic medications for the life of your pet, unlike the pet credit option.
I highly recommend pet insurance for all my patients. In fact, I have insurance on both my dogs. A lot of their care I can provide on my own, but some things I cannot, and either way they still need to be paid for, like when Einstein had his root canal, or allergy medications for Argyll.
It is comforting for me as a pet owner to know that I have the backup of the insurance company if any major accident or illness occurs to take the financial strain out of the equation.
Dr. Courtney Andrews is a veterinarian at Lockerby Animal Hospital, a graduate of the Royal School of Veterinary Studies and dog mom to Argyll and Einstein. Animals & Pets is made possible by our Community Leaders Program.
