The Rising Cost of Veterinary Care: Necessity and the Benefits of Pet Health Insurance

Pets are beloved members of our families, providing us with unconditional love and companionship. As responsible pet owners, it is our duty to ensure their health and well-being. However, the cost of veterinary care has been steadily rising over the years, making it increasingly challenging for pet owners to afford necessary treatments and medical procedures. In this blog post, we will explore the reasons behind the rising cost of veterinary care, present some alarming statistics, and shed light on the benefits of pet health insurance as a potential solution.

The Soaring Cost of Veterinary Care:

The rising cost of veterinary care can be attributed to several factors:

1. Technological advancements: Veterinary medicine has made significant progress, with cutting-edge equipment, diagnostic tools, and treatment options becoming more prevalent. However, these advancements come at a high cost, which is ultimately passed on to the pet owners.
2. Increased specialization: Veterinary medicine now offers specialized services in areas such as oncology, neurology, and cardiology, requiring veterinarians to undergo extensive training and invest in expensive equipment. These specialized services often demand higher fees.
3. Rising overhead costs: Veterinary clinics face rising expenses in terms of rent, utilities, staff salaries, and insurance. These costs inevitably influence the fees charged for veterinary services.

Alarming Statistics:

The statistics surrounding the cost of veterinary care are concerning:

• According to the American Pet Products Association (APPA), Americans spent an estimated $32.3 billion on veterinary care in 2020, a substantial increase compared to previous years.  It was $35.9 billion in 2022.
• A survey conducted by the American Animal Hospital Association (AAHA) revealed that 39% of pet owners declined or delayed veterinary care due to financial constraints.
• The same survey found that 33% of pet owners were unaware of the potential costs associated with unexpected veterinary treatments.

The Benefits of Pet Health Insurance:

Pet health insurance can help mitigate the financial burden associated with veterinary care. Here are some key benefits:

• Financial protection: Pet insurance provides coverage for a range of treatments, including accidents, illnesses, surgeries, and preventive care. By paying a monthly premium, pet owners can ensure that they have financial assistance when their pets require medical attention.
• Peace of mind: Knowing that your pet is protected by insurance can alleviate the stress of unexpected medical emergencies. Pet owners can make informed decisions about their pet’s health without worrying excessively about the cost.
• Access to better care: With pet insurance, pet owners can afford more extensive and comprehensive treatments, including specialized care and advanced procedures that may otherwise be financially out of reach.
• Flexibility in choosing veterinarians: Unlike human health insurance, pet insurance typically allows pet owners to choose their preferred veterinarian or specialist, ensuring that their pets receive the best possible care.

Red flags for bad policies:

• Age Restrictions – this applies to changing policies.  New policies for older pets may have restrictions, and this highlights the importance of getting insurance when you dog or cat is young.
• Breed Restrictions 
• No Routine Care Coverage – while this one may not be a deal breaker, there are policies out there (Nationwide) that cover routine/wellness care.  Dentistry is an IMPORTANT one here.  Current recommendations is that a dog or cat get their teeth cleaned for the first time at age 1, that would be age 7 for us.
• No Pre-Existing Condition Coverage – unfortunately there are not many companies that cover preexisting conditions, but there are some and the number is growing.  
• Bad Reviews/Reputation – there will always be negative reviews for a company as it is impossible to please everyone, I’m talking excessive negative ones.

The rising cost of veterinary care is a pressing concern for pet owners worldwide. However, pet health insurance offers a practical solution to help manage these costs. By providing financial protection, peace of mind, and access to better care, pet insurance allows pet owners to prioritize their pets’ health without compromising their financial stability. As responsible pet owners, considering pet insurance is a wise decision that ensures our furry companions receive the care they deserve throughout their lives.