Three Strategies for Managing Rising Pet Care Costs – Reuters

By Chris Taylor

NEW YORK – Joy Benson may be a successful executive personal assistant in Dallas, but her true boss is a small, furry companion who delights in chewing on tennis balls. His name is Jasper, an 11-year-old Shih Tzu.

While Jasper is the center of Benson’s world, the rising costs of his care are becoming a challenge. Regular dental cleanings due to gingivitis have already set her back more than $1,000 due to required extractions, and grooming expenses have surged from $60 to nearly $100 per visit. Additionally, Jasper’s surgery for bladder stones cost $1,500, leading to the necessity of expensive prescription food. After experiencing a layoff, Benson turned to crowdfunding to help manage Jasper’s bills.

“This will be my last dog,” she admits, estimating that her expenses for Jasper have exceeded $25,000.

This sentiment resonates with many pet parents who are feeling the financial strain of pet care. In fact, Americans spent a staggering $147 billion on their pets in 2023, covering costs such as food and treats, veterinary care, pets and supplies, and various services like grooming and training.

Erin Witte, the director of consumer protection at the Consumer Federation of America, comments on the rising costs: “It is disconcerting how quickly and aggressively prices have gone up, leaving pet owners feeling taken advantage of.”

Veterinary care has been particularly affected, with prices increasing by 6.2% from July 2023 to July 2024. Senator Elizabeth Warren has attributed this trend to private equity firms that are consolidating veterinary practices, resulting in increased prices and compromised care quality.

A recent survey indicates that 91% of pet owners are experiencing financial stress due to these escalating costs.

Here are some strategies to help maintain both your financial health and your pet’s:

BE WARY OF SALES TACTICS

While it’s natural to want the best for your pets, it’s important to be mindful of your budget. Assess what your pet truly needs before making any purchases. Witte shares her experience after adopting a puppy, where she was promptly pitched a monthly wellness plan that excluded coverage for sick visits. Instead, Witte recommends setting up a savings account dedicated to pet care expenses.

EVALUATE INSURANCE OPTIONS

Pet insurance can significantly alleviate costs associated with serious health issues. For example, after Denver-based communications consultant Maureen Carrig adopted a Yorkie/Schnauzer mix named Sasha, who was later diagnosed with cancer, her insurance covered a considerable portion of the surgical expenses. It’s crucial, however, to understand what your policy covers, as many do not include routine checkups and may have high deductibles. The average premium for a dog’s accident and illness policy in 2023 was $676 annually, an increase from $595 in 2019.

EXPLORE LOCAL RESOURCES

If affording proper care is a concern, don’t lose hope. Various resources may be available in your area to assist financially. Community clinics, animal shelters, and veterinary schools often provide emergency care at reduced costs or even free services. Financial planner Melissa Caro suggests looking into clinics that offer sliding scale fees based on income and veterinarians who may allow payment plans.

Additionally, organizations such as The Pet Fund and RedRover are available to help pet owners in need, ensuring that pets receive the care necessary rather than being abandoned.