The rising cost of veterinary care is making it difficult for many Americans to get their pets the medical treatment they need.
Any pet parent who has taken their dog or cat to the vet in the past few years has noticed it’s getting more expensive, even compared to the relatively high inflation in the rest of the economy. A new Cost of Veterinary Care report shows the cost of veterinary care rose about 6.7% in 2023, after rising 13.6% the previous two years.
The report details reasons for spiking costs, including the price of advanced medical procedures for pets, a generally high inflation rate, and private equity takeovers of veterinary practices, which has reduced competition. It includes examples of expensive vet visits, including a dog who racked up $48,780 after a bout with pleural effusion, and a cat whose treatment for a urinary obstruction and hip luxation ran $29,282.
The high costs have had tragic consequences for many pet parents who have skipped necessary care for their furry friends or even had to choose euthanasia when they can’t afford a procedure costing $2,500 or more.
Pet parents can prepare for vet fees by taking a few measures.
- Take your pet for regular check-ups and vaccinations. Exams can be costly, but catching problems early can save money in the long term.
- Keep your pet at a healthy weight. Substantially overweight pets are at increased risk for many health conditions.
- Create an emergency fund to cover a $5,000 vet bill. Personal finance experts suggest starting with at least $500, with the ultimate goal of covering three to six months of living expenses if you should lose your income.
- Shop around for a vet. Prices can vary between practices. Ask for recommendations and check reviews to ensure high-quality care.
- Purchase pet insurance. Pet insurance allows you to budget a set amount every month. Then, if your pet gets sick or injured, once you meet the deductible, a percentage (in some cases, up to 90%) of the vet bill may be covered.
Learn more and shop for a pet insurance plan at healthypaws.com/USAToday
