Cost of Caring for Pets is Soaring, but Help May Be On the Way

Last year, Americans spent $39.8 billion on veterinary services for their pets. Current estimates suggest that will rise to $41.4 billion this year. The price is so high that a recent Gallup poll found 52 percent of US pet owners say they’ve had to put off veterinary care because of the cost, according to a recent article in Moneywise, and a whopping seven in 10 say they pass on pet care entirely for the same reason.

That number has caught the attention of two women legislators, Congresswomen Claudia Tenney (R-NY) and Deborah Ross (D-NC). Last March the two co-sponsored the bipartisan HR1842, the People and Animals Well-being (PAW) Act, which, according to Marketwatch, would make it possible to include veterinary-care expenses under tax-advantaged healthcare spending accounts, specifically Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). On March 4, it was referred to the House Committee on Ways and Means, where is now sits awaiting action. With no time to waste.

How did vet bills get so high? The same way human medical bills did: Big Pharma for us, Big Vet for Fido, Fluffy, and that finch in the cage by your window. Major corporations have been buying up and coordinating single companies and individual vet practices. For example, according to the Atlantic.com, Mars Inc., the guys better known for dishing up Skittles and Snickers, is now the largest owner of stand-alone veterinary clinics in the United States, with more than 2,000 practices under the names Banfield, VCA, and BluePearl in its portfolio.

Whether this has led to better care is an open question. Or more to the point, a questioned one. Last year, the Journal of the American Veterinary Medical Association reported that vets working for these large corporation-run operations feel more pressured to deliver the goods, i.e., the cash, while those in their own private practices are happier to be making their own decisions on issues such as the “ability to acquire new large equipment” and the “ability to get new/different drugs.”

So, what can a cash-challenged pet owner do? Ensure a lower outlay with pet health insurance. Right now, a measly 2 percent of American pets are insured. The other 98 percent typically cost their owners close to an average $200 for a routine veterinary checkup, and up to more than $1,200 for an emergency. But that smart 2 percent know that pet insurance can help make care more affordable.

Conveniently, multiple online sites make it possible to compare insurance coverage benefits, potential deductibles, geographical availability and reviews and offerings tailored to a specific pet’s specific needs. One such site is https://www.forbes.com/advisor/pet-insurance/compare-pet-insurance-quotes/ where you will find notes on top policies such as “Pets Best, Figo, and Lemonade, which offer some of the most affordable rates across pet type; Embrace and MetLife are top choices if you’re looking for short waiting periods, particularly for accidents; CarePlus by Chewy is a good fit for frequent Chewy shoppers; and ASPCA Pet Health and Fetch are great options if you’re looking for coverage for commonly excluded care, such as breed-specific issues and behavioral conditions.”

Other Net places packed with pertinent info are https://www.bestmoney.com/pet-insurance/best-pet-insurance https://www.usnews.com/insurance/pet-insurance

\https://www.bestmoney.com/pet-insurance/best-pet-insurance https://www.usnews.com/insurance/pet-insurance.

Add to these, one-product sites for individual policies and those you ferret out on your own, and clearly the way to save money while keeping your fur or feathered friend well is right there at your typing fingertips.