Three ways to manage rising pet care costs By Reuters

By Chris Taylor

NEW YORK (Reuters) – Joy Benson may have a career as an executive personal assistant in Dallas, but her real boss is short, very hairy and likes to chew tennis balls.

His name is Jasper and he is a Shih Tzu.

While 11-year-old Jasper is definitely Benson’s baby, the cost of keeping him healthy is mounting and mounting.

There are regular dental cleanings due to gingivitis: the last two cost more than $1,000 due to tooth extractions. There are regular grooming sessions – prices have risen from $60 a pop to nearly $100 each time.

Then there was surgery for bladder stones ($1,500), which led to the need for expensive prescription foods. After Benson was fired, she turned to GoFundMe to help pay Jasper’s bills.

“This will be my last dog,” says Benson, who estimates she spent more than $25,000 on Jasper’s care.

It’s a familiar refrain from pet parents, many of whom are overwhelmed by the cost of care.

Indeed, Americans will spend $147 billion on their pets in 2023, according to the American Pet Products Association’s “State of the Industry” report.

This includes $64.4 billion for food and meals; $38.3 billion for veterinary care; $32 billion for live animals, supplies and medicine; and $12.3 billion for other services such as boarding, grooming, insurance, walking and training.

“It’s disconcerting how quickly and aggressively prices have risen, leaving pet owners feeling taken advantage of,” says Erin Witte, director of consumer protection for the Consumer Federation of America (CFA).

Veterinary care appears to be an inflationary hot spot. From July 2023 to July 2024, the cost of veterinary services increased by 6.2%, according to the Bureau of Labor Statistics.

Senator Elizabeth Warren blames private equity firms for buying up vet practices and consolidating the industry into fewer hands.

These firms “spent billions to buy veterinary practices and then profited, while reducing the quality of care, raising prices for pet owners, and making working conditions difficult for veterinarians,” Warren wrote in a recent letter with fellow senator Richard Blumenthal.

Due to the cost of pet care, 91 percent of pet owners report experiencing financial stress, according to a recent survey of dog owners by USA Today.

Here are some tips to keep your finances – along with Fluffy or Fido – healthy.

BEWARE THE HARD SELL

Obviously, we all want to give our pets the moon, but the reality is that we don’t have unlimited funds. Use your best judgment about what your pet really needs.

“I adopted a puppy last week and was immediately given a sales pitch for a monthly ‘pet health plan,’ a subscription plan that claims to cover routine visits and immunizations but excludes sick and emergency visits “, says CFA’s Witte.

Witte’s advice? Create a pet care savings account and deposit money into it each month instead of paying for a health plan.

Consider insurance carefully

The growing field of pet insurance is certainly an option and can help with major costs.

After Denver communications consultant Maureen Carrig rescued Sasha (a Yorkie/Schnauzer mix) in 2020, the pup was diagnosed with cancer and had to undergo two surgeries. Her policy with Trupanion (NASDAQ: ) “luckily covered a substantial amount,” she says.

Just be clear about what the insurance covers and what it doesn’t. Many policies do not cover routine check-ups, for example. The costs they cover can be applied first deductible, which can be high.

Of course, coverage costs have also increased. The average dog accident and disease policy premium in 2023 was $676 per year or $56 per month, according to the Pet Health Insurance Association of North America. This compares to $595 in 2019.

RESEARCH YOUR OPTIONS

If you can’t afford proper care for your pet, don’t lose hope. Enter your zip code in the Pet Help Finder to discover what “financially friendly” resources are available in your community.

Animal shelters, community clinics and veterinary colleges often offer free emergency veterinary care. Check out this resource page from the Humane Society.

“Some areas have clinics that offer reduced fees based on income, and many vets offer options to spread the cost over time,” suggests Melissa Caro, a financial planner in New York City.

“There are options for financial assistance such as The Pet Fund and RedRover. These organizations take this seriously and are often well-funded to help people care for their animals rather than abandoning them.”