For most of us, our pets are more than just pets – they’re treasured members of the family. But how much would you really be willing to pay if your furry friend really needed it?
It’s no secret that inflation is rampant, and the cost of living is skyrocketing. All across the country, household budgets are being squeezed and fat is being trimmed.
It’s also no secret that Aussies love their pets. In fact, we have one of the highest rates of pet ownership in the world.
An unfortunate reality of pet ownership is vet bills. Apart from regular checkups – which are expensive enough – unexpected illnesses and injuries are part of life for a pet.
Vet bills for more complicated procedures can rival those for humans. Research from pet insurance firm PetSure found the average lifetime healthcare cost for a pet of ‘average health’ can exceed $30,000, and one in 10 tops $100,000 over a lifetime.
Years of medicine for chronic conditions such as diabetes can be very expensive, while individual operations can run into the tens of thousands.
The same research also found that there is a limit to what people are willing to pay.
The data showed $3000 is the tipping point at which people begin to consider having their pet put down. For reference, treatment for a broken bone or for swallowing a foreign object can easily cost more than $5000, showing just how easy it would be to hit that threshold.
Alex Thomas, CEO of PetSure, says people rarely think about potential vet expenses when they’re buying a pet.
“Pets are immeasurably rewarding and an integral part of our families,” she says.
“They depend on us for their health and wellbeing, but they also come with many unexpected costs, especially if they have an accident or develop a complex health condition and need urgent or extensive veterinary treatment.”
Of course, you could try and keep emergency savings for such an event, but the unpredictable nature of your pet’s health means you may not have enough, especially if they require ongoing treatment.
Ms Thomas says pet insurance is one way to ensure you never have to say goodbye to your pet for financial reasons.
“Pet insurance provides peace of mind,” she says.
“Having it can mean the difference between keeping your beloved pet or having to make a heartbreaking decision due to a single unexpected treatment cost.”
However, some experts say they’re not seeing results that mirror the PetSure data.
Jenny Brown, CEO of JBS Financial Strategists, told the Herald Sun that even though households with mortgages are more likely to have pets than renters, she hasn’t seen much evidence people are euthanising their pets for financial reasons.
Instead, she says it’s become much more common to see people giving up their pets for adoption because they can’t afford the care.
“Vets are expensive,” she says.
“I see people often surrendering pets because they can’t keep them any longer.”
So, is it all a bit of marketing spin to sell pet insurance, or is $3000 the limit when it comes to a vet bill? What would your limit be?
Are you a pet owner? Have they required any big vet procedures? Let us know in the comments section below.
Also read: How to deal with pet hair and smell at home
Very little as they are just animals which can be easily replaced. In fact all the pets I have were given to me by people who didn’t want them any more so they have no material value.
We have 2 elderly pets who have a number of health issues which do stretch the budget. We focus on quality of life as the measure – will s/he be comfortable/pain free and still enjoy life if not then it is time to consider euthanasia. To keep costs down we ask for prescriptions and get medications online, when we can.
I can’t put an exact amount to how much money I would spend, but it would depend on what had to be done and if there was a very good chance of success and of course if you can afford to pay the exorbitant amount of money vets charge. Decisions also about being pain free and have good quality of life is also a deciding factor. I actually got rid of one lot of pet insurance as it was becoming too expensive for how much it was used as this was for an older dog so premiums were sky high. The other dog is on our H&C insurance, and have claimed on it and had no problems (this ends up only a few hundred dollars per year compared to thousands). Sometimes vet practices also try to do alot of add ons – last time I went it was the teeth need to be cleaned, but this dog had to be taken to another vet whilst at a kennel and that vet there said he thought this dog was very healthy for its age. I’m finding alot of younger vets try to get you to do alot of unnecessary tests, etc for your pets.
Pet Insurance isn’t cheap anymore either. l’ve read comments from people saying their premiums have doubled recently or even more. And it also doesn’t cover a lot of things either.
I recently had to put my Westie/Maltese cross dog Molly to sleep. She was 15 and at 10 years of age was diagnosed with a spinal cord tumour. The CT scan to determine what was causing intermittent incontinence and a bit of difficulty in her walking gait was $2750. To be given a definitive answer as to whether it was benign or malignant was going to cost another $4,000. As pensioners, and with Molly being 10, we weren’t prepared to pay the additional amount if the chance of her survival was limited and nothing could be done to fix the problem.
I was told that either way, Molly would eventually lose control of her back legs and become fully incontinent. Her prognosis was 3mths to 3 years max. So, we decided to give our little fur baby the best life we could for as long as she was engaged in life and happy, whatever that took.
I have Pet Insurance, however what I have discovered is that most (or all) pet insurance companies do not cover dental. My little girl (dog) is only 21 months old but has plaque on some of her back teeth despite the fact that all of the treats and toys I give her, as well as an additive that goes in her water, are designed to help keep teeth healthy and clean. I have tried using a tooth brush and pet toothpaste, but she is so resistant it’s near impossible.