Have you brought home a dog or cat to love? Congratulations! You've probably already thought about the expenses that go hand in hand with loving and caring for your pet. From food and bowls to dog-walking and cat-sitting, our sweet, furry friends can have quite an impact on our budgets.
Veterinary care is another significant cost you'll want to factor into your pet cost plan. Synchrony published the Lifetime of Care study which reports that yearly health-related expenses for a dog range from $534 to $1,285 and $374 to $965 for a cat.1
So how can you afford to keep your fur babies healthy? Here are some tips and tricks on getting (and staying) prepared to pay vet bills.
Create a pet fund
The most obvious place to start is by setting aside some cash every week—whatever you can comfortably afford. That way, you'll have a nest egg if you need to have your pooch dewormed or your cat's mysterious limp examined.
Pet savings stash
It's a common-sense tactic that works for preventing a drain on your bank account in non-pet-related emergency circumstances too. Veterinarians may recommend this sort of casual “pet savings stash" as a way to prevent having to choose between your pet's needs and your wallet. And of course, that goes double (or triple) if you have more than one pet in your care.
Upfront vet costs
You'll likely be paying for vet costs upfront, with your insurance provider reimbursing the cost a few days or weeks later.2 Pets Best offers reimbursement levels from 70 to 90 percent and in some cases, can pay your vet directly for any costs you've incurred.
Still, you should play it safe and prepare to fork over a hefty sum while you wait for reimbursement—which is why a pet care fund can be a lifesaver.
High yield savings account for pet care
You can also consider putting your pet care fund into a high yield savings account3, where you can earn a competitive interest rate to help you grow your savings.
The downside to a pet care fund is that it might not be enough to pay for unexpected costs. And if money is tight, adding to this fund might be a real squeeze.
Pet insurance
On the plus side, a pet fund will be useful even if you sign up for comprehensive pet insurance. Pets Best covers your puppies, kittens, mature dogs and cats in the event of accidents and illnesses. You can also choose to add an optional routine care provision to your policy to help with the cost of vet visits for things like vaccinations and heartworm prevention.
Talk Poverty explains that veterinary care is expensive—almost 28 percent of U.S. households say the cost of taking their animal for health needs is prohibitive.4 Pet insurance may help you manage the financial burden. If money is tight, there are options. For instance, Pets Best offers a range of flexible policies, allowing you to customize the deductible, reimbursement percentage and annual coverage amount to fit your budget. Pets Best also offers accident-only plans for as little as $6 to $9 per month.*
Consider a personal loan
If your pet needs extensive treatment, PetMD makes the case for researching the viability of a personal loan. They point out that it may be more cost-effective than charging several thousand dollars for emergency surgery to your credit card.5 That's because personal loans generally offer a lower interest rate than credit cards.
Another advantage is that online loan applications may be approved in a single day, which can offer peace of mind when you have to make a snap decision about your pet's care.
The disadvantage is that personal loans come with interest charges and fees—meaning you might end up paying more than the amount you borrowed.
Use the CareCredit credit card
Another option is to use a pet health-specific credit card like the CareCredit credit card, which you can use for both your pet's health and your own.6 CareCredit can help you manage the cost of vet visits, whether planned or unexpected**. At veterinary practices that accept CareCredit, you can use CareCredit to pay for:
- Exams
- Emergency visits
- Regular visits
- Medications
- Treatments
- Pet care products
CareCredit can help you pay your health insurance deductible and treatments your pet insurance policy doesn't cover. Not to mention, you can use it for all kinds of other health and wellness needs.
Talk to the vet
Unsurprisingly, the Humane Society of the United States has a slew of suggestions for how to pay your vet bill when money is tight.8 For starters, they recommend going straight to the source of your vet expenses: your vet themselves. If you have a longstanding relationship, they may be able to offer you financial assistance like a reduced rate or payment plan. If that's not on the table, why not seek a second opinion? A vet in another practice or a smaller town might offer another medical solution or simply charge less.
Try crowdfunding
Pet-specific crowdfunding sites can help you raise cash that gets sent straight to your vet. For instance, some sites may raise donations to prevent pet owners from having to euthanize a companion whose medical procedure they can't afford.
Ask for help from a nonprofit
The Humane Society also recommends seeking out breed-specific rescue groups that might be compelled to help you—which you can search for via the Shelter Pet Project.9 You can also look for national organizations dedicated to providing charitable funds to pet owners in need. These lists are long, so you'll have to do your homework to see which organization might be a good fit.
The bottom line
While an unexpected vet bill can be daunting, a pet insurance policy from a company like Pets Best can help ensure you don't get walloped by a giant vet bill. Here's how to get started on a quote. Combined with some of the other strategies listed here, you'll be more equipped to do the right thing by the furriest members of your household.
*$7/mo for cats and $10/mo for dogs in WA.
**Terms and conditions apply. See policy for details.
References
1Pet – Lifetime of Care Study, August 2021, www.petlifetimeofcare.com/#page=1.
2Ingrid Case, Noel Dávila and Paul Reynolds, January 21, 2022, "What Does Pet Insurance Cover?" Money, https://money.com/what-pet-insurance-covers, accessed July 18, 2022.
3 Moriah Costa, May 2022, "High Yield Savings Account: What It Is and How It Works," Synchrony, https://www.synchronybank.com/blog/what-is-a-high-interest-savings-account/, August 1, 2022
4Carol Mithers, November 12, 2021, "Most Americans Have Pets. Almost One Third Can't Afford Their Vet Care," Talk Poverty, https://talkpoverty.org/2021/11/12/low-income-veterinary-care-affordability, accessed July 15, 2022.
5Sarah Wooten, DVM, May 20, 2022, "7 Ways to Get Help With Vet Bills," PetMD, https://www.petmd.com/general-health/7-ways-get-help-vet-bills, accessed July 11, 2022.
6 CareCredit, https://www.carecredit.com/howcarecreditworks/prospective/
7 Ellen Cannon, September 2021, "Medical Credit Cards Are Costly If You're Not Careful," NerdWallet, https://www.nerdwallet.com/article/credit-cards/medical-credit-card, Accessed August 1, 2022
8The Humane Society of the United States, "Are you having trouble affording your pet?" https://www.humanesociety.org/resources/are-you-having-trouble-affording-your-pet, accessed July 11, 2022.9The Shelter Pet Project, https://theshelterpetproject.org, accessed July 11, 2022.
The content is subject to change without notice and provided solely for your convenience. You are urged to consult with your individual advisors and/or medical providers with respect to any information presented. Neither Synchrony nor any of its affiliates, including CareCredit, make any representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Neither Synchrony nor any of its affiliates, including CareCredit, make any representations or warranties regarding the services provided by the Shelter Pet Project, and no endorsement is implied. Your receipt of this information constitutes your acceptance of these terms and conditions.