Understanding and preparing for the cost of veterinary care
While pet ownership offers tremendous rewards for individuals and entire families, owning and caring for a pet goes well beyond the joys of a game of fetch, a cozy cat in your lap or the overall companionship that our four-legged friends can bring.
Pet owners must also prepare for and understand the costs associated with quality veterinary care for their pets including, at some point, the expenses of the unexpected.
Veterinary medicine has advanced to such a degree that caregivers have many new options in delivering preventive care, as well as for the care of ailing pets. Although the cost of veterinary care is quite reasonable in comparison with the cost of human health care, an unexpected medical emergency can present a major financial dilemma for an unprepared pet owner.
Keep in mind that your veterinarian is not only your pet's general physician, but also its surgeon, radiologist, dentist, dermatologist, neurologist, ophthalmologist, psychiatrist, ears/nose/throat doctor, and pharmacist.
Although it may feel as if you are paying more for your pet's health care than your own, chances are you probably have some form of health care insurance for your own needs. As a result, you may never see the total bottom-line figure for your own doctor or hospital bills.
Your veterinary bill is a reflection of the costs of maintaining suitable facilities, equipment, and support personnel to provide the level of care that is expected in animal medicine today.
In addition to preparing for routine pet-care costs, you may consider setting aside money to cover unexpected veterinary bills by creating a special "pet savings account" and contributing money to it on a regular basis.
Today, pet health insurance is available to offset the costs of your furry friends' medical expenses in much the same way that yours are.
For those considering pet health insurance:
- Be sure you understand what the policy covers. Some policies (but not all) cover some preventive care, such as vaccinations, but there may be additional cost for this coverage.
- Understand the exclusions. Almost all policies exclude pre-existing conditions and some exclude hereditary conditions. Some may exclude certain conditions unique to certain breeds.
- Almost all policies have a deductible and a co-pay requirement. Some pay according to a set schedule of “usual and customary fees” while some pay based on the actual incurred expense. Be sure you understand how expenses will be reimbursed.
- Ask whether or not the policy allows you to seek care from a veterinarian of your own choosing or whether you must go to a veterinarian that participates in the company’s network of providers. When faced with a pet’s serious illness, most pet owners want to be able to obtain care from their regular veterinarian.
- Speak with your veterinarian or someone on the practice team. While veterinarians do not sell insurance, chances are they have had experience with the policy you are considering and can provide helpful advice.
Veterinary care can provide your pet with many years of healthy and happy life. Managing the expense of veterinary care can be done in a number of ways; the important advice is to think about it before the need arises.
Remember that, depending on the severity of your pet's illness or injury, you may still lose your pet even after considerable expense. Discuss the prognosis and treatment options thoroughly with your veterinarian, including whether surgery or treatment can preserve a quality life.
Preventive care can go a long way in protecting against problems down the road. Having your pet spayed or neutered, annual wellness screenings, keeping exams and vaccinations up to date, proper diet and exercise can all help prevent serious and costly health problems.
