(InvestigateTV) — It is estimated that Americans will spend almost $40 billion on veterinary care this year, according to the American Pet Products Association, even if that means taking on debt.
NerdWallet reports that two-thirds of Americans currently own a cat or dog, but only 24% actually have pet insurance.
Pet insurance typically covers medicine, diagnostic tests, hospitalization, and other expenses if pets get sick or hurt.
Kim Palmer, a personal finance expert with NerdWallet, said pet insurance is something to consider because the cost of medical care for pets can be very pricey.
“People really feel like their pets are family members and so if the vet tells you that you suddenly have to pay a thousand dollars or more for medical care, you’re probably going to feel like you really want to say yes no matter your personal finance situation because you love your pet so much,” Palmer explained. “And so that’s where pet insurance is going to help alleviate some of those costs in some cases.”
Palmer advised consumers to comparison shop if they are looking for pet insurance since prices and what’s covered vary under each plan.
For example, wellness care and pre-existing conditions are usually not covered, so people need to be prepared to cover those costs.
“Pet insurance is relatively inexpensive compared to the price of medical care,” Palmer explained.” For example, if you have a dog the average cost is about $50 a month, but what is really striking is the cost of pet insurance goes up as your pet gets older. And one thing to think about, you might not know if your pet will need medical care.”
Palmer said nobody can predict if a pet will eventually need medical care. It’s something people should consider ahead of time.
It’s a tough decision and she said owners should weigh the pros and cons with their personal finances.
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