If you’re one of the more than 90 million American households with a pet, congratulations! Whatever breed you adopted or rescued, chances are your furry friend is an important member of the family. In fact, studies have shown that pets can help you stay healthy because they provide:
* Companionship
* Unconditional love
* Motivation to exercise
If you’ve already added a pet to the family or are considering adopting one, the rewards of parenthood are many, but it’s also important to understand the realistic costs of lifetime pet care. and be financially prepared. Fortunately, a recent study commissioned by Synchrony titled “Lifetime of Care,” looked at the cost of living care for pets, which ranges from $20,000 to $55,000 for dogs and $15,000 to $45,000. for cats. The results are based on responses from 1,200 pet owners and 100 veterinarians and provide consumers with clear information, verified by veterinary practices, on the lifetime cost of a dog or cat.
“Millions of Americans choose to share life with a pet, but the true cost of ownership has always been incredibly vague. Our Lifetime of Care study is a useful tool in preparing future pet parents,” said Jonathan Wainberg, senior vice president and general manager. manager, Pet, Synchrony. “We want pet owners to have a better understanding of what to expect financially and the flexible payment solutions available to help them manage their pet’s lifetime care costs.”
The first year of owning a pet tends to be the most expensive and includes adoption costs, vaccinations, neutering, new accessories, toys, carriers, etc. Lifetime of Care research found that dog owners can expect to spend between $1,300 and $2,800 and cat owners between $960 and $2,500 in the first year. Maintenance costs after the first year can vary greatly depending on the breed of animal, whether it is a cat or a dog, and whether it is an indoor cat or outdoors.
Plan expenses for your pet
Just like human family members, pets need routine wellness checks to stay healthy and can also get sick or injured unexpectedly. And that can impact your budget. The “Lifetime of Care” study found that pet owners who receive a $250 vet bill may struggle to pay. Additionally, research indicated that approximately half of all pet owners who thought they were financially prepared to meet unexpected expenses for their pet were not and would consider a dedicated healthcare financing solution for their pet. animal.
Rather than being surprised by the cost of caring for your pet, you can prepare for possible healthcare expenses before they become a reality. Two cost-effective solutions for current and unexpected expenses are pet financing solutions, like CareCredit, and pet health insurance, like Pets Best. Both solutions work independently or together as a complete safety net.
Pet owners can use their CareCredit credit card to pay for initial veterinary fees at the time of their pet’s visit, then later apply the reimbursement from Pets Best to their CareCredit account.
Pet Health Tips: Embrace Proactive Care
Being proactive in your pet’s routine and preventative care not only keeps them healthy, but it can also help keep costs down. Dr. Chris Roth, DVM recommends:
* Schedule annual vet checkups – these are one of the best ways to stay ahead of emerging health issues.
* Keep your pet up to date on recommended vaccinations to avoid preventable diseases.
* Ensure proper use of preventative medications to avoid heartworm, intestinal parasites, tick-borne diseases and flea infestations.
* Neuter or neuter your pet to avoid unwanted and costly pregnancies.
* Give your pet the right nutritional mix with a side of exercise to maintain a healthy weight.
* Offer affection and play with your pet to help protect their physical and emotional health.
* Equip your dog or cat with an ID tag or microchip with their name, address and phone number in case they get lost.
As you embark on parenting a pet, take a few simple steps to ensure you can cover pet costs at every stage of life. Develop a plan that works for you, such as creating a budget that includes provisions for basic pet care like food, annual exams, toys, and other costs. Also create an emergency fund in case the unthinkable happens. Finally, consider getting a credit card and pet insurance for peace of mind when your pet needs health care.
Whatever you choose, it’s all about having the peace of mind that you’re ready to take care of the family member you love.
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