Pet caring is a common practice worldwide. Spending time with these pretty, innocent, and beautiful creatures is worth enjoying. As more people are now considering pets more like their children, the money spent on their health and wellness costs has skyrocketed.
According to the figures released by the American Pet Products Association (APPA), the U.S pet owners spent approximately $70 billion on their pets in 2017 for drugs and medical procedures. A low percentage of pet insurance is believed to be the major cause behind increasing vet expenses.
In this context, this article discusses some of the primary reasons behind the rising vet bills and the benefits of pet insurance.
Over the past 3 to 4 decades, a dramatic change in people’s attitudes has occurred. Unlike thirty years ago when pets were not considered a big part of their family, people are now viewing these creatures as their own kids, sometimes even more than that.
Today, you belong to the Brian generation where the pets are your family guys, which shows a paradigm shift about how you perceive your pets. Most of the pet owners nowadays have cocktails with their pets and eat dinner together.
Hence, more money is being spent on the health and wellness of pets due to changing attitudes that result in rising vet bills.
Another reason behind the rising vet bills is the lengthening lifespans of pets due to increased awareness about their health. Similarly, modern veterinary hospitals have qualified staff and better equipment.
Research data shows the average life of dogs has been increased from 10.5 years in 2002 to 11.8 years in 2017.
Today, pets are subjected to more check-ups and better nutrition than in the past. An Animal Health Institute (AHI) survey shows an average pet costs $9000-13000 in terms of medical treatments over its lifetime.
A low percentage of pet insurance has also contributed to the rising vet bills. Given below are the 10 reasons why you must get your pet insured today:
- Pet insurance decreases vet bills;
- It allows you to pick your favorite veterinarian;
- It offers mental reflection and peace of mind;
- It enables you to focus more on your pets’ life rather than expenses;
- It can cover the legal expenses in case your pet hurts someone;
- It prevents you from dipping into the family’s emergency fund;
- It saves additional medical treatment costs like X-rays;
- It keeps your pet healthy without affecting your financial stability;
- It prevents discrimination against the type or age of your pet; and
- It helps you bear an expensive treatment for your pets.
Pet Insurance Industry Forecasts
Experts have predicted that the U.S pet insurance industry is likely to reach over $2 billion by 2022. Increased consumer awareness is the key reason behind the unprecedented growth of the pet insurance market.
This is also good news for you as a customer since you can buy more effective and economical pet insurance plans as the industry grows. Hence, you can ensure better health for your pet at a reasonable price in the future.
A low percentage of pet insurance, changing perceptions about pets, and better health facilities at veterinary hospitals are some of the primary reasons behind rising pet bills.
Pet insurance allows you to ensure better health for your pet without stretching your budget. Custom pet insurance plans offer the most advanced veterinary care at a reasonable price.
Finally, buying custom pet insurance plans make your life easier and give you peace of mind by significantly reducing your vet bills.
David van der Ende is a full-time blogger and part-time graphic design enthusiast. He loves to write about a broad range of topics, but his professional background in both legal and finance drives him to write on these two subjects most frequently.