Owning a pet can bring a lot of joy, but it is also a big financial commitment. While you can plan for regular expenses, such as food and toys, vet bills can surprise you.
Costs can range from $1,500 to $5,500 if your pet swallows something they shouldn't, gets an ear infection or breaks a bone. No one wants to think about the worst-case scenario, but laying the financial foundation to address emergencies when they pop up lets you focus more on your pet and less on how their medical care will affect your finances. Part of that planning entails considering pet insurance. A good pet insurance policy can minimize your financial risk if your pet ever needs emergency care, but a bad policy can result in high premiums without enough protection.
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Why planning is key
Not preparing for your pet’s medical needs can significantly hurt your finances. The best time to get pet insurance is when your pet is young and has no pre-existing conditions. Once your pet has a condition, pet insurance providers typically won’t cover it. Most only offer financial safeguards for new conditions that the pet incurs after the policy comes into effect.
However, skipping insurance isn’t the only reason pet owners end up with high vet bills. Ignoring regular dental and preventive care can lead to bigger problems that result in expensive procedures in the future. Young and mid-age healthy pets may only need one routine visit a year, but older pets often need more check ups.
It’s also good to compare clinics and ask for itemized options, so you know where your money is going. Researching multiple clinics can help you secure more competitive prices and save money on various services.
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Consider the emotional factor
Many pet owners view their furry companions as their family members, and they want to ensure their pets have access to the best care.
That means if you don’t have a plan in place, you can make emotional decision making. Overspending — and even taking on debt — is a significant risk if you aren’t careful. Knowing that you have the funds saved up to cover an emergency, a financial plan in place with your vet or insurance coverage can help you think about what's best for your pet and your finances.
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Build an emergency fund
Although guilt and the stress of seeing a pet hurt can result in overspending, some of those expenses are necessary. For instance, if a pet breaks its leg, surgery is likely required. You can’t plan for the exact moment your pet may break its leg, but you can set up your finances in such a way that you can address these types of surprises.
Financial advisors typically recommend setting aside three to six months’ worth of expenses for emergencies, including if your pet gets injured or sick. You can also set aside an emergency pet fund that’s separate from your typical emergency fund.
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