For many consumers, their pets are another member of the family. However, the costs that are associated with their care and well-being can be steep, and when an emergency pops up, are you prepared?
New research from Metlife Pet Insurance has highlighted that most pet owners aren’t. Their study found that 7% of Americans are in pet-related debt, and 4 out of 5 pet owners have experienced unexpected vet costs over $1,000.
To help consumers feel more prepared to tackle any situation that comes up with their pets, ConsumerAffairs interviewed Brian Jorgensen, CEO of MetLife Pet Insurance.
The value of pet insurance
Based on MetLife’s survey of 1,000 pet owners across the country, 75% of pet owners don’t currently have pet insurance. However, it can be an important tool to protect the financial health of pet owners.
“A small monthly premium can help pet owners address unexpected and expensive vet bills, keeping pets happy and healthy,” Jorgensen said.
“These plans go beyond financial protection and also include enhanced features such as grief counseling, 24/7 access to telehealth services, and access to personalized pet health recommendations to ensure your furry family member is always protected.”
Other benefits of pet insurance:
Helps pet owners budget pet-related expenses
Helps pet owners avoid going into debt related to their pet’s expenses
Helps manage pet-related expenses
Reduces expenses for emergency treatments and procedures
Essential pet care is key
The survey also revealed that 20% of pet owners have considered euthanasia due to medical costs being too high. However, staying on top of regular vet visits and implementing preventative care measures can be a good way for pet owners to protect the health and well-being of their pets.
“Pet owners can limit things like expensive toys, accessories, or expensive treats to help with their financial planning,” Jorgensen said. “Focusing on preventative care and budgeting for unexpected emergencies will ensure funds are available and can be used for their pet’s health and well-being”
Being financially prepared
The stress that comes with struggling financially – especially with pets – can be burdensome for many pet owners. However, there are options out there to ensure you stay within budget while also caring for your furry friends.
“Pet owners who are struggling financially can consider low-cost vet clinics, financial assistance programs, and payment plans,” Jorgensen said. “Securing pet insurance can be a low-cost, simple way to protect against significant out-of-pocket veterinary costs in the future.
“It’s also important for pet owners to research pet health, tips, and best practices. Being educated and informed on how to best take care of a pet can save owners a lot of money.”