Despite lower overall costs, pet-related expenses are on the rise
The rising cost of veterinary care, up 8% since last year, compared to an average of 3% for all expenditures,[2] is a source of financial stress for 1 out of 5 DINKs. An additional 45% of DINKs in Insurify’s survey think vet care is expensive but worth it for their pet’s health.
Veterinary care has dramatically advanced over the past decade, according to Dr. Eliza O’Callaghan, managing veterinarian for Small Door Veterinary. People are increasingly treating pets like family members, O’Callaghan says, and are willing to pay for more diagnostics and procedures. Small veterinary practices are investing in sophisticated equipment to meet the demand. But inflation and supply chain issues, in addition to the cost of equipment, have driven up the price of vet visits.
The highest vet bill the average DINK has paid is about $1,449. But 13% reported having spent more than $3,000. Overall, DINKs surveyed are willing to spend up to $5,004 for lifesaving treatment and $2,835 annually on a pet’s chronic health condition.
Common pet illnesses can easily surpass these spending limits. About 1 in 4 dogs and 1 in 5 cats develop cancer.[3] [4] The average cost of chemotherapy is $5,351 for dogs and $3,980 for cats diagnosed with lymphoma. But treatment costs can exceed $10,000 depending on location and length of treatment, according to CareCredit.
Routine procedures can seriously dent DINKs’ budgets, too. The average pet tooth cleaning costs $707, treating a bladder or urinary tract infection costs $1,053, and hernia surgery costs $700–$2,500.[5]
Most DINKs don’t invest in pet insurance, but 68% would go into debt over their pet’s medical care
“[Pet insurance] helps cover the rising costs of chronic disease management, emergency care, and new therapies,” says O’Callaghan, who calls coverage a “game-changer.”
Only 31% of pet-owning DINKs Insurify polled have pet insurance. A stark 68% say they’d go into debt to pay for their pet’s medical care.
Faced with a surprise vet bill, 11% of DINKs would use CareCredit or a deferred payment plan to pay for a major vet expense, 21% would use a credit card or loan, and 27% would tap into their savings. Fewer than one-fifth (18%) would pay with income or cash.
How DINKs Would Cover an Unexpected, Major Veterinary Expense | |
|---|
| Rely on savings | 27% |
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| Use a credit card or loan | 21% |
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| Pet insurance | 18% |
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| Income | 18% |
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| CareCredit or deferred payment plan | 11% |
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| Wouldn’t be able to pay past a certain amount | 3% |
|---|
| Not sure | 1% |
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| Other | 1% |
|---|
A vet care savings account can work for well-off couples, but “emergencies can easily cost thousands of dollars, and no one expects their pet to need an emergency surgery or long-term treatment for chronic illness,” says O’Callaghan.
But pet owners should expect the unexpected. More than two-thirds (70%) of DINKs in Insurify’s poll reported at least one surprise major pet-related expense.
Pet insurance for Chihuahuas, the most popular breed among those surveyed, costs $36 per month on average. Accident and illness coverage typically covers diagnostics and treatment for illnesses as well as accidents like broken bones. Across the U.S., owners pay an average of $44 monthly for dog insurance and $24 for cat insurance, according to Insurify and Fletch data.
| Percentage of Dog-Owner DINKs With the Breed | Average Monthly Pet Insurance Premium |
|---|
| Chihuahua | 13% | $36 |
|---|
| German shepherd | 11% | $52 |
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| Labrador retriever | 11% | $60 |
|---|
| Golden retriever | 5% | $53 |
|---|
| Yorkshire terrier | 5% | $39 |
|---|
| Australian shepherd | 5% | $37 |
|---|
| Boxer | 5% | $78 |
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| Bulldog | 4% | $91 |
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| Poodle | 4% | $56 |
|---|
| Beagle | 4% | $54 |
|---|
Among DINKs who have filed a pet insurance claim, most received either full (52%) or partial (28%) reimbursement from their insurer, according to Insurify’s survey.
“People often regret not getting [insurance] when their pet is young and healthy. Even if your pet is a few years old, I recommend enrolling in a plan as soon as possible,” says O’Callaghan.
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Photos of Amara, her $200 cat tree, and one of her many toys, courtesy of Jackie Frick.)
Kristina Perná and Hazel, courtesy of )
Holiday photos of Cooper, courtesy of Suzanne Kiggin.)
