Loving Their Pets to Debt
Veterinary care in the U.S. has become a multi-billion-dollar industry over the past decade, mirroring the escalating costs of human healthcare and creating a complex landscape for pet owners.
This is the topic explored in a recent episode of “The Daily,” hosted by Sabrina Tavernise, featuring investigative healthcare reporter Katie Thomas from The New York Times.
In the podcast, Thomas discusses her investigation into why veterinary care costs have increased so dramatically and the impact on those who love and care for their animals.
The Rising Costs
The cost of veterinary care has increased significantly in the past decade. Prices for services have risen approximately 30% and vet care itself has risen over 60% in the last ten years.
This increase is due to a number of intertwined factors.
Expanding Pet Ownership and Changing Attitudes:
One factor is the changing culture of pet ownership. More people than ever own pets, and society increasingly views pets as family members. This has led to greater demand for services and more willingness to spend on pet care.
Advances in Veterinary Medicine:
Significant advances in medicine for animals is also contributing to price increases. Vets now have access to complex surgery, cancer treatments, and new drugs, similar to what is available for humans. While these advances are beneficial, they come at a significant cost.
Corporate Consolidation:
Another factor is the increased involvement of big businesses in the veterinary industry. Corporations and private equity firms have been buying up small clinics. Today, approximately a quarter of all primary care vet clinics and three-quarters of specialty hospitals are owned by companies.
This consolidation puts pressure on vets to increase revenue and costs for pet owners, according to multiple veterinarians interviewed for the podcast. Pressures include seeing more animals per day, ordering more tests, and employing sales tactics.
Differences with Human Healthcare
While veterinary care has adopted many of the advances of human health care, one key difference remains: how care is paid for.
In human healthcare, insurance often covers the bulk of medical expenses, and hospitals are legally obligated to provide life-saving care in emergencies. In veterinary care, pet owners typically pay the full amount of the bill upfront, out of pocket.
While pet insurance is available, only a small percentage of pet owners have it. It often doesn’t cover pre-existing conditions, and the process of reimbursement, which can be inconvenient, often requires the pet owner to pay the full bill first.
Financial Fallout
When facing large veterinary bills, many pet owners resort to various means to pay, including dipping into retirement funds, taking on second jobs, or using credit cards. Medical credit cards with high interest rates are also a common option.
Ultimately, pet owners are tasked with difficult decisions, weighing what care to provide and how to afford it, with the knowledge there is often no perfect answer.
Heather Massey of Carlton, Ga., stands with her dog, Lunabear. She is still paying off debts for scans and care six years after her previous dog was diagnosed with brain cancer.
