The Rising Costs of Pet Ownership in Massachusetts
For many residents of Massachusetts, pets are considered part of the family. However, the financial responsibilities that come with pet ownership can be significant. A recent report from Rover has named Massachusetts the second most expensive state for dog owners, with average annual costs reaching just over $4,000.
The prices of pet goods and services are expected to rise further this year. According to Rover, pet parents can anticipate spending approximately 11% more on veterinary fees, 183% more on pet cleaning supplies, 20% more on grooming supplies, and 85% more on treats and chews. Chip Lupo, a writer and analyst at WalletHub, advises against panic buying, stating, “What you do not want to do is what we call panic buying. So, you don’t wanna rush out like during COVID. If you create any kind of a demand shift, that’s going to make the cost go up even more.”
Being a pet parent involves more than just providing treats and affection; it also requires planning for unexpected expenses. Brian Jorgensen, CEO of MetLife pet insurance, notes that nearly 1 in 10 Americans are currently in pet-related debt, with an average credit card balance of $2,200. His company’s latest report on emergency pet care costs reveals that many Americans are not financially prepared to handle medical emergencies for their pets, with some even considering financial euthanasia due to unaffordable medical costs.
“One of the best ways that pet owners can prepare is by securing pet insurance early in the life of their furry loved one,” Jorgensen suggests. “This protection can help address unexpected costs, as well as some of the regular ones that come along, like regular vet visits and preventive care measures.”
When selecting pet insurance, Jorgensen advises doing thorough research and comparing different options. Most pet insurance providers operate under a reimbursement model, so it’s essential to understand the factors that influence coverage, such as the pet’s breed, age, and location.
In addition to pet insurance, other strategies can help pet owners manage unexpected costs. Starting a pet emergency fund by setting aside $10 to $20 monthly can create a financial buffer. Regular checkups, vaccinations, and dental cleanings are also crucial for preventing large veterinary bills later on.
For those facing financial difficulties in caring for their pets, Lupo suggests reaching out to social media platforms and pet-specific websites for potential assistance. “There’s a lot of generous people out there that would be willing to chip in just a few dollars towards your pet’s expenses because most people love their pets and would hate the idea of losing a pet.”
By taking proactive steps such as securing pet insurance, maintaining a pet emergency fund, and prioritizing preventive care, Massachusetts residents can better prepare for the financial responsibilities of pet ownership and ensure the well-being of their pets.
