With Christmas approaching (sorry!), and with the rising costs of pretty much everything this year, people may be looking at their finances and seeing where savings can be made.
Our animal companions, while undoubtedly essential to our wellbeing in many respects, and a source of much joy, comfort and company, are of course an expense, and some would say a luxury. Many people look there to see how they can save money (although often only after cutting back everything else they possibly can).
Pet insurance is often the first thing to go, with people choosing to put money into a separate account for their animal(s) instead, if they can afford to. This can be helpful (if you can resist the temptation to dip in!) but has its limitations. We recently were asked to contribute towards a ‘simple’ fracture repair in a cat following an RTA, where the total invoice was £3,800+. It would take quite a while for most people to save that amount of money! Then there are the rising costs for an elderly pet, which could include lifelong pain relief for arthritis, specialist food, or monthly medications for heart or kidney conditions for example. Even with an online prescription, these can easily run to over £100 per month. And you may wish to add ‘alternative’ treatments such as hydrotherapy, acupuncture and supplements.
Most animals need a dental, under anaesthetic, at 2 or 3 points in their lifetime. Some insurance companies cover these if the pet has had an annual check up with the vet, but the majority do not. Depending on the level of work needed, these will likely cost upwards of £600.
Many people complain that vets are too expensive, and there’s no doubt that costs have risen exponentially over the last 5 years or so. There are some points to be taken into consideration though:
– Vets for years undercharged for the level of service they were providing, and this was reflected in wages (i.e. underpaid staff)
– The services that many general practices now provide as routine, such as in-house blood tests, ultrasound scans and endoscopy, were once the preserve of referral centres. That equipment costs a lot of money to buy and maintain, and staff need
specialist training on its use
– There is no NHS for pets – many people have no idea how much medicines and
doctors time costs until they need to go private for something, or until a new medicine hits the headlines for not being available on the NHS due to being too expensive
– Under the ‘cascade’ system vets cannot prescribe a cheaper human medication if an animal specific alternative is available
– The cost of living has gone up and this is reflected in running costs for veterinary
practices
– Poor breeding practices and ‘pandemic puppies’ have led to more genetically
unhealthy pets with pre-existing conditions, increasing the complexity and cost of
care, which is reflected in insurance costs too
– Clients are requesting treatments costing many thousands of pounds such as
complex heart surgeries and prosthetic limbs
However, there is also the phenomenon of Corporate Consolidation, where large corporate groups have bought out independent practices and completely changed their pricing structure. Some vets have reported pressure to meet financial targets and sell ‘extras’ in their consultations. The market is currently being investigated by the CMA (Competition and Markets Authority) for potential anti-competitive practices undertaken by these large corporations.
What can people do?
– Thoroughly investigate the costs of keeping a pet, including average expected yearly veterinary costs, before taking on an animal
– Research a breed before purchasing, many suffer from hereditary conditions that will prove costly over time and have a negative impact on their quality of life (and on yours!)
– Take out the best insurance policy you can afford, or consider a separate savings
account for your pet(s) – but be aware of the limitations of this
– Be upfront with your vet from the very start about your financial situation. Vets will understand and will practice ‘contextualised care’, where decisions and treatment routes taken will be tailored to the owner’s situation, not just financial but also their values and their ability to give medication or physiotherapy for example, alongside the animal’s temperament, lifestyle and behaviour
– Even if you can afford an expensive and invasive treatment on your insurance plan, consider whether it’s fair on your pet to do so. Just because we can, doesn’t mean we should…
If you are struggling, reach out to pet food banks such as Boomerangs or see the list of Blue Cross & RSPCA foodbanks, All links below.
Boomerangs Pet Food Bank https://www.boomerangspetfoodbank.co.uk/
Blue Cross https://www.bluecross.org.uk/help-and-support/our-pet-food-banks
RSPCA https://www.rspca.org.uk/adviceandwelfare/costofliving/foodbank
