Minimising the financial headache of those sky-high veterinary bills
Taking care of your pet properly can come with astronomical veterinary costs – but there are ways that you can minimise the financial headache.
For anyone who has been in the nightmarish position of discovering their dog has eaten a massive bar of chocolate and had to rush it to an emergency vet to have its stomach pumped for an exorbitant amount of money, you’ll know pets can prove pricey.
In fact, vet costs are thought to have risen twice the rate of inflation, and it’s affecting pet owners’ pockets, as well as their pets’ health.
Rajan Lakhani, personal finance expert and head of money at personal finance app Plum, says a number of factors are contributing to the increase, including “higher utility and rental costs that veterinary offices are having to pay. Then there’s new technology, and also medication costs have risen.”
Alongside that, “there’s been a trend of consolidation, so more veterinary offices are coming together. That means there’s less competition, and we’re seeing a change in ownership,” he continues. “A lot of smaller firms are being taken over by private equity coming into the market, and then being merged.”
Combined, it means the supply of services hasn’t been growing as quickly, while demand has gone up, meaning higher costs.
But there’s lots you can do to minimise the financial damage…
“It’s really important to be open with your vet about any challenges you’ve got,” says Lakhani. “Having that conversation may open up different avenues, whether that’s alternative treatments, or potentially getting that cost reduced.
"They may signpost charities that might be able to help you as well. For example, PDSA, which offers low-cost and free veterinary services to eligible people.
"The RSPCA offers subsidised vet care in some locations.” At some surgeries you may be able to see a veterinary nurse instead, which can be cheaper too.
“They may offer health plans or payment schemes to help spread out costs,” says Lakhani.
“Often, they will partner with a credit company, but beyond a loan, they may have plans that cover routine care like vaccinations or examinations, which make budgeting easier.”
“Similar to how you shop around for tariffs and energy, it’s important to make sure you know you’re getting the right value [veterinary care].”
As part of potential new reforms, the Government is actually considering forcing veterinary practices to publish their common treatment prices, so pet owners can shop around for the best deal.
Lakhani says to compare prices and “make sure you get those as written estimates”.
“Find the right pet insurance in the first place. That’s where you can use comparison sites.
"They will show you different options that can protect you financially against unexpected emergencies or chronic health conditions for your pets,” says Lakhani.