In the recent data of the American Pet Products Association, it is found out that 70 per cent of American household owns a pet but cannot afford to visit the veterinarian for $800.
Adults who have pets are said to not splurge on the medical bill and unexpected vet visits with an average cost of $400 to $1,500.
Every year, there is an increase of about 4 per cent in the overall spending of the US household with their beloved pets. In 2016, about $66.75 billion is recorded by the APPA, and in the first quarter of 2019, the number blew up to $70 billion.
According to CNBC, most pet owners spend their money with pet products and services that will give their companions a better life. Medical-related services are just an exclusion because the cost can go up to $1,500. However, costs can still go higher with emergency veterinary treatments.
The urgency and unexpected treatments can be a big burden for most pet owners, which can result in debt. Petplan, which is a pet insurance company said that the average cost per visit to the veterinarian is $1,500 and more if there are more medications needed.
In a report published by the Economic Well-being of U.S. Households, almost 12 per cent of adults needs to sell or borrow money just to cover the expense of pet medical bills.
Meanwhile, pet insurance is still not widely applied, with only 2.16 million insured pets all over the United States. Accident and illness plans are among the main driver in the insurance market, which helps pet owners save money on hospitalization and other costs.
Approximately 2 per cent of the whole 2.16 million only has Accident Only plan. The insurance premium is definitely low when animals are still young, about two to four years old.