What to Do Before Rover's Vet Bill Hits $16,000
According to the Bureau of Labor Statistics, veterinary costs have increased an average of 79% from 2000 to 2010. Rising operating costs are to blame, but so is the quality of care that is now available.
What would you do if faced with a $15,000 veterinary bill for a pet you love as much as a child?
While most financial planners would advise against borrowing funds from savings, retirement or equity accounts to pay a vet bill, every case is different.
"For some people, their pets are their lives, they are their children, a part of the family, I would ask them if it would give them a better return on their life if they extended that of their pets. If a pet brings extreme happiness to an elderly person and they can extend that pet's life by five years and maybe that five years could be a big portion of that person's remaining life, then I would definitely advise them to do it," he adds.
Once that question is answered, list your financial goals in rank of importance and that's where they would determine from which account to withdraw the funds.
Where to find Fido's medical fund
Many have used a variety of sources to pay the vet bills thus far. Some might have a basic pet insurance policy, which is usually maxed out at $3,000 in benefits. The remainder was drained from her emergency fund, as well as placed on a low rate credit card. So far, she says, she has been able to pay the bills as they come due.
There are financing options most veterinarians offer through their office, such as CareCredit or Citi Health Card. "They offered one year, no interest and you can figure out how much you need to pay each month to pay it off," . That is key to these programs, or you could be slammed with high residual interest at the end of the loan.
Knowing when to stopIf a beloved pet needs long-term care that requires ongoing expenses, this is when it becomes a really tough decision.
"Even $2,000 in treatments can be [too much for] some people's entire budget for a year. That's when we slip into quality of life mode, really a hospice model that will not attempt to cure, but will keep the pet comfortable, happy and eating for as long as possible. It circumvents the $15,000 bill and the emotional decision."
Ask yourself two questions:
"I don't think maxing out your credit and getting more is the answer. If you don't use credit in a strategic way, it can ruin you."
While many remain optimistic about the pets recovery, you also need to be trying to be realistic. "I do worry about making that decision and my ability to recover from that decision. It would be different if she were old and sick with no treatment options. That is a different thing than making the decision based on finances."
Tips for dealing with your vet
When bringing in a sick pet, vets will typically offer the Plan A treatment plan. If the client indicates they cannot afford all of the tests and treatment options, some vets, if you simply ask them, can tailor the plan to fit the client's budget. Many say they can still typically offer therapy without compromising quality of care. Work with a holistic vet as well.
I don't spend that much and Lucy is still in remission after a year. I hope I am as lucky with your dog going my route as I am with Lucy's cancer if you choose it.