Just over 42% of U.S. households own a dog, while 32.6% own a cat, according to the American Veterinary Medical Association (1). Among those who own pets, a whopping 97% (2) say their pets are part of their family, with 51% considering them the equivalent of human members.
While this is great news for Fido and Whiskers, it leaves pet owners with big problems and tough choices if their animals get sick — especially as vet care costs are rising faster than inflation. For retirees on a fixed income, in particular, getting essential care can become a true crisis.
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“For many older adults, pets are much more than companions; they’re family,” Jennifer Szakaly, founder and CEO of Caregiving Corner (3), told MoneyWise. “Pets provide routine, purpose, comfort, and often help reduce all too common feelings of loneliness and isolation. Planning for a pet’s care is an important part of aging well.”
But how can seniors do that?
Let’s take Karen’s situation. Karen lives on Social Security and a small 401(k), and her dog’s latest vet visit totaled $1,000. Karen loves her dog and depends on him as her most reliable daily companion, but she doesn’t know how she can help him without putting her financial security in jeopardy. So, what can Karen do?
Vet care costs are growing, putting families in a tough spot
Owning a pet has never been cheap, but unfortunately for Karen and other pet owners, the costs of care are becoming much more expensive.
According to research published by the LA Times (4), cumulative veterinary care inflation far outpaces general inflation, with prices up 44% since 2019 compared to the overall 26% inflation during that time. Now, the cost of annual treatment for one animal totals around $3,000, while multi-pet households could spend $30,000 to $60,000 over the typical lifetime of two pets.
HealthyPaws research (5) also estimated that around a quarter of families whose pets have chronic conditions spend between $5,000 and $10,000 annually, often reporting higher levels of financial stress because of it.
The American Veterinary Medical Association (6) attributes the large cost increases to the rising cost of materials, supplies, pharmaceuticals, and utilities, investments in new technology, and longer lifespans for pets. Tariffs have played a big role in increasing material prices, while the recent war in Iran has pushed utility costs up for vet practices.
