Welcome to BW’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn how to financially prepare for the costs of pet emergencies with firsthand experiences from pet owners and experts. How much does emergency pet care cost? How much should you budget for unexpected pet expenses? Hosts Sean Pyles and Ronita Choudhuri-Wade discuss the unpredictable nature of pet emergencies and the importance of financial readiness to help you understand how to effectively manage unexpected veterinary costs. They begin by sharing their personal experiences and discussing the emotional toll of pet emergencies, with tips and tricks on setting up a savings account for pet expenses, considering pet insurance, and understanding the wide range of potential costs involved in emergency care. Vivien, a pet owner from Jersey City, New Jersey, also shares her story of dealing with an unexpected pet emergency.
Then, Dr. Angela Beal, a veterinarian based in Columbus, Ohio, joins Ronita to discuss strategies for financially preparing for pet emergencies. They discuss tactics for setting up a dedicated pet emergency fund, the benefits of pet insurance, and practical steps for emotionally and financially managing unexpected veterinary expenses.
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Episode transcript
This transcript was generated from podcast audio by an AI tool.
Pets are wonderful. Pets are lovely. Pets are simply the best. But pets can also chew on furniture. They don’t know not to wander into traffic. They eat things that they shouldn’t, and all that can land them somewhere nobody wants to be: the emergency room.
Pet owners could expect to pay a minimum of $2,000, probably more, for an emergency situation. I think setting aside maybe $50 to $100 per month in a savings account and letting that account grow would be a good idea.
Welcome to BW’s Smart Money podcast. I’m Sean Pyles.
And I’m Ronita Choudhuri-Wade.
And this is episode three of our nerdy deep dive into the cost of pets. And today, Ronita, we are not all sunshine and rainbows and puppies and kittens; it’s time to talk about what to do when the worst happens to our furry family members.
This is the thing nobody wants to imagine will happen: the accident, the poisoning, or the sudden turn of health, all the things that land you at the veterinary hospital where you’re at risk of making not only healthcare decisions but financial ones too.
I feel fortunate that in all of my years of pet ownership, I haven’t had to deal with a trip to the emergency vet, at least not yet, and I’m knocking on wood as I’m talking.
Yeah, I can’t say I’m so lucky. We had to take Mo to one of those 24/7 emergency vets after he ate something. We still have no idea what it was, but he got violently ill. He kept puking, and there was blood, and it was like eight o’clock at night. It was all really scary.
But we took him there, and the vet gave him something for dehydration that he was experiencing and then meds to solve the stomach issue. The visit was about 30 minutes, and the total cost was $666.89. We had a deductible, and then pet insurance covered the rest. It’s one of those things that felt so random within a very normal week, but frankly, you should expect or at least prepare for, because pets are, if nothing else, unpredictable.
They are. Sometimes you get happy tail wags. Sometimes you get a large puddle of puke.
I appreciate the visual, Sean.
Hey, it is a favorite activity of many cats, Argus included. He has a weekly puke at this point, so that’s always a fun surprise whenever we find it. So for those who are wondering what it might cost to get emergency care for your beloved pets, well, it varies widely depending on the species, your location, and the type of emergency.
It’s really hard to generalize. But WebMD says for a large dog, it can be anywhere from 80 bucks for a simple blood test to $5,000 for emergency surgery. No doubt it’s possible to go well beyond that if it’s some sort of catastrophic emergency like getting hit by a car.
Yeah, it can be a whole lot of money, which sometimes doesn’t seem fair. You may call it a pet peeve.
I see what you did there, Ronita. Yeah, when pets can cost as much as treating humans, well, I guess that’s why a lot of us consider them irreplaceable family members. And the costs keep going up too. The Bureau of Labor Statistics tracks what we spend on veterinary care, and the price of vet services in urban areas rose 6.4% from June of 2023 to June of this year.
And that’s some inflation right there.
Certainly is. Earlier this year, USA Today released a report that found 91% of 1,000 dog owners they surveyed said they’d experienced some degree of financial stress in the past year related to the cost of pet care. Sixty-six percent of them said that they’ve cut back on personal spending because of that expense.
I know I would.
It’s crucial to consider the worst-case scenario and how you would handle unexpected pet emergencies. Can you afford it? Do you have a limit on what you’re willing to spend? These are important questions to ask when it comes to caring for your pets.
I want to give a shout-out to Ozzie the Gecko, who has been living the good life for 22 years without any emergencies. Share your pet stories with us and tell us what sacrifices you make in your budget for your furry friends.
If you have a pet story to share, leave us a voicemail at 901-730-6373 or email a voice memo to [email protected]. We love hearing about all your pets and their adventures.
Now, let’s hear from Vivien Schweitzer about her recent pet emergency experience with her kittens, Idris and Deshani. Welcome, Vivien! Initially, I felt a bit guilty because if I had taken him to a private clinic, they may have noticed his hernia during the pre-op assessment and could have addressed it during the same procedure as the spaying. Instead, he had to undergo two separate surgeries within three weeks. The lack of clear communication about the need for pre-op assessments before spaying or neutering procedures added to the confusion. However, I decided it was better to proceed with the surgery than to wait and see what would happen.
In terms of finances, we put the costs on a credit card, as we often do for larger expenses to earn points. While we don’t currently have pet insurance for our young cats, we may consider it in the future as they age and potentially face more health issues. Despite the unexpected expenses, we managed to cover the costs without any major financial strain.
Moving forward, I will continue to use a credit card for pet expenses and advise others to shop around for upfront and transparent pricing from vets. Clear budget summaries can alleviate the stress of unexpected bills. Overall, I’m grateful that Idris is doing well now, and I hope to be more prepared for any future pet emergencies. For an even better plan, consider setting aside some money or looking into pet insurance, as we discussed in the last episode. Many websites provide cost estimates for various pet emergencies, giving pet owners an idea of potential expenses. With rising veterinary costs, it is advised to set aside $50 to $100 per month in a separate savings account for emergencies. This can help cover costs that can easily exceed $2,000, such as unexpected vet bills.
Having a designated emergency fund solely for pet care is essential, ensuring the money is not spent on other expenses. Routine veterinary care should be budgeted separately. While there are organizations that assist with vet bills, they may have limitations and application processes, making them less practical for immediate emergencies.
For pet owners struggling to save, setting aside any amount is better than nothing. Accident-only pet insurance policies are affordable options, typically around $20 per month. These policies do not increase in price with age, unlike those covering illnesses. A healthcare credit card can also help in emergencies, although it may accrue interest.
Emotionally, being financially prepared can alleviate stress when facing sudden pet emergencies. Planning ahead can ease the burden of worrying about payment and focus on the pet’s well-being. Providing excellent care throughout a pet’s life can help prevent emergencies and reduce the likelihood of costly vet visits. Maintaining your pet’s health by scheduling regular checkups with the vet, ensuring they receive necessary vaccinations and preventive care, is crucial for avoiding emergencies. Having a plan in place for emergencies, such as knowing the location and contact information of the nearest emergency pet hospital, can save time and stress in critical situations. Dr. Beal emphasizes the importance of being prepared for unexpected events, like pet emergencies, by setting aside funds in a high-yield savings account. While discussing difficult topics like end-of-life decisions for pets can be emotional, it is essential to consider what is best for your pet’s quality of life. In the upcoming episode, the podcast will explore how to make these tough decisions and afford necessary care for pets. For any money-related questions, listeners can contact the Nerds hotline or email. Remember, the information provided in the podcast is for educational and entertainment purposes and may not be suitable for individual circumstances. Stay tuned for more episodes and turn to the Nerds for financial guidance. sentence in a simpler way: “The book was written by the famous author.”
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