Managing the Cost of Pet Health
Australians love their pets, but recent rises in living costs have forced many of us to confront the financial aspects of caring for them.
Read on for Evervet’s tips on cost-effective care; ensure your pet continues to get the attention they deserve.
Insuring Peace of Mind
Pet insurance can be a valuable asset for pet owners, offering financial security when facing unexpected vet bills. At Evervet we see the benefits of insurance every day; helping pet families to undertake treatment that may have otherwise resulted in financial strain or simply been unavailable to them. However, it's essential to consider the pros and cons before deciding whether insurance is right for you.
The BENEFITS of Pet Insurance:
Peace of Mind: Pet insurance can alleviate the financial burden associated with unexpected accidents or medical treatments for pets, removing costs as an obstacle to you making the best treatment decisions for your pet.
Increased Product Offerings: In recent years the Australian pet insurance market has expanded with the entry of new insurers, this has provided pet owners with more policy options and competitive pricing.
Improved Coverage: The industry has responded to historical criticism by improving product offerings. Many insurers now cover pre-existing conditions if they are fully cured, removing restrictions, and offering benefits like out-of-hours emergency care.
Quick and Easy Claims: Electronic claiming and pre-approval processes make claiming your pet’s health fees increasingly straightforward, with less paperwork and faster reimbursements.
GapOnly Claims: Some insurers offer GapOnly, reviewing and calculating your pet insurance claim while you’re still at the vet. You simply pay the gap (the difference between our invoice and the claim benefit under your policy) and go. Super convenient and minimal out-of-pocket for you!
Routine Care Coverage: Some policies offer add-on coverage for routine care, helping with the initial expenses of pet ownership, such as vaccinations and microchipping.
Factors to Consider:
Premiums Vary: Various factors can affect how much your pet will cost to insure. One of these is your pet's breed, which can have serious implications on their health, welfare, and expected lifetime medical costs. This and other factors can make a significant difference price-wise.
Premium Increases: As pets age, premiums will usually increase. This makes it important to review your pet’s insurance needs regularly.
Early Purchase Requirement: To secure comprehensive coverage, it's best to purchase pet insurance when your pet is young, as pre-existing conditions may not be covered.
Rescue Pet Challenges: Insuring rescued or rehomed animals can be challenging due to a lack of medical history and age uncertainty, making them ineligible for coverage with some insurers.
Exclusions and Caps: Many policies do not cover dental care, vaccinations, desexing, and preventative treatments. Policies may also have caps or sub-limits for specific conditions or treatments.
To decide whether pet insurance is right for you, consider talking to us about potential future conditions and costs relating to your pet’s breed and lifestage. Obtain quotes from multiple insurers, comparing coverage, costs, excess, and sub-limits. If you opt for pet insurance, it's advisable to do so when your pet is young, and you may also consider routine care coverage for their early years. Ultimately, the decision should align with your pet's needs and your financial circumstances.
Avoiding Surprises
At Evervet we offer innovative methods of preventative healthcare delivery, enabling you to do the best for your pet on a budget.
Our Senior Wellness Program is one such example; designed for pet families with patients aged eight and over. This program includes thorough health checks and age-related recommendations with a vet (every six months), annual blood and urine screening tests to proactively identify and monitor health conditions, as well as unlimited nurse checks to help our senior patients with things like grooming, pain assessment, and other age-related needs.
An annual subscription to Evervet’s Senior Wellness Program is economically priced at $399 - a saving of over $250 - our effort to help pet families provide the best care for ageing pets.
Another strategy for budget-conscious pet families is to open a savings account for your pet.
Regularly allocating funds to be used in the event of an accident or illness, can be a thrifty way to make rising interest rates work in your favour. Unlike insurance premiums, these funds also remain available if unused.
Recent data has shown the cost of caring for a dog to be around $3200 a year, with cats needing closer to half that amount. The average veterinary and healthcare component of these costs is around $700-950. Therefore, depositing as little as 15 dollars each week could go a long way to help meet the cost of your pet’s routine medical care.
Embrace Flexibility
At Evervet we’re able to offer pet families a range of credit options (subject to approval) that are fast, secure, and convenient.
Payment plans can be a great way to ensure your pet receives the vital care they require immediately, whilst enabling you to pay for it on a schedule that suits you. Unlike insurance, there are minimal limitations on what health services can be undertaken on a payment plan, meaning that routine and preventative care such as desexing, vaccinations, and dental procedures can all be budgeted for in this way.
Evervet currently works with:
Speak to our staff if you want to know more about flexible payment options.
Where payment plans are not an option, it always ‘pays’ to be up-front with our team about any financial limitations that may exist for you. We do not judge the treatment decisions you make for your pet, nor do we base our professional recommendations on what we presume you can afford. We are always transparent with the cost of vet services, giving you all of your options, and the benefits and limitations of each approach. We appreciate it when pet families engage in this conversation authentically.
Despite rising living expenses, we’re confident that with good planning and clear communication around the cost of your pet’s care, Evervet can help to achieve an outcome that means you, your pet, and your family are well cared for, always.
The information provided is intended for general informational purposes only. It should not be considered as financial advice.
Before making any financial decisions related to your pet's care, it is advisable to consult with a qualified financial advisor who can consider your specific circumstances and provide personalised guidance.
We do not endorse or recommend any specific financial products or services, and any decisions you make based on the information in this article are at your own discretion and risk.