If you’ve had to take a poorly pet to the vet’s recently, it can’t have escaped your notice that treatment costs can be eye-watering.
Indeed, the Competition and Markets Authority (CMA) suggests that vet costs have risen by almost two-thirds over the past seven years.
The introduction of fancy MRI and CT scans and life-extending medicines to animal care has been good news as far as the longevity of your beloved animals is concerned, but these new types of treatment don’t come cheap.
As such, without adequate insurance, you can quickly find yourself landed with a bill you will struggle to pay, especially if you have a pet suffering from a lifelong condition.
Below, we examine what’s really driving the inflation in pet care costs and explain why taking out pet insurance is a must.
Advanced Diagnostics
The diagnostic tools and equipment at the disposal of animal specialists have come a long way over the past decade.
MRI scans, CT scans, chemotherapy treatment, and specialist surgeries are often now readily available at many animal surgeries.
This means a cancer-hit canine or a cat with an unexplained sickness can now undergo all manner of cutting-edge diagnostic tests.
However, the capital outlay for some of these machines runs into the tens of thousands, and the training of staff members to use them properly is also pricey.
These costs have to be passed on to the customer, driving up treatment prices exponentially in some instances, especially where the most advanced diagnostic tools are made available.
Staff Shortages
A dearth of qualified veterinarians and veterinary nurses is also playing its part in driving up vet costs, as labour shortages mean higher wages and salaries for those still in the market.
It can take years of university-level training before a vet is ready to work with animals. The costs of this lengthy training can be substantial, and they are reflected in the salaries well-qualified vets and nurses can command.
Brexit hasn’t helped either.
The UK has traditionally filled the gaps in its veterinary labour market with animal specialists from its European neighbours – a source that has largely dried up since the country voted to quit the EU.
Energy Inflation
The cost-of-living crisis has left no part of society untouched, the veterinary business included.
Higher input costs in terms of energy have been especially onerous on the veterinary sector.
The basics, such as power diagnostic machines and simply keeping the lights on, have become more expensive as a result of energy inflation.
And for those surgeries that store lots of temperature-controlled medicines onsite, energy inflation has been particularly punishing.
Insurance Matters
Given the seemingly inexorable rise in the costs of pet care, taking out insurance to backstop treatment costs has never been more important.
Large and unexpected bills can cripple a household budget, and so insurance is a must, especially if you have old and ageing pets in the house.
Sadly, older pets are prone to diseases that require lifelong treatment, the treatment of which can be extremely expensive.
Look for a pet insurer with a high claim payout rate, multi-pet discounts may be available, and one which offers generous coverage limits for all the animals you have in your care.
Conclusion
Many of the costs that are driving pet care inflation are sadly out of the control of the wonders of veterinary practices – a mix of technological advancements and energy inflation is pushing up prices.
And while it’s good news that pets can be kept alive longer with cutting-edge equipment and treatments, they don’t come – which is why taking out pet insurance is a wise move.
You might also enjoy reading more tips in family.
