Vet Care Costs Are on the Rise — and So Is Going Into Debt To Pay for Them

Whether they’re referencing a dog, a cat or something more exotic, it’s not uncommon to hear pet owners talk about their "furry children" — or perhaps scaled or feathered children, in the context of fish, snakes or birds.

Given the skyrocketing price of veterinary care, the analogy is an apt one. According to recent reporting in the New York Times, veterinary costs have risen by a whopping 60% in the last 10 years, far outpacing ordinary inflation. The trend has forced some pet owners into the tough position of choosing to go into debt to seek care for their companions — or to forego expensive treatment and potentially say an earlier goodbye.

How vet care became more like human health care — and nearly as expensive

So how did vet care become such an expensive — and high-demand — service?

For starters, American pet-ownership has been on the rise. In 2024, about 66% of U.S. households are home to one or more pets, according to the American Pet Products Association. That’s up from 56% in 1988. And unlike in the days of yore, when cats and dogs lived largely outside and earned their keep by catching mice or barking at strangers, today’s pets are treated more like, well, children — or at least family members. According to a 2022 survey by the American Academy of Sleep Medicine, nearly half of pet owners let their companion animals sleep in bed with them.

At the same time, technological advances have marched forward in medicine for both humans and animals. These days, it’s not uncommon for animal hospitals to employ the use of high-tech screening tools like MRIs and CT scans.

Of course, just as when they’re used in human hospitals, those technologies come at a cost — and can turn a tidy profit. While most vets go into practice because they’re animal lovers, the business-minded have sensed an opportunity in the industry. Private equity firms have been buying up mom-and-pop clinics, says Katie Thomas, the investigative health care reporter who researched and penned the Times piece — a trend that’s also affected the cost of human health care.

While the influx of cash into the field has led to advances in veterinary care, those tools and procedures are also more expensive than traditional options. And because today’s pet owners have the opportunity to seek costlier types of care, they often feel morally obligated to do so — especially with high-interest, vet care credit card applications readily available at their vet clinic’s counter. These cards often boast a 0% interest promotional period — only for rates as high as 30% to kick in after six months. That short chance to pay off a three- or four-figure vet bill leaves some pet owners in debt — sometimes long after the animal who received the treatment has passed on.

According to a 2023 USA TODAY survey, 47% of pet owners admit having gone into debt to pay for care. Some 66% of dog owners have made cuts elsewhere in their budget to support their four-legged friends, and 33% have taken a second job or otherwise increased their income.

Keep in mind that, as expensive as it is, vet bills aren’t the only cost associated with pet care. In 2024, American households with pets will spend an average of $1,733 on their needs, with dog owners spending substantially more than cat owners on average.

Ways to lower the cost of pet care

The love that pet owners feel toward dogs and cats is real — so much so that more than three-quarters of pet owners say they’d go into debt to save their companion animal’s life.

Still, with veterinary costs on the rise, prolonging the life of a pet can wreak havoc on your finances if you’re not careful.

One way some pet owners are trying to counteract price increases is by turning to pet insurance, which can help pet owners pay for certain types of medical expenses for their animals. In most cases, you’ll still have to pay the bill up front, and then file a claim for a reimbursement. And it’s worth noting that pet insurers typically exclude pre-existing conditions. Whether or not pet insurance is worth it for you and your furry friends depends on a variety of factors, including risk levels for various illnesses as well as your emergency budget.

Policies range widely in scope and coverage, but accident-only pet insurance is the cheapest, ringing in at an average of $17 per month for dogs and $10 per month for cats. Of course, monthly premiums can add up, too, particularly for more comprehensive plans — but it might still be better than a sky-high emergency vet bill.