Is it possible to make vet bills less brutal?

For anyone who has been in the nightmarish position of discovering their dog has eaten a massive bar of chocolate and had to rush it to an emergency vet to have its stomach pumped for an exorbitant amount of money, you’ll know pets can prove pricey. In fact, vet costs are thought to have risen twice the rate of inflation, and it’s affecting pet owners’ pockets, as well as their pets’ health.

Rajan Lakhani, personal finance expert and head of money at personal finance app Plum, says a number of factors are contributing to the increase, including “higher utility and rental costs that veterinary offices are having to pay. Then there’s new technology, and also medication costs have risen.”

Alongside that, “there’s been a trend of consolidation, so more veterinary offices are coming together. That means there’s less competition, and we’re seeing a change in ownership,” he continues. “A lot of smaller firms are being taken over by private equity coming into the market, and then being merged.” Combined, it means the supply of services hasn’t been growing as quickly, while demand has gone up, meaning higher costs.

But there’s lots you can do to minimise the financial damage…

DO… tell your vet if you’re struggling

“It’s really important to be open with your vet about any challenges you’ve got,” says Lakhani. “Having that conversation may open up different avenues, whether that’s alternative treatments, or potentially getting that cost reduced. They may signpost charities that might be able to help you as well. For example, PDSA, which offers low-cost and free veterinary services to eligible people. The RSPCA offers subsidised vet care in some locations.” At some surgeries you may be able to see a veterinary nurse instead, which can be cheaper too.

DO… ask your vet about payment plans

“They may offer health plans or payment schemes to help spread out costs,” says Lakhani. “Often, they will partner with a credit company, but beyond a loan, they may have plans that cover routine care like vaccinations or examinations, which make budgeting easier.”

DON’T… stick with one vet without shopping around

“Similar to how you shop around for tariffs and energy, it’s important to make sure you know you’re getting the right value [veterinary care].” As part of potential new reforms, the Government is actually considering forcing veterinary practices to publish their common treatment prices, so pet owners can shop around for the best deal. Lakhani says to compare prices and “make sure you get those as written estimates”.

DON’T… skip pet insurance

“Find the right pet insurance in the first place. That’s where you can use comparison sites. They will show you different options that can protect you financially against unexpected emergencies or chronic health conditions for your pets,” says Lakhani, but warns: “Policies can be quite different, and that can make comparison a bit more challenging, so you’ve got to be careful to look at all the different details, whether, for example, a policy includes dental treatments and certain vaccinations, or covers all potential chronic health conditions.”

“I’ve got two cats, so I’m talking from experience here and I shop around and look at the best offers when it comes to insurance,” he continues, and recommends getting it early, “ideally when the pet is young and healthy, because that means lower premiums” and “making sure it’s a reputable provider can really help to reduce costs long term”.

DO… set up a savings fund 

“Consider setting up a dedicated pet health savings fund and automate money into it, based on how much you can afford to put aside,” says Lakhani. “That means you are saving on a regular basis, and then, should something happen, you’ve got that fund you can use to help pay for emergency costs.”

DO… take preventative measures 

“It may seem a higher cost up front, but making sure you’re giving your pets a good diet, which might mean higher-quality food, does improve their health, their immune function and reduces their susceptibility to disease,” says Lakhani. You can shop around for cheaper options too. “Keeping up with vaccinations and keeping an eye on their weight as well, we’ve seen that helps to avoid long-term expensive illnesses too,” he adds.