Pet ownership is very rewarding for most pet owners. The companionship and unconditional love that we receive from our pets has been shown to improve our moods and reduce loneliness. Unfortunately, these benefits come at a cost. One that, according to a recent survey conducted by financial services company, Synchrony, is often underestimated.

The Cost of Pet Ownership

It should come as no surprise that pet ownership is not free. In order to properly care for our pets, we must provide them with food, shelter, enrichment, and veterinary care. According to research conducted by Synchrony, a financial services company that owns CareCredit and Pets Best Pet Insurance, the estimated lifetime cost of a dog ranges from $20,000 to $55,000 while the estimated lifetime cost of a cat ranges from $15,000 to $45,000. In just the first year, a dog can cost anywhere from $1,300 to $2,800, while first-year cat care is approximately $960 to $2,500.

Many Owners Underestimate the Cost of Pet Ownership

Synchrony conducted a survey of 1,200 pet owners and 100 veterinarians to determine if pet owners understand the cost of pet ownership. Unfortunately, nearly half of the pet owner respondents admitted they had underestimated the lifetime cost of their pet(s). Additionally, approximately half of the pet owners thought they were financially prepared for unexpected pet expenses and realized they were not. Click here to view the report.

Veterinarians often witness this firsthand. While many pet parents are prepared for routine costs such as yearly exams and vaccinations, it is the unexpected veterinary expenses that often take pet owners by surprise. These include unpredictable illnesses and injuries that require prompt and sometimes extensive or ongoing care. This is when a pet savings account or pet insurance can come in handy.

Pet Insurance Covers VetStem Cell Therapy

Speaking of pet insurance, did you know that VetStem Cell Therapy is covered by most of the major pet insurance companies? Several of our pet owner clients have received reduced costs for stem cell therapy and also stem cell banking. Keep in mind however that It’s important to check with your insurance company regarding restrictions when it comes to covering stem cell therapy or any other veterinary services.