How Much Would You Spend?
Survey reveals how much pet owners are willing to pay on pet medical care.
Posted: September 6, 2011, 3 a.m. EDT
Approximately one in 10 dog or cat owners is willing to spend more than $3,000 on medical procedures if it meant that their pet’s life could be saved, according to a survey released by The Kroger Co. in late August.
Kroger, the grocery chain, which offers pet health insurance through an affiliate, polled more than 300 dog and cat owners about pet medical expenses.
While some pet owners were willing to spend more than $3,000 on medical procedures to save Fluffy or Fido, the majority of those polled (61 percent) said they would be willing to spend between $100 and $1,000. Fifteen percent said they are comfortable spending between $1,000 and $3,000 for life-saving medical care for their pet.
“Determining how much we are willing or able to spend to sustain the life of a pet is a decision none of us ever wants to make, but given the rising cost of pet health care, it's often an inevitable one,” says Dr. Jennifer Coates, a Colorado-based veterinarian and author. “Even for young pets, planning ahead and budgeting for the costs of pet health care, including cat and dog insurance, can help you feel more prepared when facing a serious health situation with your pet.”
When asked what they fear most about their pet's well-being, about one in four dog owners said cancer (27 percent), followed by hip/knee/leg injury (17 percent) and getting hit by a car (16 percent).
A small percentage of the pet owners—4 percent of dog owners and 2 percent of cat owners—said they have pet insurance. However, 61 percent of dog owners and 48 percent of cat owners said they would consider purchasing pet insurance if it costs under $20 per month.
At least half of pet owners (55 percent of dog owners and 51 percent of cat owners) said they would be interested in adding their pets to their own health insurance plans, if such a thing were allowed.
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