Paying for Pet Emergencies: The importance of a financial plan for your dog
Getting a new dog is one of the most exciting and scariest things you’ll likely ever do (aside from having a child, or buying a house). That feeling that this little (or big) bundle of fluff is dependent on you for everything, their life quite literally in your hands. We all want our dogs to be happy, to run around, to play games, and to have fun. But have you ever thought about what would happen to your dog if he or she got hurt or became sick? Would you be in a financial position to cover the cost of vet care, or would you have to settle for less than ideal treatment, euthanasia or rehoming if the vet costs were beyond your means? It’s a horrid thought, but you need to plan ahead for those “what if” moments. Better be safe than sorry as the expression goes.
Here are some suggestions for financial planning for your dog and any pet emergencies that might arise.
If you don’t like the idea of buying into a pet insurance policy, then one option, provided that you are disciplined, is to save money on a regular basis. This could be money put into a savings account, or money used to purchase Premium Bonds with the post office or something similar, where your money is protected. You will need to have access to your money should you need it in an emergency, and have sufficient money stored away to cover those vet bills, bearing in mind that a bill for a broken leg could run into thousands, and escalate quickly.
Another option if you are insurance policy adverse, is to take out a credit card that is only to be used for your pet. That way you have access to funds should you need them, but aren’t paying out on something that (all being well) you might not use. Another option would be to set up a pre-paid credit card or to make your regular payments on to the credit card, so that you have access to a bigger fund if need arises. Again, you will need to make sure that you have sufficient funds available on your card for vet fees, and can pay it off again if it is ever needed.
Alongside your savings or credit card option, you might want to set up some kind of pet plan with your veterinary practice. This is not an insurance policy, but it can reduce your vet expenses. It usually includes an annual check up, monthly worming and flea medications, and discounts when using their general veterinary services. It can be as low as £5 a month, but the discount can add up if you have an emergency or have more than one pet. It often includes nail trims, anal gland clearing, and other routine visits. The cost is normally reduced with each extra pet added to the plan.
This is by far the most common option, and will certainly reduce the stress levels in an emergency situation, knowing that your pet’s care will be covered. Pet insurance is readily available in the UK, from your local supermarket, your post office, your bank, or from the internet. Sometimes it can be included alongside other insurance policies, with a discount if you already insure your car, house, or contents. These plans can be as little as £5 per month and can include a waiver fee, so that you only pay a set amount before the insurance kicks in. Be sure to read the small print on any policy, and look for discounts if you have more than one pet.
If like me, you find yourself taking lots of photos and videos of your pets, then you could upload these to sites like Shutterstock and YouTube and receive royalties when people watch your videos or download your photos. You can also register your pet as a model of actor for film and television and they will be paid for any ‘work’ they do. You probably aren’t going to earn a lot of money this way, but it is on the whole, passive income, and these royalties can be added to your savings account or pre-paid credit card to help top up your funds, or to cover the cost of hereditary or age related conditions which might not be covered by your insurance policy.
Whatever you decide to do when planning ahead for pet emergencies, just have a plan, or a combination of plans. Don’t be kicking yourself in that emergency situation and wishing that you could have done more.
Written by Guest Post