Jun 21, 2026
Just over 42% of U.S. households own a dog, while 32.6% own a cat, according to the American Veterinary Medical Association. Among those who own pets, a whopping 97% say their pets are part of their family, with 51% considering them the equivalent of human members.
While this is great news for Fido and Whiskers, it leaves pet owners with big problems and tough choices if their animals get sick — especially as vet care costs are rising faster than inflation. For retirees on a fixed income, in particular, getting essential care can become a true crisis.
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“For many older adults, pets are much more than companions; they’re family,” Jennifer Szakaly, founder and CEO of Caregiving Corner, told MoneyWise. “Pets provide routine, purpose, comfort, and often help reduce all too common feelings of loneliness and isolation. Planning for a pet’s care is an important part of aging well.”
But how can seniors do that?
Let’s take Karen’s situation. Karen lives on Social Security and a small 401(k), and her dog’s latest vet visit totaled $1,000. Karen loves her dog and depends on him as her most reliable daily companion, but she doesn’t know how she can help him without putting her financial security in jeopardy. So, what can Karen do?
Vet care costs are growing, putting families in a tough spot
Owning a pet has never been cheap, but unfortunately for Karen and other pet owners, the costs of care are becoming much more expensive.
According to research published by the LA Times, cumulative veterinary care inflation far outpaces general inflation, with prices up 44% since 2019 compared to the overall 26% inflation during that time. Now, the cost of annual treatment for one animal totals around $3,000, while multi-pet households could spend $30,000 to $60,000 over the typical lifetime of two pets.
HealthyPaws research also estimated that around a quarter of families whose pets have chronic conditions spend between $5,000 and $10,000 annually, often reporting higher levels of financial stress because of it.
The American Veterinary Medical Association attributes the large cost increases to the rising cost of materials, supplies, pharmaceuticals, and utilities, investments in new technology, and longer lifespans for pets. Tariffs have played a big role in increasing material prices, while the recent war in Iran has pushed utility costs up for vet practices.
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Of course, while it’s good that pets can live longer and get advanced treatments they need to stay healthy, these developments put more pressure on people to do the best for their pets, even if that means compromising their financial stability.
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How can retirees provide critical care for their fur-kids?
So, what can retirees like Karen do when facing high veterinary care bills?
Planning ahead is one option.
“I encourage seniors to include pet expenses as a line item in their retirement budget, just as they would for housing, healthcare, and transportation,” said Szakaly. “Routine veterinary care, medications, grooming, and unexpected emergencies can add up quickly.”
Retirees like Karen can set aside $100 (or some amount) each month in a pet care account for routine care and emergency bills. Ideally, this planning will start early.
“I’d recommend that people actively track the cost of their pet going into retirement,” said Clifford C. Cornell, a financial advisor at Bone Fide Wealth, LLC. “This could allow them to forecast how much cash they’d need to set aside on an annual basis to cover the costs.”
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Pet insurance is another possible solution as it can provide more control over costs.
“If a pet is relatively young and healthy, it might be worth exploring pet insurance before age or preexisting conditions make coverage more expensive or difficult to get,” Szakaly advised.
Of course, none of this helps Karen since she’s already retired, and her dog is already sick, and pet insurance won’t cover pre-existing conditions.
While HealthyPaws reports that 38% of pet owners facing costs they can’t afford said they’d put the purchase on a credit card and 20% said they’d deplete their savings, neither of these options is great. Instead, Karen may want to:
- See if her vet will work out a payment plan so she can pay over time
- Look into a credit card offering a 0% promotional rate that will allow her to finance the vet care over several months without paying interest
- Look into cheaper alternative options for vet care, like telemedicine, which could potentially reduce costs
- Request generic medications to be called into a human pharmacy or online pharmacy rather than getting meds directly from the vet
Hopefully, these techniques could help Karen care for her dog without breaking her budget. The AVMA also stresses the importance of preventative care to try to reduce serious health issues that come at a high cost.
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Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
