Our Pet Healthonomics study set out to find how much the rising cost of pet healthcare affects the lives of pet parents in the United States. See how some savvy pet parents are finding more value for every dollar without jeopardizing the health of their pets.
READ THE FULL REPORT:
http://www.petcarerx.com/article/the-2013-pet-healthonomics-report-survey-results/1520
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How to Find Affordable Pet Care (Without Cutting Corners)
1. How to Find Affordable Pet Care
(Without Cutting Corners)
http://www.petcarerx.com/
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2. Who We Are
• 15 years as a leading online pet pharmacy helping millions of pets
• Trusted online resources for pet wellness information and advice
• Launching new products and services to make pet parenting easier,
provide affordable pet care
Mission: Adding love to the world by enhancing the lives of pets and pet parents
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3. Today’s Pet Healthonomics
1. Pet Healthcare Today: Cost Trends and Cases
2. Difficult Decisions: Pet Healthcare Sacrifices Pet Parents Are
Making
3. Smart Solutions: Budget Pet Care Choices You Can Trust
We’re debuting the results of our PetCareRx Pet Healthonomics
Survey conducted with over 1,100 US pet parent panel respondents
nationwide, October 2013.
@PetCareTweets
http://www.petcarerx.com/
http://member.petplus.com/
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5. Costs of Pet Ownership Rise, While HHI Declines
Annual costs of pet ownership
increased over past 5 years*
Annual Dog Cost $1649, up 15%
Annual Cat Cost $1271, up 28%
Median US HH income declined
over last 5 years
from $55.4K to $51.4K, down 7.5%**
REALITY CHECK
Pets are living longer
Dog average lifespan 11 years
Cat average lifespan 12 years
Lifetime cost of a pet up
Dog: $15,370
Cat: $11,305
Average annual dog expenses =
5% of average HH net income***
Average annual cat expenses =
3.5% of average HH net income***
* APPA report 2007-2008, 2013-2014
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** March 2007 vs Feb 2013, pre tax and adjusted for inflation and seasonal factors.
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/29/chart-median-household-incomes-have-collapsed-during-the-recession/
*** Assumes after tax HHI $36.7K
6. But those are just the averages.
What if your pet gets sick or develops a
chronic condition?
That can completely change the picture…
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7. Cancer in Dogs Strikes Hard
Over 6 million dogs and nearly as many cats
diagnosed with cancer each year.*
A dog with cancer could need
Chemotherapy
Radiation
Surgery
Medication
$6,000 - $10,000
$5,000 - $7,000
$2,500 - $6,000
$3,000 per year**
A year’s worth of Leukeran can cost over
$3,000
Not uncommon to pay $7,000 or more
for treatment
If cancer returns, so could these costs
* Source: Animal Cancer Foundation
** Source: PetCareRx Consulting Veterinarian, Lori Awadalla
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“Madonna”
9-Year Old
Shih Tzu
Dx: Bladder Cancer
Rx:
Chemotherapy, Prescri
ption meds
8. Diabetes in Cats Strains the Wallet
Pet diabetes is on the rise in recent years –
up 32% in dogs and 16% in cats since 2006*
A cat with diabetes may need:
$ 200 vet check-ins/treatments**
$1,860 insulin***
$ 650 for prescription diabetes food****
= $2,700+ additional every year
Cats with diabetes can keep same average
lifespan (12.1 years), if treatment is kept up
If diagnosed diabetic at age 6
and needs care for 6 more years,
that’s an incremental $16,200!
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* Source: Banfield’s 2012 State of Health report comparing 2006 and 2011
** Source: VPI Pet Insurance claims data 2012
*** Source: MSRP
**** Source: Hill’s Pet m/d Prescription Diet
10. Today’s Pet Parents Highly Concerned About
The Rising Cost Of Pet Healthcare Expenses
•
•
Top ranked pet parent fear:
pet may some day suffer from an acute or chronic condition
#1 concern of 37%, top ranked fear
•
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3 out of 4 pet parents concerned about the rising costs of pet
healthcare and their ability to properly care for their pets
This health fear comes with financial fear
afraid of being unable to pay for the healthcare needs of a pet
nearly one third respondents named this #1 or #2 concern
11. Pet Parents Are Willing To Make Lifestyle
Changes To Pay For Health Needs Of A Pet
•
73% of pet parents agree:
“I would consider paying almost any amount of
money to keep my pet healthy”
•
Pet parents are willing to make sacrifices to fund care for a sick pet
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83% would give up eating out/going out
72% would cut back on other household expenses
66% would skip a trip or vacation
A dedicated 8% would move to a less expensive home
7% would make the tough choice to give one or more pets away to be
better able to care for their other pets
12. Today’s Tough Healthcare Choices
In today’s environment, pet parents are faced with tough choices when
to spend on key healthcare related areas for their pets including:
Vet Visits
Vaccinations
Protection/Preventatives
Medications
Many are making difficult decisions and choosing between their pet’s
physical health and their financial health.
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13. Tough Choices: The Vet
To visit or not to visit?
•
Pet parents report most of their pet spending increase year to year is on
annual vet checkups
•
Between regular check-ups and surgeries, most dog or cat owners racked
up about $650 in vet bills last year*
Implications:
35% of pet parents polled are taking their pet to fewer vet visits as a
money-saving measure
27% of cat owners only take their cats to the vet when there is an issue
A whopping 50% don’t take their cats in for their yearly check up
Source: American Pet Products Associationhttp://usatoday30.usatoday.com/money/perfi/insurance/story/2012-03-06/pet-insurance-veterinary-expenses/53388516/1
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14. Tough Choices:
To vaccinate or not to vaccinate?
Average cost of vaccinations:*
Dogs: $70-$255 puppy
$40-$100 yearly boosters
Lifetime cost = $510 - $1,355
Cats: $35-$200 kitten
$40-$100 yearly boosters
Lifetime cost = $519 - $1,410
Implications:
• 18% of cat parents and 12% of dog parents polled have cut back on
or declined recommended vaccinations as a cost saving measure
*Source: PetCareRx Consulting Veterinarian, Lori Awadalla
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15. Tough Choices: Flea & Tick, Heartworm
To protect or not to protect?
Average cost per pet for Flea & Tick and Heartworm protection*
$934 lifetime for average dog
$1,027 lifetime for average cat
Implications:
17% of pet parents surveyed admit cutting back on F&T in order to save money
18% cat parents cut back F&T
16% dog parents cut back F&T
9% pet parents admit cutting back on heartworm preventatives
Only 13% of cat parents polled said they regularly purchase HW medication
*Source: VPI Pet Insurance claims data (http://press.petinsurance.com/pressroom/378.aspx) and Banfield State of Pet Health Report 2012
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16. Tough Choices: Medications
To fill or not to fill that prescription?
Medication costs are rising for common conditions:
Medication
Condition
Price Increase
since 2008
Rimadyl
Arthritis
53%
Novox
Arthritis
32%
Soloxine
Hypothyroidism
83%
Methimazole
Hyperthyroidism
60%
Salix
Diuretic for kidney, liver, heart disease
180%
Nearly 1 in 5 pet parents confessed they had taken one or more of
these unhealthy steps to cut medication costs:
delayed buying a prescription
split pills or used less of a prescription than recommended
declined to buy a recommended prescription
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17. Where Pet Parents Are Cutting Back in Healthcare
Area
Sacrifice
% Cutting Back
Vet Visits
Making fewer visits
35%
Vaccinations
Declining recommended vaccinations due to cost
16%
Preventatives
Cutting back Flea & Tick
Cutting back Heartworm Meds
17%
9%
Medications/Rx
Delaying purchase, stretching use, or
Declining to purchase
16%
Vet Visits and Preventatives areas where the most pet parents are cutting back
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19. Ways Savvy Pet Parents Are Managing Pet
Healthcare Costs and Getting Better Value Per Dollar
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20. Buying Pet Meds Online
How It Works
Purchase discounted meds online through online pharmacy website or by phone with rep
Get an original prescription from your vet, mail to online pharmacy
Vet can also call/fax in your Rx to online pharmacy; online pharmacy will verify the Rx with
your vet
Mail orders shipped directly to your home
Considerations
Buying meds at the vet’s office is “often a mistake because vets’ markups over wholesale
start at 100 percent and frequently hit 160 percent, plus a $5 to $15 dispensing fee…”
according to Consumer Reports
Look for an online pharmacy with VET VIPPS certification, licensed in 50 states
A good choice for preventatives and chronic meds
Shipping costs / time – not appropriate for all situations, e.g. acute care needing treatment
now
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21. Purchasing Pet Insurance
How It Works
Evaluate average premiums per year per pet, deductibles, and pet eligibility
Pet insurance premiums can average over $80 a month
Pet insurance deductibles can average $125 annually or if per incident, around $60
per incident
Most pet insurance companies won’t offer complete coverage for senior pets, starting
at around 8-11 years of age
In most cases, need to file claims to get reimbursed
Considerations
Timing enrollment - when pet would be eligible and you would be likely to use to
make the most of your investment
Cash flow - need to pay upfront for premiums and expenses that get reimbursed
when claims filed
Be clear on benefits and how they work – does your vet accept or need go to
participating vet? What services are covered and excluded?
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22. Enrolling in a Prescription Plan for Pets
What Is It
New PetPlus by PetCareRx is a prescription plan for pets
How It Works
Sign up for a membership for $9.99 per month or
as little as $0.25/day with an annual plan
Members then qualify for the lowest
prices on prescription meds and preventatives
Orders are placed online or by phone and shipped for free or picked up in-store at a local
participating pharmacy like CVS, Walgreens if available.
Considerations
Works for pets already ill or on medications – no dogs or cats excluded
No claims to file – just purchase products at rock bottom members-only prices
Could save 74% on cancer drug like Leukeran, 80% on insulin – both add up to
thousands of dollars in savings per year
Membership offers other savings benefits on vet visits, vaccinations, kenneling and more
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24. Early Reviews on PetPlus
PetPlus is going to change the lives of pet
owners, making it more affordable for people to
keep their pets and provide them a long, healthy
and happy life.
Paws Rating: PetPlus gets 4 Paws Up!
– Robbin and Joe Everett, TPPC.tv
Pets Teach Us So Much
We have been considering purchasing pet
I have three dogs, and the cost of
veterinary care can be quite expensive.
This seems like a wonderful and
effective program.
- Lynzie, Pet Parent and new
PetPlus customer
insurance, but consistently decide against
it because coverage seems to be
unpredictable. Would love to try an
alternative that helps lower the yearly
medical costs for our pooch.
- Krista, Pet Parent and new
PetPlus customer
We look forward to welcoming you and your pet!
www.petplus.com
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25. Thank You!
Erin May
Director of Content
press@petcarerx.com
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