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Veterinary care can be expensive. But every penny can be worth it to spend more time with your pets. While we’d love to say that no cost is too high, finances could create barriers to accessing necessary pet health care.
We’ve put together some options that may help you come up with a plan for how you can manage pet expenses — from pet insurance and savings accounts to credit cards and crowdfunding. Whether it’s major emergencies, minor accidents, or ongoing illnesses, set yourself up to confidently make care decisions based on what’s best for your pet, not what it costs.
The following options can help you manage the cost of pet health care. To see which of these options might be right for you, look at your financial situation and think about how you want to pay for routine and unexpected bills over your pet’s life.
Dog insurance and cat insurance policies can help you manage pet expenses by reimbursing you for covered costs.1 Depending on the coverage or optional plans you choose, they can provide a financial safety net for things like pet accidents, illnesses, and routine care. For a monthly premium, you can enroll your pet in a policy. Take them to the vet when they need care and pay the bill. Then submit a claim and get money back in your pocket for covered expenses.
Pet insurance can be beneficial to potentially help you save money on covered pet care through reimbursements, but you’ll need a way to pay the vet bill up front. Instead of taking on the entire cost of necessary pet care yourself, pet insurance can help you shoulder that burden and make pet care more financially accessible.
Vet discount plans are third-party programs veterinarians can opt into to offer certain services at discounted rates. For a premium, you can enroll in the program and show your membership identification card at participating vet offices to get your discount. However, discounts are typically limited to in-house services, so things like medications or care received outside of the office likely won’t be discounted.2
One major benefit to vet discount plans is that they could help you save money on vet care for pre-existing conditions — something not typically covered by pet insurance. But while there are no waiting periods, deductibles, or annual limits to worry about, vet discount plan benefits can only be used at participating vet offices. The discounts themselves are also much lower than what you could be reimbursed through pet insurance.2
Money from a savings account can be used to help you pay for vet bills. These accounts can be opened at a credit union or bank for you to store money in. You get to choose how much money you save up in your account and how often you make deposits, though there may be limitations to withdrawals.3
It might make sense to use money from a savings account to pay for pet care costs in an emergency, or when you have time to save up for a high, expected cost like a major surgery. If you’re going to rely on this method for managing pet health costs, make sure you can realistically budget for putting money in a savings account — and can replenish the funds after you withdraw them.
A credit card can typically be used to help you finance vet bills at the time of the visit, but doing so can come with potential debt and high interest rates, adding to the overall cost. Minimum monthly payments are required to pay your balance back, usually plus interest, and you can only borrow up to your credit limit. Approval and card usage typically affect your credit score and credit report.4
Using a credit card to pay for vet bills might be helpful if your pet has an emergency and you don’t have the funds to cover it. If you can get a rewards card or a 0% APR introductory offer, using a credit card to pay for pet health costs could come with additional benefits outside of being able to foot the bill up front and pay it off over time.
CareCredit offers credit cards you can use at participating locations to help you finance pet expenses. You can choose from different financing options that either apply a lower interest rate to fixed payments or a deferred interest rate that’s only applied after a promotional period if there’s still a balance on the card.5
Using CareCredit to pay for vet bills might make more sense than using a regular credit card if you get approved for a Deferred Interest financing option and can avoid paying interest by paying off the card balance before the promotional period ends.5 This option could also prove beneficial if your pet has pre-existing conditions requiring expensive, ongoing care not covered by a pet insurance policy.
A pet loan is essentially a personal loan you can get to help you finance pet-related expenses. A loan can affect your credit due to the application and approval process, as well as repayment. If approved, a lump sum is typically deposited into your bank account, and monthly payments — plus interest — are made until the loan amount is paid off.6
Getting a pet loan to help you pay for vet bills could be beneficial if you need access to funds quickly, qualify for a loan, and can successfully repay it. However, they may not be the best option for managing pet expenses over time.
Crowdfunding allows you to raise funds for specific expenses through the generosity of others, and could be an option to help you pay for vet bills. Setting up a crowdfunding effort typically doesn’t require any money. But you may need to pay taxes or fees on the funds raised, and you might not receive any money if you don’t meet your fundraising goal.7
Similar to pet loans, crowdfunding for pet expenses could be beneficial if you need funds in the short term, but it’s a reactive — not a proactive — measure for managing vet bills. Crowdfunding might also be a good option if you don’t qualify for credit cards or loans, or don’t want to take on any debt.
If you can’t pay for the emergency care your pet needs, and none of the above options are beneficial or accessible, there may be other choices. You could:
Emergency vet care can come with heavy emotional and financial weight. Explore all of the options you can before making the best decision for you and your pet.
To help you gain more control over your finances when it comes to managing pet care expenses, combining pet insurance with other financial options might be more beneficial than relying on one option alone. This is because reimbursements from your pet insurance provider can be used to help you replenish bank accounts or repay debts.
Avoiding pre-existing condition exclusions is a key part to getting the most from a pet insurance policy. Consider enrolling your pet in a policy when they’re younger, before conditions become pre-existing. Then take the time to decide which financial options work best for you — whether that’s opening a pet savings account and regularly contributing to it or getting a credit card for pet emergencies.
MetLife Pet Insurance has award-winning8 plans you can customize — from reimbursement rates up to 90% and your choice of deductible and annual limit amounts.1,9,10 You can also add optional Preventive Care to your policy and get reimbursed for certain routine and wellness expenses up to your selected benefit limit.
If you’ve got multiple furry companions at home, our unique Family Plan allows you to add up to three pets on a single policy, all under one deductible.11 MetLife Pet can be a trusted partner in helping you manage pet expenses, so you can focus more of your time on keeping them happy and healthy. Customize your plan today, starting with a free quote.
