Funding Fido
A Look at the Real Costs of Pet Ownership
How much is the doggy in the window is certainly the right question but usually it is only a reference to the cost of taking your furry or feathered friend home. Few people go beyond those initial costs and if they do, they often underestimate their ability to pay over the long-term.

Discussing the cost of a pet is a polarizing issue. Folks do not want to think of their animals as property ­ although in many states, they remain just that from a legal standpoint ­ and therefore consign a significant amount of importance to their well-being.

According to ASPCA, the cost of owning a dog can range for $810 for a small dog to $1500 for a large dog per year. These are high-end estimates and include the grooming costs for a longhaired dog fed premium food. A cat will costs about $700 during the first year.

For the pet owner who is single with no kids or dual income with no kids, these costs are easily absorbed even if some financial sacrifices are made in the process. But if you are considering a pet as a new member of the family, the costs should be considered first. The second consideration should be the emotional decision required when faced with the high costs of veterinary visits and procedures.

One pet owner I spoke with was reluctant to take her pets to the vet because of the guilt associated with the visit. The costs of an office visit can run upwards of $100 without vaccinations. And unlike medical advice given to people, pet owners rarely seek a second opinion on an animal diagnosed with a "necessary" expensive procedure.

This is where the subject gets divided into two camps. No one will dispute the importance of some animals to their owners and their family, but should the animal require care that you cannot afford, about half will not be able to afford the cost of care beyond the basics.

The first question a pet owner should ask themselves before they purchase a pet is how much are you willing to spend on your animal should it have an emergency. Beyond the costs of simple surgeries, sometimes running into the thousands of dollars, are the often overlooked costs of boarding the animal should it need overnight care ($100 plus per night) and the costs of personal care provided by the owner (work loss to care for the injured animal).

Half of the owners see the pet as disposable according to Veterinary Pet Insurance. The company conducted research on the issue and found that the other half would essentially spend whatever was needed to make their animal well, even if the quality of the animal's life might not be restored

Should you find yourself on the fence about this question, there are several considerations you can make to prevent having to make those decisions more difficult than they already are.

The first requires you to set aside a predetermined amount of cash each month to offset any costs the animal might incur during its lifetime. An incredibly large percentage of animals need little more than occasional medical care. But for those that do, the need for an immediate source of cash to cover these costs is extremely important. I suggests putting $100 a month away or more in a money market account with check writing privileges.

Insurance, which often doesn't cover older animals, pets with hereditary problems or regular well care visits is the next best option. Over the course of an average animals life (dogs average 14 years, cats slightly longer), the cost of insurance to cover catastrophic events can run as high as $9,000.

Insurance policies have co-pays, deductibles and limits on the amount the policy will cover. When the animal ages, surcharges can also be added.

When considering insurance, there are some basic rules to follow:
Shop around.
Dr. Betsy Brevitz, author of the definitive Hound Health Handbook and contributor to the website urbanhound.com suggest the following:

• Look for a health insurer that has been in business for at least a couple of years. This industry is still rather new so some evidence that they will still be around when needed it is extremely important. So far, this industry is lightly regulated and not rated by those that rate human insurers. There are no consumer groups to watchdog this industry yet so rely on word of mouth, internet message boards or your vet. Check with your state regulator. A full list can be found here
• The policies have a good deal of exclusions and will only cover certain conditions. Hereditary and congenital defects are usually not covered. Be aware of the fine print and use your savings to cover any expenses not covered in the policy.
• New puppies can often get a policy that includes well-care for vaccinations, spaying or neutering (the Humane Society charges this to all adoptive pet owners), de-worming, ID microchips, as well as injuries and illnesses. If you have an older pet, the policy will often cover no more than routine dental cleaning, prescription medications, and diagnostic tests such as blood work, EKGs, and x-rays.