As of 2024, 66% of US households, or 86.9 million homes, own a pet, with almost 45% of those pets being dogs, according to data from American Veterinary Medical Association, and yet according to the North American Pet Insurance Association, only 2.8% of them have health insurance.
Spot Pet Insurance CEO Trey Ferro joins Wealth! to give insight into pet insurance and why it can end up save money for pet owners in the long run.
Ferro explains why inflation hasn’t hurt the business of pet insurance: "People are understanding that pets are expensive. Vet health care has increased in price higher than the national inflation rate. There’s not that many vets coming out of veterinary school anymore. People are very cautious of these vet care needs and they’re expecting more from their vets. People are now expecting child-like care for their family members."
He follows up with preventative ways to take care of a pet to reduce potential spending on healthcare and insurance: "I think it’s important to get your pets trained these days, making sure that your dogs don’t eat random objects on walks, making sure that you invest in the best type of food for your cat or dog. Making sure that you know you’re providing them with a healthy and safe environment, both at home and outside of the home."
#youtube #news #pets
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