Don’t tell the kids. But when our time comes, the dogs get everything. It seems only fair. After all, can you really put a price tag on unconditional love? We all know that when it comes to pets, love rules over money. To ensure that your precious pet always lives in the manner she’s accustomed, read up on financial planning for your pets at the CNBC website. Woof Report took a close look at it all, from pet insurance and pet savings accounts to pet trusts, and here are the highlights.
Insuring Your Pet for a Lifetime. It’s hard to even think about. But pets get sick, they get hurt, and their veterinary bills can be staggering. In fact, according to leading pet insurer, Petplan USA, every six seconds, a pet owner is faced with a vet bill over $1,000. In 2007 alone, Americans shelled out up to $10 billion on veterinary care. For most pet parents, these bills are simply not affordable. But for the love of the pet, 73% would go into debt to cover the bill. Fortunately, pet insurance covers unexpected veterinary costs and helps keep the rest from becoming heartbreaking shelter statistics.
Mike Hemstreet, owner of Petinsurancereview.com, a pet insurance research resource for consumers explains, “Pet insurance is best used to help cover unexpected expenses from serious injuries or illnesses. It is most appropriate for helping cover serious vet treatments. Routine care and pet meds should be paid out of the owner’s pocket.” Luckily, comprehensive lifetime coverage for your pet is affordable for most families. For as little $10 to $100 a month, you can find a policy that meets your pet’s needs. Learn all the facts about choosing a plan in Woof Report’s past tip on Pet Insurance , complete with a Pet Insurance Tip Sheet!
Sock Some Away for Later. Put a little money into a savings account each month just for your pet’s vet costs and emergencies – it adds up fast. “Making regular contributions to a savings account for your pet’s health care costs can be the right answer in the long run because many pets don’t face catastrophic illnesses or accidents. So that money builds and builds and without ever being taken advantage of,” says Kim Saunders, Vice President of Shelter Outreach and Public Relations with Petfinder.com.
Trust in Me. Creating a Pet Trust. It happens everyday. Beloved family pets end up in shelters when their owners die. Pet advocate and Senior Vice President of the ASPCA’s Adoption Center Gail Buchwald recounts, “The ASPCA just last week took in two pets from someone who had died, and the pets were at risk – there was no one to take care of them. There was a local caregiver and a will, but the will did not specify what should happen to them.
Pet people across the country are wising up to long-term planning when it comes to their pets. In forty U.S. states, plus the District of Columbia, pet parents can establish legally binding statutory pet trusts to set aside funds and name a caretaker for their pets. For as little as $500 to $3,000, you can establish a pet care trust with a trustee to oversee it. Pets in states without the pet trust statute can still set up trusts, but the laws protecting the statutes are not as enforceable.
Read the entire article about planning for your pet’s financial future at CNBC
Read the ASPCA’s Pet Trust Primer
Thank you to your Woof Report Friend Leko for the photo.