Commentary
Read this article with a pet insurance or wellness program mindset. It’s past time for animal health pros to redouble our efforts to help pet owners understand the value of having a pet on an insurance plan. The amortization math is simple when put against normal costs of veterinary care before special needs.
Thirty-three percent of Americans have or have considered fostering/adopting a because of social distancing guidelines. A recent TD Ameritrade survey showed adoption rates were highest among millennials at 50 percent compared to Gen X at 33 percent and Baby Boomers at 25 percent.
The survey results also showed new pet owners got a wake-up call on the cost of pets by spending an average of $1,201 annually.
Source: Pet Business, August 24, 2020. Link.
The top two spending categories for both animals were food and veterinary visits/vaccinations.”
Also see: Pet health insurance: how (and why) to cater to millennials, DVM 360, March 16, 2020. Link.