Are you financially prepared for pet parenthood?

Pets can significantly enhance our physical and mental health, offering companionship and support during times of illness or low spirits. They also provide a sense of security, reassurance and comfort, both at home and while out of the house.  

Before bringing a pet home, it’s essential to research their basic requirements. Understanding the specific needs of your chosen pet can ensure that you are well-prepared. Additionally, before adopting or purchasing, we highly recommend researching your chosen pet and breed particularly given the propensity for certain breeds to experience specific health conditions. 

Below is a summary of the basic costs and variations between dogs and cats:

	Dogs (Lifespan: 8-20 years)	Cats (Lifespan: Up to 20 years)
Adoption cost	$200 – $1,200	$100 – $300
Purchase from breeder	$800 – several thousand	$300 – $2,000
Microchipping, Vaccinations & De-sexing	Up to $1,000 in the first year	$115 – $300 (De-sexing), $60 – $80 (Microchip)

Approximate annual costs:

Council registration	$40 – $200 per year
Pet food and treats	$600 and upwards per year
Collar, Bed, Bowls, Toys	From $500 and upwards	$30 – $70 (Bed), $15 – $45 (Bowls)
Pet insurance	Dogs: $70 – $104 per month	Cats: $44 – $62 per month
Grooming	$300 – $200 and upwards	$7 – $60 (Brush)
Puppy school	$150 – $275 and upwards
Boarding in Kennels/Catteries	$25 – $105 per night	$30 – $90 (Carrier)
Annual Vet Checks & Vaccinations	Approprimately $600 and upwards per year
Flea and Worming treatments	Approximately $100 – $150 and upwards per year

Pet Health Costs

PetSure data suggests that one in five pets will have lifetime healthcare costs exceeding $50,000~, a figure that many pet parents may not initially consider when planning their budget for pet parenthood. Research by PetSure also revealed that pet owners often expect pet healthcare costs to be lower than those for humans. For example, 28% of pet owners estimate the cost of hip replacement surgery for a pet to be between $1,001 and $2,500^, when in reality, it ranges from $5,000 to $6,000*. Financially preparing for all your pet’s needs can help reduce unexpected costs and ease the financial burden of pet care.

A factor that is often not well understood, is that the procedures for treating pets are very similar to those of humans.  we did a comparison of pet and human healthcare costs here.

While humans have Medicare, which covers approximately 70% of medical costs, pet parents are responsible for 100% of their pets’ medical expenses.  As a result, it is helpful for pet parents to have appropriate expectations of the potential costs. 

Below is a list of the top 5 health conditions that pets will have along with the potential that these conditions might cost. 

Dogs

Rank	Condition	Average cost for treatment*	Highest cost for treatment*
1	Skin infection/allergy	$557	$20,622
2	Gastrointestinal disease	$773	$26,435
3	Ear infection	$385	$20,654
4	Traumatic injury	$899	$39,147
5	Skin masses	$759	$15,004

Cats

Rank	Condition	Average cost for treatment*	Highest cost for treatment*
1	Gastrointestinal disease	$711	$27,061
2	Traumatic injury	$871	$30,990
3	Skin infection/allergy	$382	$9,614
4	Urinary tract disease	$978	$25,549
5	Eye disease	$349	$10,746

While some pets can be lucky and not incur serious complications, others are not.  Planning for the unforeseen situations is part of the unexpected costs of pet ownership. 

Additionally, it’s worth noting that pets age much faster than humans, with one human year equally approximately seven in pets. This means that by age 9, pets start to experience a much higher risk of serious illness. 

Pets at 13-14 years old have the highest likelihood of submitting a claim for cancer 6.1% of dogs, and nearly 5% of cats are expected to submit a cancer claim during their lifetime.  The cost of treating cancer in dogs ranges from $2,812 to nearly $37,133*

20% of insured dogs may submit pet insurance claims for heart conditions once they reach 14 years old with the costs ranging from $1,446 up to nearly $39,203*

10% of pets over the age of 12 sought treatment for kidney disease last year with the statistics rising exponentially with age and the treatment costs ranges from just over $1,589 to $16,559*

The prevalence of arthritis is 40% in both dogs and cats¹. Our data indicates that while dogs exhibit symptoms at an earlier age and owners seek treatment from age 9 onwards cat owners tend to notice the degenerative impact of arthritis later in a cat’s life, with claims exponentially rising at around 13 years of age. The average treatment cost with surgery is $2,396 but could be as much as $12,387*, however ongoing annual treatment costs could be as high as $1,300-$1,600* for pain management.

~Average lifetime healthcare costs estimated using output from PetSure proprietary modelling. This modelling incorporates PetSure claims and policy data from ~c. 2016 to the present day across all insured breeds. This estimate relies on assumptions around future healthcare cost increases and represents a 15-year view of an average animal, for the mix of breeds currently insured with PetSure brand partners.

*Based on PetSure claims data 2023 calendar year

^PetSure research 2023 (N=1,000)

Veterinary care

Veterinary consultation costs differ between veterinary practices, and a visit for a sick pet is typically more expensive than for a healthy one, due to the fact that they’ll likely need medication and/or a diagnostic work to identify the underlying cause of the presenting symptoms. Pet owners can expect to pay an average of $70 to $100 for a standard health check-up. To learn more about the costs of the top health conditions in dogs, cats and other pet health conditions, download our 2024 Pet Health Monitor.

Pet insurance

Insurance can be costly whether you are a human or a pet, but it can help alleviate some of the worries associated with unexpected expenses. Like humans, our pets may experience traumatic accidents and injury, or they may develop an illness that requires regular monitoring, prescription medications or other treatments. Some breeds are also prone to developing specific health conditions too. Although pet insurance isn’t for every cat or dog owner, when preparing for pet parenthood, it’s important to factor in all potential pet health care costs. 

If you want more information on finding the pet insurance cover, read more here.