I Didn't Get Pet Insurance for My Old Dog. Here's How I Make Sure I Can Afford Her Care – The Motley Fool

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by Christy Bieber | Published on July 8, 2022
Image source: Getty Images
Without pet insurance, I need to have a plan.
My beloved dog Molly will be 16 on Dec. 24, 2022. She has been a member of my family since she was eight weeks old. When she first came home, I was still in school and I didn’t understand the importance of getting pet insurance — or even really know much about what pet insurance did at the time.
Molly has pre-existing conditions now, including a heart issue that was surgically repaired. Because of her age and because of her medical history, getting insurance coverage for her now would be difficult and expensive, and any policy I would buy wouldn’t cover the medical issue that most affects her.
I want Molly to get the very best medical care money can buy, so I’ve taken steps to make sure I can afford to pay whatever veterinary bills may arise — including for twice-yearly visits to the cardiologist to ensure her surgical repair is holding. Here’s what I do to make sure I can afford to pay for her healthcare.
To make sure Molly can get any medical care she might need for the rest of her life, I actually have two separate savings accounts for vet care.
The first is an account I put money into each month for her routine healthcare. I know she must visit the cardiologist twice a year for an echocardiogram and a complete blood panel, and this visit costs around $800 each time. She also sees her regular vet once a year for annual exams and sees a chiropractor once a month because she has joint issues. I’ve added up the costs of all of this care and divided the amount by 12 so I can set aside money every month to pay for it.
I also have a “vet emergency” account where I save additional money each month for unexpected expenses. This is money I can use for anything from an unplanned vet visit due to an ear infection to a hospital visit if one should become necessary in an emergency.

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By setting aside money in my bank accounts, I won’t have to reach for the credit cards — or worse, refrain from taking Molly to the vet if I think she needs to go.
I’m lucky to be in a financial position where I can save money every month for all of this veterinary care — but the fact that I have to put aside so much money each month has convinced me how important pet insurance is.
If I had bought pet insurance when Molly was a puppy, I would likely have saved thousands — or even tens of thousands — over time because my insurer would have covered many of the expensive treatments my dog has needed over her 16 years.
After my experience, I will never go without pet insurance again. In fact, buying pet insurance will be my first task when I invite more animal companions into my home.
Christy Bieber is a personal finance and legal writer with more than a decade of experience. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today.
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