Pet Insurance Costs Up 50 Percent In Past 10 Years

According to the American Pet Products Association, the average dog and cat owner now spends about $650 a year on pet medical care, up nearly 50 percent over the past decade. The CEO of one pet insurance company told the Wall Street Journal that innovations in human medicine have come to the vet side, from MRIs and CAT scans to chemotherapy and radiation.

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RENEE MONTAGNE, HOST:

And our last word in business is pricey pet care. Like other health care costs, the price for keeping Fido and Kitty healthy and happy is rising — make that soaring. According to the American Pet Products Association, the average dog and cat owner now spend about $650 a year on pet medical care. That's up nearly 50 percent over the last decade. As with humans, more and more sophisticated and expensive options are available for our pets — complex eye surgeries, cancer treatments, even stem cell procedures.

STEVE INSKEEP, HOST:

The CEO of one pet insurance company told The Wall Street Journal that all the innovations in human medicine have come to the vet side, from MRIs and... CAT scans... to chemotherapy and radiation. The Journal also reports that vets are hiking prices because they want to make more money. They may need to pay off big loans from vet school. That's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

MONTAGNE: And I'm Renee Montagne.

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