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Pets bring immense joy adn companionship to approximately 66% of households in the U.S.. However, this emotional investment often comes with financial challenges. Just like humans, our furry friends require medical attention.
A recent study conducted by goodrx Research revealed that over 44% of pet owners have provided their pets with prescription medications, yet many report that these costs are putting a strain on their finances. GoodRx, a platform dedicated to helping consumers save on medications, delves into the findings of this survey.
Key Insights:
- 44% of pet owners administered prescription medication to their pets in the past year.
- more than one-third of dogs and cats are treated for chronic health issues.
- Nearly 75% of pet owners find the cost of prescriptions burdensome.
The Financial Strain of Prescription Medications
An analysis comparing annual expenditures on prescription drugs shows that dog owners typically spend more than cat owners. Approximately 27% of cat owners and 46% of dog owners reported spending at least $200 annually solely on prescriptions for their pets.
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The expenses associated with prescription medications represent just a fraction of what pet parents invest in their animals’ healthcare. this is notably true for the 36% whose pets are diagnosed with chronic conditions requiring ongoing care beyond just medication—such as frequent vet visits, specialist consultations, specialized diets, and costly supplements.
GoodRx
Paw parents also tend to allocate more funds each year towards overall veterinary care for dogs compared to cats. Over 30% reported spending upwards of $500 annually for canine healthcare; nearly 23% did similarly for felines. This figure does not account for multi-pet households where total expenses can soar into thousands each year.
The meaningful costs associated with veterinary services explain why around 75% feel some level of financial pressure regarding their pets’ prescriptions. Such stress may compel pet parents to make difficult decisions about adhering to prescribed treatments or seeking necessary veterinary services while managing other financial obligations.
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A Significant Portion Of Prescriptions Are For Chronic Conditions
caring for some pets involves multiple medications which can become both costly and time-consuming. Data indicates that nearly 43% have given daily doses to manage health issues effectively.
GoodRx
Additonally, about one-third (36%) require these medicines long-term due to chronic ailments—frequently enough necessitating lifelong treatment plans or extended periods under medication management.
Moreover, it’s common among older or medically complex animals needing several different drugs; indeed almost one in three dogs and cats take two or more prescribed treatments concurrently.
Good Rx
With so many factors involved , it’s easy see how quickly bills accumulate .
Pet Owners Delay Care due To High Costs
Nearly twenty-four percent (24%) admitted they had postponed or altered either dosage schedules or vet appointments because they couldn’t afford them .< / p >