The Impact of Veterinary Inflation on Your Pet Insurance Policy
The United States Bureau of Labor Statistics (BLS) collects data on veterinary fees in metropolitan areas. Based on the data you can see the trend in veterinary fees has been constantly upward and at a much higher rate than regular consumer inflation.
Veterinary inflation affects your pet insurance because the procedure that last year cost $1,000 now costs around $1,060 and will cost $1,124 next year. There needs to be adequate premium to pay these veterinary bills that are now higher due to inflation.
Factoring veterinary inflation into your pet insurance policy causes your premium to rise each year but, very importantly, it also means you continue to receive claim refunds at the higher fees being charged.
It's a bit like your paycheck that goes up a little bit each year to take into account the rising prices for things like bread and food.