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 this data, you can see the trend in veterinary fees has been constantly increasing and at a much higher rate than regular consumer inflation.
Veterinary inflation affects your pet insurance because the procedure that cost $1,000 last year, now costs around $1,060 and will cost $1,124 next year. Adequate premium is necessary 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 prices being charged.