13th October, Sydney – According to a survey conducted by PetSure, Australia’s leading pet insurer, almost three quarters of pet owners believe that the cost of surgery on their pets doesn’t equate to the cost of surgery on themselves. Regarding the comparative costs of pet and human healthcare, 72 per cent of people surveyed said that veterinary costs “should” be lower than those of human healthcare1.
The Pet Health Monitor – an annual White Paper report by PetSure – reveals that expenses associated with veterinary care are often similar to that of humans.
With a human hip replacement costing approximately $25,000 ($5,000 for specialist fees and $20,000 in hospital fees)2, more than 23 per cent of people surveyed estimated that the cost of a hip replacement for their pet would be less than $1,000.
In reality, the actual cost of a pet hip replacement is closer to $12,300 per hip (which typically breaks down to approx. $5,000 – $6,000 for the surgical procedure, with the remainder for related veterinary expenses). However, it could be as high as $25,0003.
According to Dr Simone Maher, Chief Veterinary Officer of PetSure: “From diagnostic tests to surgical procedures, the level of expertise and resources required for pet healthcare are akin to that of human patients.”
This year’s Pet Health Monitor meticulously compares expenses associated with two common procedures: knee surgery and hip replacement. The findings indicate that costs are very similar.
“Our findings underscore the misperception surrounding pet healthcare costs,” says Dr Simone Maher. “The equipment, drugs and techniques used in veterinary medicine are often on par with those in human healthcare, contributing to the overall expense. A significant difference is in the diagnosis and treatment pathway: where a pet is frequently treated in one veterinary clinic, human patients often need to attend multiple locations”.
This year’s Pet Health Monitor provides a deep dive into many of the latest healthcare trends and the top pet health conditions, along with some surprising insights. For example, one in five pets will suffer a skin condition with an average cost of $500 but that could cost as much as $20,000.
The findings of the Pet Health monitor emphasise the importance of having a more accurate understanding of pet healthcare costs. According to Animal Medicines Australia, 14 per cent of pet expenses every year go towards pet health. With rising cost of living pressures, it’s important for pet owners to be prepared and plan how they will meet these expenses.
You can download a copy of the latest Pet Health Monitor here.
1 Nationwide survey conducted on 1000 pet owners by PureProfile (commissioned by PetSure – 2024)
2 Medical Costs Finder| Australian Government department of Health
3 According to PetSure Claims Data (calendar year 2023)
MEDIA CONTACT:
Zara Boland, Senior PR & Comms Manager (PetSure)
M: +61 (0)411 755 811,
ABOUT PETSURE:
PetSure (Australia) Pty Ltd (“PetSure”) is Australia’s leading pet insurer. For over 20 years, PetSure has been the market leader in both size and innovation. PetSure issues and administers the pet insurance policies of over 20 partner brands.
As the category leader, and in close collaboration with members of the veterinary industry, PetSure continually seeks to extend coverage, keep pace with modern veterinary practices, and provide pet insurance policies that are transparent and operate with the highest levels of integrity.
In March 2023, PetSure obtained its own APRA general insurance license, making it the first general insurer in Australia that’s fully dedicated to pet insurance. PetSure is committed to the long-term growth and sustainability of the pet insurance category.
DISCLAIMER:
Insurance products are issued by The Hollard Insurance Company Pty Ltd ABN 78 090 584 473, AFSL 241436 (Hollard) and/or PetSure (Australia) Pty Ltd ABN 95 075 949 923, AFSL 420183 (PetSure) (from 8th May 2023 only), administered by PetSure and promoted and distributed through their authorised representatives and distribution partners. Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Cover is subject to the policy terms and conditions. You should consider the relevant Product Disclosure Statement (PDS) to decide if a product is right for you. PDS and Target Market Determination are available from the relevant partner’s website.
Testimonials and customer experience may vary depending on individual circumstances. Claims are assessed subject to policy terms and conditions.
