New Bill in Congress Aims to Make Pet Care More Affordable

Are you a pet owner struggling with the rising costs of veterinary care? You’re not alone.

Many Americans are finding it increasingly difficult to afford essential medical treatment for their furry family members. But there may be hope on the horizon.

A new bipartisan bill introduced in Congress seeks to provide much-needed financial relief for pet owners by allowing them to use their health savings accounts (HSAs) to pay for animal care expenses. Could this be the lifeline that pet parents have been waiting for?

The Problem: Skyrocketing Vet Costs

Veterinary costs have been on the rise in recent years, with the average annual expenditure per pet household estimated to reach $1,733 in 2024, led by vet costs. 

Between April 2023 and April 2024, vet costs rose 7.1% — the largest increase in pet-related expenses during that time among the categories tracked. (ref)

This has led to a concerning trend of pet owners delaying or forgoing necessary medical care for their animals due to financial constraints.

Several factors contribute to these rising costs. Inflation plays a role, with the cost of surgical supplies, medicines, and lab tests increasing. Additionally, larger chains are increasingly consolidating vet clinics, limiting competition and driving prices up. 

The rising costs associated with starting and running a veterinary practice are also tremendous.

The Proposed Solution: HSAs for Pet Care

Enter the new federal bill, which aims to amend the IRS code to allow animal care expenses to be eligible for use with health savings accounts. (ref) HSAs are tax-advantaged accounts that individuals can use to save and pay for qualified medical expenses. 

This legislation could significantly boost the financial well-being of struggling pet owners by expanding the definition of eligible expenses to include pet care.

The bill has garnered bipartisan support, with lawmakers recognizing the importance of pets in American households and the financial strain that veterinary care can place on families. If passed, it would provide pet owners with greater flexibility in how they pay for their animals’ healthcare needs.

Potential Benefits & Challenges

If passed, this bill could help increase access to veterinary care for millions of pets in need. It may also encourage more pet owners to proactively invest in preventative care and routine check-ups, potentially catching health issues early and reducing long-term costs.

However, some experts caution that the bill alone may not be enough to solve the affordability crisis in veterinary medicine. Other factors, such as a shortage of veterinarians and the need for more efficient practice models, must also be addressed. 

Additionally, not all pet owners have access to or are eligible for HSAs, which are typically offered through employer-sponsored health plans.

Looking Ahead

As the bill makes its way through Congress, pet owners and animal advocates alike will be watching closely to see if it gains traction.

In the meantime, there are steps that individuals can take to manage their pet care costs, such as researching pet insurance options, discussing payment plans with their veterinarian, and taking advantage of community resources like low-cost clinics.

The veterinary industry is also working to address the affordability issue through initiatives like the Access to Care Resource Hub launched by the Veterinary Innovation Council (VIC). 

This comprehensive online platform provides veterinary professionals with tools, knowledge, and resources to offer greater access to care for a broader range of patients.

With innovative solutions like the proposed HSA bill and collaborative efforts within the veterinary community, there is hope for a future where no pet goes without necessary medical care due to financial barriers.