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Sick Pet Fund

twinmommy
December 31st, 2004, 09:28 PM
Hi Guys

I'm soo tired of people posting about their sick pets that need vet care,and they can't go to the vet. They come to the forums for support/knowledge/advice/ and they want absolution and/or self justification for not bringing the poor animal to the vet YESTERDAY!!!

I came up with a halfbrained idea, not my fault being a blonde ;) and I wanted to bounce it off you guys, maybe you can help me weed the "bugs" out of it.

I know pets are expensive, but if 5-6 friends with pets, some more than 1 pet, contributed a nominal weekly fee of ..say, 1-2$ per pet. And let that money accumulate. People could prepare somewhat for an emergency vet visit and even if the "fund" wasn't enough to cover all the expense, surely it could help out....it just gets complicated if you have more than one pet sick at the same time...I guess you could divide the fund..????...you guys must have had ideas like this before.......care to respond??

I'm just trying to shed some positive light on a dark situation. :)

Bugsy
January 1st, 2005, 12:31 AM
Pet Insurance :thumbs up

Karin
January 1st, 2005, 05:38 AM
I wish we could buy responsibilty for these people.

glasslass
January 1st, 2005, 09:59 AM
Years ago I worked for a company that wanted 100% participation in buying US savings bonds through payroll deduction. I bought one a month ($25.00/mo initially, later years $50/mo) After a few years, Den-Den2 died at 13yo. We were able to cover the vet expenses on our own but it started us realizing and thinking. We designated that the savings bonds would be our emergency fund for our next Den-Den. Over the next 18 years of Den-Den3's lifetime, those bonds have accumulated into a very nice little stack. Den-Den & Puss-Puss shared with my brother's dog about 6 years ago when Miko had chemo and radiation treatments. We started this before pet insurance was available, however, with a good base, it makes sense to continue to put that $ each month into bonds.

Sheriffmom
January 1st, 2005, 01:04 PM
We currently put the money we would have spent on pet insurance into a seperate account, and will continue to do so.... it's our emergency "Sheriff" account!! We chose not to go with pet insurance, as we found it extreamly expensive, and very restrictive (especially due to the fact we have a "Premium breed". We averaged it out, and multiplied the amt. we would save in a year, and found that for us anyway we will save money in the long run, as long as Sheriff stays relativly healthy until age 3. :)

CyberKitten
January 1st, 2005, 01:43 PM
I also think people should learn responsibility. Granted, there are times when people will genuinely need assistance - financial and our emotional and whatever advice we can give not as vets but as pet lovers and people who have some knowledge of life with our four pawed friends.

There IS IMOM of course which is a little overwhelemed I think at the moment. And I do think there are people who may fall into situations which are not of their own choosing. There are those who do come here for a "quick fix" however - looking for absolution as it were.

But I agree with Pet Insurance. Sharing your life with a pet or more means a committment of up to 20 years and it means understanding the financial committment. It is even not that expensive to purchase pet insurance and it's absolutely necessary. Having a pet is making a choice - so one has to opt for the cost of the a pet over something else. Especially when the pet may be ill!!!

twodogsandacat
January 1st, 2005, 06:38 PM
I never thought of that which explains why I'm not rich. I purchased insurance and two months later used it for a ripped nail so it paid for it's self. I thought it was great.

Now I have two dogs and pay just over twenty dollars a month. Putting it into a fund I could have access to when needed and which would of course remains my money if it wasn't needed seems a much better idea and of course I can decide what is covered and what isn't. Now I have to really think about this. :rolleyes:

CyberKitten
January 1st, 2005, 07:05 PM
I think I was half asleep when I responded the first time. You mean like a trust of some kind for an individual pet?? That;s actually a good idea I think. I have established a trust for Yin Yin but its purpose is for if something happens to me. (Of course there are also provisons in my will) But a trust could certainly cover some of the things insurance does not - or cover them in a different way.

twinmommy
January 1st, 2005, 07:21 PM
Yeah..kind of a trust fund CK, you see, I was a big fan of petinsurance when I just had one or two pets...now we are four. This becomes quite expensive on a monthly basis, and I have found a solution by going to student vets. I would say that everyone is somewhere between "adult" and "middle age" so to speak, but as they senesce....I want to get something going for them. I am kind of dropping the whole "multiple contributors" idea, because I think that it'd pose several problems in the long run....if more than one pet was sick at the same time and not enough funds, or worse--a pet becomes sick when the "pot" has just been emptied. :eek:

Plus you really have to find people who agree on what pet care should be. I already had a somewhat heated conversation with my sister in law about quality of food, and tried to enlighten her---SIGGGGGHHH. But no luck. It would be hard for her to be in the fund, paying the same as everyone else when her pets, I believe , will need more care than the rest of us.

So you see it gets a little complicated, but fear not, I will slowly weed the bugs out of this. And it'd be different than pet insurance because you could recuperate that money at the end if there was no medical emergency....

the wheels are a turnin' people!!!
(can you tell my kids have slept half decently 2 nights in a row??!!? :D )

CyberKitten
January 1st, 2005, 08:36 PM
I canm see the wheels turning. Do we need an actuary? :D You know, if your sil feeds a kind of pet food that does not contain all the good nutrients - all things being equal - she'd have to pay more. Sort of like people who smoke or have more accidents (like hit Bullwinkle, lol) and have their auto inurance premiums go up. (Actually mine have not gone up yet but give em time, lol)

I can see how it could be complicated with several people.

But as someone who chairs a few Boards, I know quite a bit about establishing foundations and you could do that possibly. The group would need Revenue Canada status and it could get tax breaks as a charity that helps pets. Obviously, there would be the usual politicvs and calculus that occurs with any Board. What are the values? The Mission? Strategic Plan, all that fun stuff - but I think I am way ahead of myself.

On an individual basis, one could set up a fund and pay into it and work with some financial institution (Schwinn is a former banker - he might know some of this - tho the rules changes all the time). You would have to earn enough interest in the fund so that it pays for the health needs as the pets age - and one has to take into account the cost if vet care increasing if only just as in my work - costs increase with more technology (It costs more to order an MRI than an Xray), different and more cosly but not necly better medications (It is more expensive to prescribe zithromax than it is to give penicllin and every medical consumer is convinced zith is better because there are multiple ads on TV!) but we also take less time with some of the less invasive procedures (A laproscopic Cholecystectomy is much cheaper in terms of OR time and hospital time and the doctor's time than a traditional addominal one) so money is saved there. Clearly, more laser surgery by vets will help that. So one could cost all that out and figure it out.

We DO need an actuary, lol

glasslass
January 1st, 2005, 09:30 PM
All so complicated! I think SheriffMom's savings account and Den-Den's savings bonds are so much simpler! Although both required a lot of time to build up and counted on our pets staying healthy during that initial time. Actually, we had our pet emergencies too but I'm so tight with the emergency funds, I refuse to dip into it unless we have to. We've covered expenses out of our pocket if we've been able to. I haven't looked into pet insurance in the last few years, but in the beginning when I was checking into it, it didn't cover after a pet reached an advanced age and needed it most. It seemed to be mainly for accidents. Whatever system you choose, the most important thing is to plan ahead and do something consistantly. Doing nothing and crossing your fingers is naive and irresponsible.

Sheriffmom
January 3rd, 2005, 05:20 PM
We have a seperate savings account. we put about $60 per month into the account (sometimes a little more if we have it). It is strictly used for Sheriff only, and we do not touch it. For us having our savings account is FAR more beneficial then having Pet insurance. Sheriff is a "premimum breed" (notice the little astrik beside all things covered.... now continue to the bottom and read how many are restrictions against premium breeds!!). Also they only cover him until he is 6yrs old!!!
So the $60/mnth that we put into a savings account, is what we would be paying an insurance plan (for the top of the line rolls-royce coverage). I think that going this way it will prevent us from getting stuck with answeres like "you used up your lifetime maximum" and "oh, he's a premium breed that clause doesn't cover him!". :)
If he does not need any major expensive work in the next 3 yrs, we will have saved money by not giving it to the insurance company. (Check out their max coverage amts both yearly, and in the pets lifetime.... check how old the pet will be when they drop coverage, see what is and isn't covered.) For us it just made more financial sense.... Not a recommendation to do this, just an idea to research!! :)