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The pet care market is similar to the human health care market in that they are both growing. According to New York Times, “Health spending by American households has grown 50 percent between 1996 and 2012. Pet care spending has grown by a similar amount, 60 percent.” Families with higher incomes spend more on pet and human care, and they spend more towards the last years of pets’ and humans’ lives.
In addition, there has been a growing demand for physicians and veterinarians. According to New York Times, since 1996, physician demand is up 40% and veterinarians is up 100%. There is clearly a greater need for pet and human care now then a few years ago, but what is causing this growing interest? Is health insurance that significant?
I think that health care is a very powerful tool to have in our lives. Human health care is much more important than pet health care in that pet health care might not be worth it in the long run. The only reason one should get their pet insured is if it costs a lot to take care of. Pet health insurance is much more uncommon than health care for humans. More than 90% of Americans have health care, but only 1% of dogs and cats are insured, according to the New York Times.
The lack of pet health care can also be due to the fact that it is relatively new to us. Unlike human health care, which has been present before WWII, pet insurance hasn’t been around that long.
Both pet care insurance and human health insurance are valuable, but human insurance is a must.