In addition to annual costs of maintianing the health of your hound, be aware that 75 % of the medical costs are incurred in the final years, sometimes months of life. This can be mitigated somewhat by ensuring ongoing health care throughout their life with you, including keeping up to date with vaccinations, worming, pest control and especially, keeping their teeth cleaned.
Be aware that accidents can always occur and that while pet insurance is now available, it does not cover all expenses so you will need to budget for this.