May 11, 2007 1:11 pm US/Eastern
Pet Insurance: Is It Worth Your Money?
by Paula Ebben
BOSTON (WBZ) ―
With the recent pet food recall, a lot of people are anxious about their pets' health. Anyone who owns a pet knows how expensive medical care can be, and that has more and more people looking at pet insurance, but you've got to be a careful consumer.
Marjorie Katz was glad she bought pet insurance when her dog, Lilly, needed 2 operations to remove a tumor.
"The 2 together came to about $1700, and they paid about $1200 to $1300," said Katz.
Great leaps in veterinary medicine are helping animals like never before, but with MRI's, chemotherapy and even transplants, that care is costly.
So a growing number of people are turning to insurance as a safety net.
"It covers all sorts of illnesses, hospital admissions, and I also have an extra cancer rider," said Katz.
"I think it's really important to read the small print," cautions Dr. Nicholas Dodman, a veterinarian at Tufts Cummings School of Veterinary Medicine.
He says insurance is worth considering if an expensive health crisis would force you to put your animal down, but you have to be very cautious.
Dr. Dodman said you have to ask questions, such as "how far does it go, and how much does it cost."
Insurance usually runs from $20 to about $50 per month, complete with deductibles, co-pays and exclusions, so you have to figure out if it's worth it over the long term.
Do your research. Find out exactly what's covered and what's not.
Is there a maximum lifetime benefit? Are pre-existing conditions covered, and what effect does your pet's age have on coverage?
For many people, insurance doesn't make sense, and you'd be better off setting aside what you'd pay in premiums for any future contingencies.
For others, it works.
Even though Marjorie is paying $55 a month for Lilly's policy, she says she's ahead economically.
"If you treat your dog as part of your family, you want to take care of them," said Katz.
For more information on the pros and cons of pet insurance, log onto:
www.worldtravelguide.com www.ezinearticles.com www.consumertipsreports.org
(© MMVII, CBS Broadcasting Inc. All Rights Reserved.)
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