From Warren Eckstein - Pet insurance: A good deal? Or a rip off?
August 18, 2011
When it comes to our pets, my wife and I will spend whatever it takes to give them the best medical care possible. Like so many other people today, we consider them to be members of the family.
Our dog, Jack, has his own ophthalmologist. A few years ago, he needed a series of laser surgeries to treat a bacterial infection in his eyes. The bill came to $5,000.
Veterinary specialists can do some amazing things these days - from open heart surgery to cancer treatment - if you can afford the price tag.
A recent survey by the Associated Press found that a significant number of pet owners (41 percent) are extremely or somewhat worried they could not afford the medical bills for a sick cat or dog.
Is insurance the answer? When people ask me that question my answer is always the same: It depends. Buying pet insurance is both an economic and an emotional decision that needs to be based on your personal financial situation and what you're willing to pay for peace of mind.
"If you get the right policy, it can be an asset to the health care of that pet and have a significant impact on the bill that results from a visit in an emergency situation" says veterinarian Jean Maixner, co-owner of Animal Critical Care & Emergency Services in Seattle.
"Some people can't afford the treatment so they ask us to euthanize their pet. It's absolutely horrible," Dr. Maixner says. "If people had acquired pet insurance before the emergency occurred, they might have been able to move forward with some reasonable treatment to help their pet."
Consumer groups have a different take on pet insurance. Robert Krughoff, president of Checkbook.org, says "it doesn't make sense" in most cases.
"It's common to pay $300 a year or more for pet insurance. Over the life of a dog or cat that might be $5,000 or more. Most people are not going to have a big expense like that," he says.

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Posted by Ken at 6:49 PM