Ben Sirmons has pet insurance for his small dog, but he gets the insurance through work.
"Well we got it about a year ago and we haven't had to use it yet," said Sirmons.
Pet insurance is actually one of the fastest-growing employee benefits in the country. One third of Fortune 500 companies now offer pet insurance. But if your company doesn't help pay for it, is it worth the money?
Samantha Boege's 4-year-old Newfoundland needed surgery to repair a torn ligament. It ended up costing her more than $5,000.
"We are going to spend the money on surgery because she's part of our family and we love her," said Boege, "But knowing what we know now, we are probably going to consider pet insurance."
If she had bought a policy when she go the dog it probably would have paid for itself. But Consumer Reports found deciding whether or not to buy pet insurance can be a tough call.
"If you have a young animal that ends up with a serious illness or injury, it can really pay off," said Mandy Walker with Consumer Reports. "But if you pet is older it can cost more and the coverage can be less comprehensive so it may not be worth it."
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Insurance premiums vary widely and depend on the coverage you choose, the age of your pet and the breed. The average premiums start at $16 per month for a cat and $22 per month for a dog.
Consumer Reports says if you are considering a policy for your pet, you should start by reviewing plans online. You should be able to get a free quote which allow you to compare costs verses coverage. You also want to check how premiums might increase as your pet ages.
If the idea of paying for pet insurance doesn't appeal to you, Consumer Reports suggest you consider setting up a dedicated savings account and putting aside a fixes amount of money every month so you have a reserve for unanticipated health care costs.
