MARSHALL LOEB
MarketWatch
More than 71 million U.S. households have a cat or dog, and Americans spend $18 billion a year for veterinary care.
As more products and services are created to cater to our love of pets - everything from pet prescriptions to pricey boutiques peddling designer duds - pet health insurance is growing fast.
Pet policies are similar to your own health insurance - they have annual premiums, deductibles and different coverage plans. Depending on the company, you can get plans for different species of varying ages and lifestyles - i.e., animals kept indoors vs. outdoors. Some also allow for pre-existing conditions.
The American Veterinary Medical Association endorses the idea of pet health insurance. The organization recommends looking for a company that allows you to choose your veterinarian, can offer referrals and is supported by professional organizations, individual veterinarians and other groups and individuals concerned with animals.
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