A story by the AP reports that more and more companies are offering pet insurance for the employees. Veterinary Pet Insurance, the nation's largest pet insurer, has seen a boom in corporate accounts recently.
Estimates are that pet owners spent an estimated $9.8 billion on vet care just in 2007 and that's up a whopping $2.7 billion from 2001! Pet owners are now spending more on expensive care including pet surgery and medicines.
Other costs include things such as MRIs, CAT scans (without the cat!), and endoscopies, just to name three. Most of the policies don't cover these costs like you would expect in a typical health insurance policy. Instead, it usually provides a discount of 5 to 10% off of the bill.
Some consumer groups caution against running out and purchasing pet insurance since you may find that you pay more over the life of the policy than you save. Each person should carefully weigh the benefits of such a policy before jumping in.