If the Westminster Dog Show is the Super Bowl of dog shows, then Uno the 25-pound beagle is this year’s Eli Manning. Just like the New York Giants MVP, underdog Uno bested some stiff competition: 2,657 canines from 48 states and at least six foreign countries, before being crowned top dog. A capacity crowd at Madison Square Garden (CVC) roared when Uno became the first beagle in the contest’s 132 year history to win best in show. 

But the road to winning Westminster’s silver cup is paved with more than just kibble and comb-outs. With professional trainers charging upwards of $5,000 per dog, per show, breeding fees of $1000 or more, and skyrocketing veterinary costs, an owner’s spending can add up. Americans will spend almost $41 billion on their pets this year. According to the American Pet Products Manufacturers Association, about $10 billion of that will be spent on veterinary care. 

“Not long ago, pet owners had little choice but to put their animals down when they became seriously ill,” says Jeanne Salvatore, senior vice president at the Insurance Information Institute. Now four-legged friends have access to costly treatments such as chemotherapy, MRIs and organ transplants. Veterinary costs are soaring. “Increasingly pet owners are purchasing health insurance to help pay the veterinary bills,” says Salvatore. Pet health insurance is a $230 million business comprised of nine major companies, the biggest being VPI, PetsCare and Pet Health Care. And unless your dog or cat has a $12 million trust fund like the late Leona Helmsely’s Maltese, it is important to shop around the same way you would when you buy human health insurance.  

Pet health insurance policies are very similar to our own, complete with deductibles, co-pays, networks, exclusions for pre-existing conditions and caps. Basic coverage, about $140 a year, will help pay for accidental injuries such as cuts and broken legs, poisoning and some illnesses, with a cap on reimbursements. Bump up the yearly premium to about $250, and Fido gets benefits for diagnostic procedures such as x-rays and labs, as well as prescriptions, but there is still a cap on reimbursements. 

Purchasing pet insurance might not be the right financial move for everyone. When Consumer Reports recently compared five different pet health insurance plans, the consumers union concluded the policies can end up costing owners thousands of dollars more than just paying vet bills straight out of pocket. “That's because on top of deductibles required by all the insurers, plus any co-pays, unreimbursed costs, and exclusions--all of which you pay out-of-pocket--you also pay premiums,” states the study. “Seemingly small $11 to $50 per-month premiums can add up to $2,000 to $6,000 or more over a pet's lifetime.”

Overall, the value of animal health insurance lies in your pet’s potential medical issues, age and the emotional burden of potentially not being able to afford your furry companion’s required course of care. If you think your pet might need costly future treatment, Consumer Reports recommends you consider an accident-and-illness policy that costs less than those amounts. Otherwise, invest the amount you’d spend on premiums in an interest-bearing fund. Your own version of Uno will thank you for making their health a number one priority.