Money Fix: Do your pets need health insurance?

Man's best friend may be his dog, but deciding whether to get health insurance for Fido can be a matter to debate. Is it worth the cost?

David Lee Morea of Manhattan pays $35 a month for 90 percent reimbursement and a $100 annual deductible. He's used it for two surgeries on his 16-month-old dog, Chiqui.

"We got insurance fearing that one serious, or not-so-serious vet visit or surgery would mean financial ruin, or Chiqui passing because we couldn't afford surgery," says Morea. "I've heard people say they were unjustly denied reimbursement, but we're satisfied."

But pet insurance gets mixed reviews. A Consumer Reports analysis concluded that it generally cost more than it paid out. Only in uncommon cases, when a pet required very expensive care, did it more than pay for itself.

Patti Wood of Decatur, Georgia, paid $27 a month for nearly nine years. She used it once. When her dog was diagnosed with Cushing's disease, an endocrine disorder, she said it wasn't covered and her insurance was canceled three months later.

If you opt for pet insurance, here's what to keep in mind.

Prices vary.  Age and breed can impact premiums.

All insurers aren't equal. While big players such as Farmers Insurance are entering the market, there are disreputable companies. Do your homework; talk to your veterinarian and other pet owners.

Get the facts. Be clear on what's covered and what's not. Compare coverage, price and overall value. Like any insurance, you may not need it, but it may give you peace of mind.