The pet insurance market is a booming industry that's growing by 25 percent per year. There is a quarter billion being paid in premiums! What accounts for the amazing growth? The marketplace has decided that pet insurance is great to have thanks to events like the tainted pet food coming to our country from mainland China. Consumer Reports ran an article that found pet insurance is not necessarily a wise investment unless your pet is older and goes to the vet a few times a year. But if you have younger animals, Consumer Reports recommends putting what you would pay for pet insurance into a savings account for future use. Clark believes people treat buying pet insurance policies like they would when they purchase an extended warranty on electronics equipment. They say, "Wow, I bought the insurance and then my dog needed medical care six months later. The insurance company paid tons of money that didn't have to come out of my pocket." In fact, the argument is better made for pet insurance than extended warranties on your new TV or stereo. Less than five percent of electronics will break in the first few years. On the other hand, you know your animals will need medical care. Just think carefully about their age and current health before you buy. Also watch out because the industry excludes many breeds from coverage. Finally, ask your vet about which policies are best before buying. He or she will know firsthand from customer feedback.

Clark has two Chinese pugs, and both need special food. One of the dogs is also overweight and recently had to go on a diet. And he’s not the only one. The number of obese dogs is growing in direct proportion to the growing number of obese humans. In fact, more than one-third of all dogs are obese. So, what is the solution? The FDA has approved a new drug called Slentrol, which is specifically designed to help dogs lose weight. The drug can cause vomiting, diarrhea and lethargy, but it’ll probably sell like hotcakes. Come on, people! The real problem here is that we eat too much and don’t exercise enough, and the same is true of our dogs.

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In other health news, a British medical journal did a recent study of nutritional claims on certain foods. Very often, the journals and organizations that do the studies are almost always paid by the food industry. The same is true of pharmaceutical studies. Basically, the whole thing is a stacked deck to show how great a product is. So, be careful. If you read any kind of study claiming a product is great, track the source.

Clark and his wife have two designer Chinese pugs that eat up more than just their share of dog food. In addition to costing a hefty price, they also have quite a few health problems. Needless to say, Clark would not go that route if they ever get another dog. Buying pound dogs usually works out fine, and the animals there really need your help. So, if you have a dog with health problems, should you get pet insurance? A recent story Clark read claimed pet insurance was not worth it because companies rarely pay out claims. The payout is below 50 percent, in fact. Consumer Reports also covered this topic recently and reported that pet insurance could actually add to what you pay for pet care instead of helping to defray costs. So, looks like the jury is in that pet care is not recommended.

Employers are starting to offer pet insurance as part of the company benefits package. There is no subsidy from the company, but people are getting it at a lower rate because of the number of potential customers. So, should you buy it? Well, the average owner spends just over $200 a year. Pet insurance would not be worth it in that case. But if the dog or cat is going to undergo a complicated surgery or major procedure, it would be a better idea. Also, if an unexpected expense occurs, would you be able to pay for it? If you don’t have the money, you have a potential case for pet insurance. Keep in mind that Consumer Reports gives it two thumbs down, though.

People spent $34 billion on their pets last year, which is double the amount of the year before. So, what are we spending money on? Collars and leashes, clothing, acupuncture treatments and all kinds of other services. Most of the money is spent on dogs. Granted, some of the spending is necessary. Dogs sometimes need surgeries and medicines, but this has gone a bit far. There are now swimming lessons, spa packages and birthday parties for dogs. We love our pets and that is great, but time and attention are much more important than fancy services.