Veterinary medicine is one of the few health care professions that are not financially based on insurance. Here the pet owners are responsible for veterinary costs incurred -- including preventive/routine care, emergency and disease conditions.

Pet health policies are similar to human insurance policies; annual premiums, deductibles, and different coverage plans based on what the owner chooses. Plans are based on species, age, pre-existing conditions and in some cases, lifestyle of the pet (i.e. indoor vs. outdoor cat).

As for pre-existing conditions, some companies will allow coverage if the animal is stable or controlled other companies will refuse animals with current conditions or terminal disease.

Policy cost: varies widely, depending on the animal and the different packages that the owner can choose. The current overall average for annual deductibles is around $100.00. Some packages are comprehensive, including such things as: annual checkups and vaccinations, routine care, preventive medications and spay/neuter surgeries. Other plans cover only accident and illness. Additional pets are usually covered at a reduced rate after the first policy-holding pet.

The other options: Check with your Veterinarian -- some hospitals offer wellness packages, which are discounted prices on vaccinations, spay/neuters, and the like. Some also offer geriatric health checkup packages. This is definitely worth looking into for preventive health.

Pet owners will have to evaluate pet health insurance and decide if it is right for their pet, but it is definitely becoming something to consider.