For many people, having good health insurance coverage brings about a sense of security, mainly because of the statistics that show that people who don’t have sufficient coverage are far more likely to find themselves facing bankruptcy if affected by a severe prolonged illness.
The same is true for pet owners. It is not beyond the realm of possibility to take a pet into the vet, only to be told that in order to fix the problem, the cost will be in the tens of thousands of dollars. And because of a sense of loyalty, or duty, or something, that pet owner will attempt to cover the debt, possibly causing financial disaster.
It was during one of the many trips to the vet that I was enticed to obtain pet insurance. They told me that I would “save a lot of money”.
The insurance cost me $27.95 per month and since I didn’t read the fine print, I was unaware that in order to cancel my policy I had to notify them in writing, 30 days before the yearly renewal date. This was the pet hospital’s cash cow, because most people probably didn’t realize their legal obligation until it was too late, forcing them to pay for an additional year, regardless of whether they used the service or not.
Calculating whether you’re actually saving money is complex because you need to know which procedures actually have a direct positive impact on your pet’s health. Paying for procedures that don’t are not only risky, but will add to your pet’s health care costs.
Most of us are emotional about our pets. That makes us susceptible to some of the offers that a pet care provider will make. But does having pet insurance really save you money? Consider the following business practices:
- Coverage is not all-inclusive. There is a cap on many of the services. Once you exceed them you will pay full price, which may be more than what is charged by another vet.
- Prices are sometimes increased beyond what is standard, then made to look like you’re receiving a discount.
- Procedures that are beyond the scope of the health insurance plan (usually involving catastrophic illness) are provided but at a much higher cost, negating any of the benefits of having the insurance.
- Far more procedures are scheduled than your pet will ever need to maintain good health. This most certainly raises your overall health care spend, even when your invoice shows numerous discounts. The fact that you obtained many “discounts” on the invoice is irrelevant, since you didn’t really need some of those services in the first place.
Think about this: Who stands to benefit the most from pet insurance? Most likely your vet. You have to wonder if he or she is receiving a monetary incentive to promote all those procedures, or if they have a corporate quota that they’re forced to maintain. This is an ethics question because the primary responsibility of your vet is to assure quality care. When money comes into the picture, it becomes a polluted issue. Suddenly, the standard of care includes services that previously weren’t even considered when pet insurance wasn’t an option. I decided that I could no longer trust a vet who offered pet insurance because the monetary incentive was too great for them to make an unbiased decision on which services were truly necessary.There is such a thing as “too much” health care for your pet. Some of the procedures they insist on are risky enough to put your pet’s life in danger. There is no such thing as a “routine” procedure when it involves injecting something into your pet or placing your pet under anaesthesia. You are now playing dice, statistically.
Buying pet insurance is a gamble that probably won’t turn out in your favor. Forget those ads that show someone saving thousands of dollars on some obscure procedure. They already paid thousands in insurance premiums and may not have needed the procedure in the first place. If you really want to have the best care, find people who own the same breed of pet as you who can give you expert advice on how to take care of your pet. It won’t eliminate the occasional trip to the vet, but it could save you grief from the tragedy of your pet’s death due to unnecessary services performed by a shill promoting pet insurance.
