Research findings led to AVMA changing its policy on pet insurance from neutral to advocacy. Metrics from studies support a more assertive position in practices, economic benefits for clients and of course improved health care for pets:
- Insured dog owners spent $216 per year more than uninsured owners (MSU findings)
- Insured dog owners spent 29 percent more, insured cat owners spent 86 percent more (NAPHIA)
- Passive offerings of pet insurance need to be replaced with interactive client education
Source: Today’s Veterinary Business, April/May 2020. Link.
There’s a purely mathematical reason why veterinarians have nothing to fear from pet insurance” – John Volk
Consider:
- In the U.S., human medicine is a $3.5 trillion business
- More than 90 percent of people have health insurance
- Insurance companies pay providers directly
By comparison . . .
- Veterinary medicine is a $27 billion industry (AVMA figures)
- Only 2.3 percent of dogs and less than 1 percent of cats are insured (NAPHIA figures)
- Pet insurance companies reimburse pet owners directly, not providers
Also see: The annual cost of pet ownership: Can you afford a furry friend? Money under 30, January 16, 2020. Link.
Also see: Search results for: insurance, Animal Health Digest. Link.
INSIGHTS: Today’s economy is fundamentally constructed with a level pay mindset. Pet insurance and wellness plans provide a budget friendly method to optimize pet health care while removing cost barriers for practitioners. Plus, pet insurance education can be done via video conference.