by Karsten Broderlynn
Our view or opinions of an outcome often retroactively determine the merits of the decisions we make. Deftly diving out of the way of a speeding car would logically seem to be a smart decision. Landing in the way of another oncoming car, in retrospect, takes smart out of the equation.
In either case you made the same decision in jumping out of the way of a speeding car. Its the outcome of that decision that dictates the apparent intelligence of the decision you made. Does that mean we’re all subject to fate in determining the virtue of our decisions? Not necessarily. Perhaps we should have looked before we leapt. To confuse things further, there’s another way of looking at things.
My father once told me that the value of a choice wasn’t simply apparent in the decision itself or in its outcome. Rather, one had to consider the thought that went into the choice in the first place. My evident confusion prompted him to expand on that.
He asked if I would be enticed by an offer that could earn me $50,000.00 in ten years for a meager upfront investment of only $5,000.00. The odds, he explained were only about 50% that I would hit that target and improved if I would be willing to accept a lesser return. I’d have much better odds of realizing $40K, for example. But regardless, the odds of my losing my initial investment were very small. Though I’d have to wait 10 years, I’d be virtually assured of getting at least my initial investment back. Was I interested? I was, but only if I had no other interests in mind for that $5K. My response wasn’t enthusiastic.
He then asked what I would do if he offered me obscenely slim odds to make $5 million dollars and all I’d have to invest is $5 for the purchase of a lottery ticket. I answered without hesitation that I’d hand over the $5 with hardly a thought.
He then deflated my confidence a bit by explaining I’d just made the same bad decision thousands of lottery ticket purchasers make every day. The mistake I was making being the failure to consider the odds in assessing the value of the investment simply because I was so impressed by the potential return relative to the amount I’d have to pay to get in on the deal.
In considering the purchase of health insurance for your pet, you face a similar decision but the lines aren’t quite as clear. That, of course, means that making the smart choice can be far more confusing. It requires research and sensible thinking.
The problem is that many of us approach the decision to buy pet health insurance with the same irrational thinking we might apply to purchasing a lottery ticket. We ask ourselves how we’ll feel if our pet lives to a ripe old age, never needing an expensive procedure. How will we feel having thrown away all that money over the years for nothing?
Or we struggle with our emotions and wonder what failing to purchase pet health insurance says about us. Does not doing so mean we don’t love our pet enough? Are we so miserly we can’t even risk some money for the animal we claim to love?
Neither of these approaches is the right one. In the former, we’re wasting effort simply because trying to predict the future is a wasted effort. You cannot predict the future health needs of your pet. It might never require an expensive medical procedure. Then again, perhaps it will need one. Even the healthiest of breeds can have accidents, eat something they shouldn’t or be hit by a car. The point is you can’t know.
The second approach is a mistake in that a financial decision should never be grounded purely in emotion. If you can’t afford a monthly fee for health insurance, it has no bearing on the level of affection you feel for your pet. Rather, it’s a simple fact of economics.
The decision of whether or not to purchase pet health insurance requires a rational approach. Examine the facts. If your pet should require an unexpected and expensive procedure, could you cover the costs out of pocket? Keep in mind this could cost you thousands of dollars. If you earn a good living or have a particularly robust savings account (and are good at not dipping into it) the there may be no point in getting insurance.
Also consider your pet’s age and general health. If it is young and healthy, non-problematic breed then perhaps the choice to purchase pet insurance can be delayed until later in your pet’s life. Just remember the warning that emergencies can and do happen.
Take the time to do the research and math. It may make sound financial sense to pay a monthly fee just in case. For many the peace of mind of knowing their pet is covered in the event of an emergency makes the monthly expense of insuring a pet is preferable to taking an unexpected hit to their savings. Job stability, how much you have in savings and how comfortable you are unpredictability should be the factors that influence your decision.
At the end of the day you should take the time to honestly analyze the relevant facts with no emotional bias. Do your research, consider your financial position and make the choice based on what makes sense rather than your fears and emotions. Leave it to the guys in Vegas to have fun riding emotional roller coasters while you content yourself in a rational decision honestly made.
About the Author:
With over 20 years of veterinary and pet care experience, Karsten hopes to help you make sound decisions about
veterinary pet insurance. He is a consultant and frequent guest writer for several sites covering general pet health issues,
exotic pet insurance and other pet topics.