{"id":76186,"date":"2024-06-01T00:00:33","date_gmt":"2024-06-01T04:00:33","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=76186"},"modified":"2024-05-24T17:59:40","modified_gmt":"2024-05-24T21:59:40","slug":"pet-insurance-viewpoint-0624","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/pet-insurance-viewpoint-0624\/","title":{"rendered":"Pet Insurance: The Good, Not-So-Good and Indifferent"},"content":{"rendered":"

Among veterinarians, likely no subject elicits a wider variety of reactions than pet health insurance. The topic has staunch supporters and steadfast detractors, with every variance in between. Most veterinarians, however, are indifferent; they have no meaningful opinion. Many of them agree that clients with insured pets make quicker decisions about treating complicated or expensive medical conditions. Unfortunately, busy practitioners often don\u2019t have the time to educate themselves or their clients about this seemingly complex subject.<\/p>\n

The Good<\/strong><\/h3>\n

The medical and dental professions and their patients have clearly benefited from health insurance. The table below shows the mean annual 2022 income of physicians, dentists<\/a> and veterinarians and their respective share of insured patients. More importantly, the table reveals how the low percentage of insured pets depresses revenue flow to veterinarians.
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\n\n\n\n\n\n\n
<\/td>\nMean Income<\/b><\/td>\nInsured Patients<\/b><\/td>\n<\/tr>\n
Physicians<\/td>\n$251,990<\/td>\n90%<\/td>\n<\/tr>\n
Dentists<\/td>\n$180,900<\/td>\n76%<\/td>\n<\/tr>\n
Veterinarians<\/td>\n$129,900<\/td>\n3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Worthy of note is that the table shows the percentage of insured U.S. residents under age 65. Older patients are covered by Medicare and, in most instances, supplemental insurance.<\/p>\n

While the figures indicate pet insurance\u2019s low penetration rate, veterinary practices that aggressively educate clients about the product report insured patients ranging from 10% to 40%. Those practices benefit from:<\/p>\n