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How Can We Better Manage The Financial Pain Of Paying Vet Bills?

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How Can We Better Manage The Financial Pain Of Paying Vet Bills?

Postby Abital » Sat Sep 30, 2017 6:51 pm

Building on the idea of finding a way to help clients better pay for the high expenses of vet bills, what type of service or facility or plan (reasonably realistic) would be desirable? Keep in mind what already exists such as pet insurance and what not.


Veterinary technician student seeking ideas on a vet economics project.
Abital
 
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How Can We Better Manage The Financial Pain Of Paying Vet Bills?

Postby Maunfeld » Mon Oct 02, 2017 2:57 am

The only thing out there is a) more preventative medicine and b) insurance.
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How Can We Better Manage The Financial Pain Of Paying Vet Bills?

Postby Duke » Mon Oct 02, 2017 11:01 am

Like many veterinary hospitals in my area... offer Care Credit.


Google it.. Depending upon your practice's agreement with the company, clients can get up to 6 months, same as cash.
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How Can We Better Manage The Financial Pain Of Paying Vet Bills?

Postby Vsndyke » Tue Oct 03, 2017 2:32 am

Self-insurance is the best way, and it's what we use.We try to have several thousand dollars lurking in the bank, ready to pay vet bills. The best way for most people to accomplish this is to "buy" savings in the bank by putting in a certain amount regularly. It'll be different for various individuals, but something like putting into the bank the same amount that was spent on lessons that month, or on hay, might do it.


Regular insurance works the other way up, where you pay in the long run but get immediate protection. The major difficulties with horse health insurance are (1) finding an insurer who will cover your horse, given the animals age, use, and current health condition, and (2) having to consult with the INSURANCE COMPANY about medical treatments to find out what they'll actually pay for, perhaps even discovering that the best course of treatment isn't covered at all, leaving you with having to pay for it all anyway. "Sorry, we'll have to wait until Monday before we can decide what to do for this Saturday evening's emergency."

Horse mortality insurance provides similar difficulties, where euthanasia must be postponed until you can talk to the insurer. It's only suitable for high-value horses that are expected to have an earnings potential in the future.

We self-insure. That means we cannot go for those "heroic" multi-thousand-dollar treatments. We put the animal down instead, because we own several, and expending all our funds and then some on one doomed horse endangers all the others.
Vsndyke
 
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How Can We Better Manage The Financial Pain Of Paying Vet Bills?

Postby Armen » Wed Oct 04, 2017 7:53 am

My vet offers 2 plans for established clients.
One is done through the vet's bank that basically supplies a low cost short term unsecured loan to the client.
The other is for the really established client which is a gentleman's agreement with the vet.
You pay 1/3 every month over a 3 month period.
My small animal vet has signs up in his office that advertises loans from a corporation but I don't know the details.
Armen
 
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