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.
Both outcomes resulted from the exact same choice; to dive out of the way of certain death. But in evaluating the results, the first scenario seems to be the product of a smart decision while the second outcome resulted from what seems to be a decidedly bad choice. But does that mean that random fate determines the merits of our decisions in life? Couldn’t one say the decision was smart regardless and the outcome simply unfortunate in the latter case?
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.
“OK,” he continued, “now what if I told you I might be able to make you $5 million dollars and all you’d have to invest is $5 for the purchase of a lottery ticket?” Well that, I thought, was a no-brainer. I’d hand over the $5 with hardly a thought.
He smiled at me and then shook his head before explaining that my decision was a bad one made by thousands of hopefully lotto players every day. Though $5 was a paltry investment for such a huge potential payout, the odds were so astronomically stacked against me that the decision was a bad one. Even if I won, the decision wasn’t smart. It was a dumb choice that just happened to result in a good outcome. The $5,000.00 investment, on the other hand, was a smarter choice.
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.
Much as with the investing example, many of us struggle with the choice of insuring our pets because we tackle this dilemma with the same irrational approach we might apply to purchasing a lottery ticket. What if our pet never requires an expensive procedure? Will we be able to stomach having thrown away all that money over the years for nothing?
Alternatively, we apply emotions to the choice. If we don’t get health coverage for our pet, does that mean we don’t love it? Are we wrong for assigning a dollar value to the health of our animal?
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 emotional approach is no better and, in fact, can blind you to important realities. All the love in the world won’t change your financial position if you can’t afford the monthly expense for pet insurance. I’d dearly love to buy controlling interest in Microsoft. That passion doesn’t translate to the financial ability to do so. Nor does the lack of finances mean you love your pet any less.
In deciding whether or not veterinary insurance is the smart choice for your pet, take a rational approach. Look at the facts. Should an expensive procedure be unexpectedly required, could you cover the cost out of your savings? Remember it could cost you thousands of dollars. Obviously, if you make a lot of money and are good at maintaining savings for emergencies then there’s probably 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.
Before you invest in pet insurance, you should invest time into researching your particular breed and your financial circumstances. The peace of mind that comes with having health insurance for your pet is great but not if you can’t afford other necessities as a result. Factor in your job stability, savings account and your ability to sock away additional money over the next few months (and be brutally honest about your spending habits as you perform this analysis.
After reviewing all the facts absent attempts at prognostication and absent pointlessly kicking yourself emotionally, you’ll be able to make a smart decision. That means the right choice at the time regardless the unanticipated outcome down the road. A rationally grounded decision will leave you content with the knowledge that you did what was right at the time. Save the random, emotionally-based attempts at predicting the future for your trip to Vegas.
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Tags: animals, care, coverage, exotic, health, Insurance, Pet, Pets