Veterinarians are in control: Medical insurance for pets can avoid pitfalls of human health insurance
December 12 2018 - 12:18PM
While human health insurance models – each with its own set of
problems – are debated all over the world, medical insurance for
pets is currently avoiding such criticism and can continue to do so
with input from veterinarians.
Human medical insurance companies often manage care and
negotiate pricing, which dictates treatment options and the choice
of doctors for patients. While pet insurance in North America
originated in the 80s, the products offered were low-quality and
included fee schedules, exclusions on hereditary and congenital
conditions, and penalties when pets were “unlucky” and needed to
use the insurance.
Veterinarians overwhelmingly saw the inherent flaws in these
products and avoided recommending them to their clients. With
veterinarians in control, and through their trustworthy influence,
these substandard products ultimately failed to thrive.
Today, there are better options. Trupanion (Nasdaq: TRUP),
a leader in medical insurance for pets throughout the U.S. and
Canada, provides high-quality coverage designed specifically to
enhance the relationship between a loving, responsible pet owner
and their trusted family veterinarian.
It’s important to distinguish between low-quality pet insurance
of the past and high-quality medical insurance for pets available
today.
For pets covered by a Trupanion policy, the fixed percentage
from the actual eligible invoice is paid regardless of what the
veterinarian charges. Through Trupanion’s patented software, payout
is at the time of service and paid directly into a hospital’s bank
account. A Trupanion policy has no annual or lifetime payout limits
or fee schedules, and pet owners can choose any veterinarian in the
U.S. and Canada.
The Trupanion policy is designed to specifically not interfere
with a pets’ treatment or the recommended course of veterinary
care. For pets covered with a Trupanion policy, the member
can choose any veterinarian in North America and there are no
payout limits or fee schedules. The policy is for the life of the
pet, so while rates will reflect the cost of veterinary care,
coverage remains consistent for its members.
Dr. Steve Weinrauch, BVMS, MRCVS and chief product officer for
Trupanion believes this paradigm shift will continue, with
experienced veterinarians and veterinary professionals guiding the
product development both internally and on the front lines in
practice.
“Veterinary input is a big part of the solution,” said
Weinrauch. “We are working with thousands and thousands of
practices to put our proprietary software into their hospitals and
have a direct feedback loop with them. We want to hear everybody’s
voice to solve today’s problems while avoiding tomorrow’s
missteps.”
As an experienced veterinarian, Weinrauch, who has practiced in
hospitals in the U.S. and the U.K., understands why some colleagues
fear pet medical insurance companies will attempt to manage care
and negotiate fees. Veterinarians don’t want to be told how to
practice medicine or what to charge for their services. And pet
owners do not want to be forced into insurance-approved
“in-network” veterinary hospitals. But, rather than avoiding
medical insurance for pets all together, which would decrease
access to care, Dr. Weinrauch urges veterinary professionals to get
involved so that they are informed and have a voice.
“Veterinarians know medicine. Trupanion is there to help
responsible, loving pet owners budget for the unexpected. In doing
so we enable veterinary professionals to do what they are uniquely
trained and qualified to do,” said Weinrauch.
Terms and conditions apply. Please see the full
policy for details.
About TrupanionTrupanion is a leader in medical
insurance for cats and dogs throughout the United States and
Canada. For almost two decades, Trupanion has helped provide pet
owners peace of mind so they can focus on their pet’s recovery, not
financial stress. Trupanion is committed to providing pet owners
with the highest value in pet medical insurance. Trupanion is
listed on NASDAQ under the symbol “TRUP.” The company was founded
in 2000 and is headquartered in Seattle, Washington. In the United
States, Trupanion policies are issued by its wholly owned entity,
American Pet Insurance Company. In Canada, Trupanion policies are
issued by Omega General Insurance Company. For more information,
visit trupanion.com.
CONTACTmediarelations@trupanion.com206-607-1930
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