I am basically option #2 with some flexibility. As a self-employed physician, I make my own hours, but I have to answer to my patients. I have to set aside a couple of weeks each year and hope something happens. I can shift by a day to catch a big day or not go out if the pattern really sucks. Rescheduling patients really pisses them off and I don't like to do that. A moderate risk is not a family emergency.
Financially, chasing is a big drain. If I do not work, I don't get paid, and I still have to pay out money for mortgage, insurance, staff etc. Basically, I pay for chasing. It hasn't been difficult so far, but with decreasing pay, increasing cost of living (two young kids), I may have to rethink my number of days off.
Bill Hark