SmartPaks are not always more expensive than buying in (a reasonable amount) bulk, and sometimes there's an advantage to having individually sealed containers. For example, my horse is on Succeed, which the manufacturer's website states can become less palatable when exposed to air for more than ~30 minutes. Compared to SmartPaks, it's a little cheaper to buy a 60 day supply in a bucket, and quite a bit cheaper to buy a 180 day supply, but what's the point if my horse won't eat it? In this case, it's definitely worth paying a little more to ensure that it's opened fresh right before my horse eats it, every time.
SmartDigest Ultra is cheaper in SmartPaks than in buckets unless you get the largest size (112 days supply). At $450 ($440 in buckets) per year to feed this supplement, I don't think it's worth feeding it JUST to get the colic surgery coverage unless your horse is ineligible for other colic insurance and you think you might actually need it (I pay right around that amount for my horse's insurance, which covers mortality and major medical... way more than just a colic surgery coverage!). However, if you can't get colic insurance for your horse due to age, etc. then it might be worth it.
And if you're looking to give your horse a digestive support supplement anyway, then you'd have to look at the cost difference between the supplement you'd pick if you weren't considering the ColiCare program and SmartDigest Ultra.