I don’t have a pet because I think a pet, a dog as I love dogs more than pets, should live outside walking on the grass, not spending their whole day on the hard floor in an apartment, but I just got this piece of info that looked intriguing and amazing at the same time: according to a new Synchrony study entitled “Lifetime of Care” seven out of ten pet parents consider their pets as members of the family, yet nearly half underestimated the lifetime cost of care, which ranges from $20K-$55K for dogs and $15K-$45K for cats. Additionally, approximately half of all pet owners who thought they were financially ready for unexpected pet expenses, were not!
The study is based on findings from 1,200 pet owners and 100 veterinarians and provides consumer insights, verified by veterinary practices, into the lifetime of care cost of dog or cat ownership. The research, conducted on behalf of Synchrony’s pet and vet financial solutions, CareCredit and Pets Best Pet Insurance covered an exhaustive list of dog and cat expenses, from first-year expenses (spaying/neutering, vaccinations, pet supplies) to food and health insurance, to end-of-life expenses.
Now, according to the American Pet Products Association, 90.5 million U.S. homes now include a pet, and in 2020 alone, $103.6 billion was spent on pet care. The Lifetime of Care research revealed dog owners can expect to spend between $1,300 – $2,800 and cat owners approximately $960 – $2,500 in the first year alone!
This is where CareCredit steps in with financing options for all types of veterinary services, treatments, and diagnostics, giving pet owners peace of mind that they are ready to care for their pets throughout their lifetime, currently being offered in more than 24,000 veterinary practices across the U.S.
Pet parents looking for a flexible way to pay for their animal’s care can quickly see if they prequalify for the CareCredit credit card in real time (with no impact to their credit score) and apply on any smart device, in a veterinary practice, or over the phone. A credit decision is immediate and if approved, they can use their account to pay their veterinarian immediately. Pet owners can select from short-term and long-term financing options including deferred interest if paid in full within 6,12,18 or 24 months and reduced APR with fixed monthly payments for 24, 36, 48 or 60 months. Additionally, CareCredit offers a user-friendly online calculator that makes it easy for pet owners to quickly estimate monthly payments based on available financing options.
Four out of five pet owners will face an unexpected vet bill. With pet insurance from Pets Best, pet parents can have peace of mind knowing they’re protected, taking the financial worry out of owning a pet, so they can focus on making the best decisions for their dog or cat. Pets Best policyholders can select from plans that can cover accidents, illnesses and routine care, all customized to fit their pet’s needs and their budget, as well as get treatment from any veterinarian of their choice with access to easy and accurate claim processing. Pets Best policyholders also have access to a suite of digital capabilities including a pet helpline, a 24/7 emergency helpline that gives policyholders access to veterinary professionals for pet health related questions and advice for free. Customers can also file claims using their smartphone, make adjustments to a policy, add pets and access claim status and details online or through their mobile app.
Together, CareCredit and Pets Best offer a complete financial solution. Card holders can pay at the veterinary office using their CareCredit card, and then apply the reimbursement from Pets Best towards their CareCredit account.