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Nearly half of cat owners are underestimating the cost of caring for their pets, according to new study Titled “Lifetime of Care” where seven out of ten pet parents consider their pets to be family members, yet nearly half have reduced the cost of lifetime care, which ranges from $15,000 to $45,000 for cats and from $20,000 to $55 A thousand dollars for cats and dogs.
Additionally, nearly half of all pet owners who thought they were financially ready to cover unexpected pet expenses, were not, and would consider a financial solution tailored to fund their pet care.
The study is based on findings from 1,200 pet owners and 100 veterinarians and provides consumer insights, verified by veterinary practices, into the cost of lifelong care for cat or dog ownership. The research, conducted on behalf of Synchrony Pet Solutions and Veterinary Financial Solutions, CareCredit And the Best pet insurance It covered a comprehensive list of cat and dog expenses, from first-year expenses (neutering/neutering, vaccinations, pet supplies) to food and health insurance, to end-of-life expenses.
according to American Pet Products Association, 90.5 million homes in the United States now house a pet, and in 2020 alone, $103.6 billion was spent on pet care. The Lifetime of Care study revealed that cat owners can expect to spend approximately $960 to $2,500 in the first year alone.
“Cats are lovable members of the family. They bring so much joy to the family, and as parents of pets, it is important to give back by making sure they get the care they need to lead a healthy, happy life,” Jonathan Weinberg, Senior Vice President and General Manager, said, pets, synchronicity. “There are millions of cat parents in the United States, but the true cost of caring for cats has historically been a bit of a mystery. Our lifetime study is a useful tool for preparing prospective and current cat parents, and includes a comprehensive list of cat expenses, from first-year expenses (neutering/neutering) , vaccinations, and pet supplies) to food and health insurance, right up to the end.—life expenses.”
“We want cat parents to have a deeper understanding of what to expect financially, and find out about flexible and affordable payment solutions available to help them provide lifelong care for their pet, from pet insurance such as best petsfor pet care credit cards such as CareCredit.“
“Vets often see pet parents struggling to balance the care their pet needs and what they can tolerate,said Peter Weinstein, owner of PAW Consulting, author and leader of the veterinary industry. “This new study provides us with a comprehensive look at the true costs of pet care so we can arm our customers with the information and financial solutions they need to care for their pets for a month, a year and a lifetime.“
For over 20 years, CareCredit has been a valuable financing option for all types of veterinary services, treatments, and diagnostics, giving pet owners peace of mind that they are ready to care for their pets for the rest of their lives. CareCredit Recommended by American Animal Hospital Association He is the preferred partner of American Veterinary Medical Association. CareCredit is currently offered at more than 24,000 veterinary practices across the United States
Pet parents who are looking for a flexible way to pay for their pet’s care can see if they pre-qualify for a CareCredit credit card in real time (without any impact on their credit score) and apply on any smart device, at a veterinary clinic, or over a phone. The credit decision is instant, and if approved, they can use their account to pay the vet right away. Pet owners can choose from short-term and long-term financing options including deferred interest if paid in full within 6,12,18 or 24 months and a reduced APR with fixed monthly payments for 24, 36, 48 or 60 months. In addition, CareCredit offers an easy-to-use online method calculator Making it easier 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, parents can have peace of mind knowing they are protected, while eliminating the financial anxiety of owning a pet, so they can focus on making the best decisions for their cat or dog. Pets Best policyholders can choose from plans that can cover accidents, illnesses and routine care, all customized to suit their pet’s needs and budget, as well as get treatment from any vet of their choice with access to easy and accurate claim processing. ‘Pets Best’ policyholders also have access to a suite of digital capabilities including the Pet Helpline, a 24/7 Emergency Helpline which gives policyholders access to veterinary professionals for free pet health questions and advice. Customers can also submit claims using their smartphone, make policy adjustments, add pets and access claim status and details online or through their mobile app.
CareCredit and Pets Best together offer a complete financial solution that may fit your needs.
Disclaimer: This is not a paid promotion and we do not endorse any specific company, but we wanted to share this relevant and timely information.
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