Me-ouch. With the cost of pet care rising, how do you protect your furry family members and finances?
We sat down with Jonathan Wainberg, General Manager, Pet, Synchrony, while he was in town for Pet Week on Capitol Hill this September. He shared insights on how pet parents can better budget, plan and care for their pets, along with how Synchrony is helping support pets and their owners — both at Pet Week and every day.
Expect the Unexpected
That’s Wainberg’s advice for pet parents, and the story behind how he ended up leading the pets division at Synchrony. A former GE Capital executive, Wainberg initially joined Synchrony in 2019 for a different role, but with his well-known talent for launching new segments, he soon took the helm in their emerging pet market.
When Wainberg talks about pets, it’s clear this unexpected role suits him perfectly. Within minutes of meeting, he’d pulled out his phone, a proud smile on his face, to introduce his human son and animal daughter. The latter, Maddie, is a 14-year-old miniature poodle who often accompanies him on work travel. Wainberg often jokes she is Synchrony’s Chief Pet Officer.
Maddie is one of the reasons Wainberg finds Synchrony’s work so meaningful. As a senior dog with complex medical needs, she requires a higher-than-average number of annual vet trips, expensive procedures and costly medications.
“I know the financial strain these types of services can put on a pet parent,” Wainberg said. This is why working with Synchrony to create an environment where pet parents don’t have to choose between cost and care is so special to him.
A big part of this work is educational: teaching pet parents how they can prepare for the challenges of pet ownership, with rising costs being one of the biggest today.
“Between 2018 and 2023, pet costs have increased about 60%. Some of that has to do with general inflation, but some of it has to do with supply and demand: there’s not enough veterinarians, there’s not enough vet clinics to service all the needs, so that drives up costs,” Wainberg said. “What’s so important is being prepared and knowing what comes with being a pet parent.”
While Synchrony is actively partnering with legislators and universities to help increase the veterinarian population —a longer-term ongoing effort discussed during Pet Week — Wainberg recommends three near-term solutions to help pet parents balance rising costs and unexpected expenses.
Take advantage of financial solutions like CareCredit. It’s important for pet parents to research the costs of care and understand their payment options. CareCredit, a convenient credit card solution from Synchrony, can be used to help pay for any expenses at the vet, as well as many other health and wellness costs for your pet, including prescriptions, microchipping and boarding. “It helps you not have to compromise the cost that’s associated with the optimal care that you can get,” Wainberg said.
You can apply at CareCredit.com, and CareCredit is accepted by almost 85% of veterinarians and at many pet daycare, grooming and wellness facilities, including Destination Pet.
“When you bring that pet into your family, you’re going to benefit so much from having them be a part of it,” Wainberg said. “The least we can do is make sure we can take care of them when they need us the most.”
While many people refer to their CareCredit as their “pet credit card,” Wainberg explained it’s not limited to the pet space. “It is a great health and wellness card that can work in a full array of human health specialties, too,” Wainberg said, adding that it can be used at over 270,000 providers and retail locations nationwide.
Get a pet insurance policy. “Pet insurance is a very valuable part of the pet health ecosystem,” said Wainberg. While fewer than 5% of pet parents have insurance for their pets, Wainberg explained it’s a great option to help them prepare for having a pet in their family.
He recommends getting the policy while the pet is young, as some plans limit preexisting conditions; however, there are many policies to fit the needs of every pet. Maddie, for example, has an accident-only policy, as Wainberg was living abroad prior to his current role with Synchrony, and the policy was not transferable. With lifetime care costs reaching up to $45,000 for cats and up to $55,000 for dogs, according to Synchrony’s Lifetime of Care Study, pet insurance can help manage these expenses.
Follow a wellness plan. Much like humans get annual checkups as preventative measures, so too, should your pets have regular vet services. While some pet insurance plans include wellness benefits, a pet wellness plan is more designed for routine vet appointments, bloodwork, vaccines and more. “Pets that go to the vet on a more regular basis upfront tend to not have as serious issues later on,” Wainberg said.
Pet Week: Uniting Washington
While Washington is often divided on issues, a love of pets unites both sides during Pet Week on Capitol Hill. In addition to discussing the veterinarian shortage and financial challenges that come with pet ownership, Wainberg and team showcased the many emotional and physical benefits humans gain from being pet parents.
“It’s amazing to share your life with a pet: that’s one thing that all sides can agree on,” Wainberg said.
September is National Service Dog Month, celebrating the special pets who help their humans manage disabilities. To support service dogs and their owners, Synchrony is a partner of Canine Companions, a national organization that provides trained service dogs to those in need at no cost.