296: [Jonathan Wainberg] AI Review
Today, we're diving into the furry financial world of pet care! We’re unpacking some crucial insights from episode 296 of the "About That Wallet" podcast, where Jonathan Wainberg shares his expertise on navigating the costs of our beloved pets. A whopping 28% of pet-owning households struggle to afford vet care, and that’s a big, fluffy problem for many families. Jonathan emphasizes that owning a pet is a personal commitment that requires a solid financial plan, especially when those surprise vet bills come knocking—because let’s face it, they always do! Whether it’s exploring financing options like CareCredit or understanding the benefits of pet insurance, we’re here to help you keep your furry friends healthy without breaking the bank. So grab a snack (maybe a dog treat?) and let’s get into it!
Let’s talk about pets and finances—two things that can really bring up some emotions! In our latest chat with Jonathan Weinberg, we tackled the hefty topic of financial strategies for pet care. It’s astonishing to learn that 28% of pet owners face significant barriers when it comes to vet care, primarily due to financial constraints. This statistic is not just a number; it highlights how many beloved pets might not receive the care they need, especially in lower-income households. Jonathan skillfully navigated the tough question of whether it’s responsible to have a pet if you can’t afford vet bills. He emphasized that pet ownership is a personal decision, but it’s vital to understand the financial responsibilities involved before jumping in.
We also dove into CareCredit, a financial tool that can help pet owners manage their vet bills more effectively. With a staggering 85% of vets in the U.S. accepting it, it’s a fantastic resource for those unexpected vet visits. Jonathan shared a heartwarming yet eye-watering story about his own dog, Maddie, whose healthcare costs soared to $8,000 in one year. With CareCredit, he was able to break down those costs into smaller, manageable payments—definitely a lifesaver! We discussed how this credit card works similarly to a regular credit card but is tailored for healthcare expenses, and it’s crucial for pet owners to be proactive about their financial planning. So, if you’re a pet parent feeling the pinch, remember that communication with your vet and understanding your options is key. Let’s ensure our furry companions get the care they deserve while keeping our finances in check!
Takeaways:
- In this episode, we learned that 28% of households with pets struggle to afford veterinary care, which is a staggering number that highlights the financial barriers many pet owners face.
- Jonathan Wainberg emphasized that owning a pet requires a serious financial commitment, and it’s crucial to think ahead and explore options like family help or savings.
- CareCredit is a healthcare credit card designed specifically for managing unexpected vet bills, accepted by about 85% of vets in the U.S. That’s a pretty solid option if you ask me!
- The conversation delved into the rising costs of pet care, driven by advancements in veterinary medicine and our evolving relationships with pets as family members.
- We also touched on the differences between CareCredit and pet insurance; CareCredit helps you manage immediate costs while insurance covers future unexpected expenses.
- A key takeaway was the importance of communication with your vet about costs and treatment options, making sure you understand the spectrum of care available.
Links referenced in this episode:
Companies mentioned in this episode:
- Synchrony CareCredit
- CareCredit
- pets Best
Transcript
Welcome to the deep dive.
Speaker A:We take one source, distill it down and give you the key takeaways.
Speaker B:And today that Source is episode 296 of the about that Wallet podcast.
Speaker A:That's right.
Speaker A:Before we jump in, please do take a moment to like and subscribe.
Speaker A:It really helps support Anthony in his mission for the sandwich generation.
Speaker B:Definitely.
Speaker B:So this episode featured Jonathan Weinberg talking all about financial strategies for pet care.
Speaker A:Our goal here is to pull out those core insights for you.
Speaker A:The original episode, just for context, was sponsored by Synchrony CareCredit.
Speaker B:Yeah, and they kicked things off with a pretty striking statistic.
Speaker B:A study found, I think 28 of households with pets actually face barriers getting them vet care.
Speaker A:Wow, 28.
Speaker A:That's quite high.
Speaker B:It is.
Speaker B:And the main barrier, money.
Speaker B:It hits lower income families hardest.
Speaker B:Apparently a lot of those pets might, you know, never even see a vet.
Speaker A:That really paints a picture of the challenge.
Speaker A:And the guest, Jonathan Reinberg, he's well placed to discuss this?
Speaker B:Oh, absolutely.
Speaker B:Nearly two decades in financial services, right now he's senior vice president and general manager of the pet and co brand business at Synchrony.
Speaker B:Knows his stuff.
Speaker A:So they dove right into a tough question.
Speaker B:I understand they did.
Speaker B:Basically, if you can't really afford the potential vet bills, should you even have a pet?
Speaker B:It's uncomfortable, but important.
Speaker A:And what was Weinberg's perspective on that?
Speaker B:He framed it as, well, ultimately a personal decision.
Speaker B:But he really stressed understanding the full financial commitment, you know, thinking ahead, like exploring options.
Speaker A:Family help, maybe savings.
Speaker B:Exactly that.
Speaker B:And acknowledging the huge benefits pets bring us emotionally and mentally.
Speaker B:But being realistic about the potential costs.
Speaker A:It's a balance which leads neatly into the common financial struggles pet parents face.
Speaker A:It's those surprises, isn't it?
Speaker B:It really is an unexpected illness or accident that can cause huge emotional stress.
Speaker B:Trying to juggle your pet's health with, well, everything else.
Speaker A:So this is where something like CareCredit might fit in.
Speaker A:How is that presented?
Speaker B:Right.
Speaker B:Weinberg explained it's a healthcare credit card from Synchrony.
Speaker B:The key thing is acceptance.
Speaker B:Something like 85% of vets in the U.S.
Speaker B:take it.
Speaker A:85%.
Speaker B:Okay.
Speaker B:Yeah.
Speaker B:So it's pretty widely available.
Speaker B:It's designed specifically to help manage those larger, maybe unexpected vet bills.
Speaker A:How does it actually work then in practice if you're facing a big bill?
Speaker B:Well, the main feature seems to be these promotional financing options.
Speaker B:It's often a deferred interest kind of deal.
Speaker A:Meaning if you pay it off in time.
Speaker B:Exactly.
Speaker B:If you clear the balance within the promotional period.
Speaker B:Say six or 12 months.
Speaker B:You don't pay the interest for that period.
Speaker B:It helps break a large sum into smaller monthly chunks.
Speaker A:Okay, that makes sense.
Speaker A:And applying for it, is it complicated?
Speaker B:Apparently not.
Speaker B:You can do it online, carecredit.com or often right there in the vet's office.
Speaker B:He mentioned a pre qualification step too.
Speaker A:Oh, one of those that doesn't affect your credit score.
Speaker B:That's the one lets you see if you'd likely qualify without an immediate impact.
Speaker B:And importantly, he said there's no annual fee.
Speaker A:Did he share any personal experience using it?
Speaker A:Sometimes.
Speaker A:That helps illustrate it.
Speaker B:He did actually for his own dog, Maddie, a 15 year old poodle with some chronic conditions, Cushing's disease and a heart issue, I think.
Speaker A:Oh wow.
Speaker A:Older dogs can definitely have ongoing needs for sure.
Speaker B:Her bills topped $8,000 in just one year.
Speaker B:He said the revolving nature of the card, being able to use it for multiple visits and setting up autopay was really helpful for managing that makes sense.
Speaker A:Now.
Speaker A:Pet insurance was also mentioned briefly.
Speaker A:How does that Compare or complement CareCredit?
Speaker B:Yeah, he touched on it.
Speaker B:Pet insurance is more proactive.
Speaker B:Right?
Speaker B:You pay a premium regularly to cover potential Future Unexpected costs.
Speaker B:CareCredit is more for managing costs you're facing now.
Speaker A:Gotcha.
Speaker A:Two different tools for managing expenses.
Speaker B:Precisely.
Speaker B:And Wengberg has experience there too, having worked with pets Best before.
Speaker B:He also talked about why costs are rising generally.
Speaker A:Oh yeah?
Speaker A:What were the reasons?
Speaker B:Two main things.
Speaker B:One, veterinary medicine has just gotten so much better.
Speaker B:More advanced diagnostics, better treatments, better outcomes, but often higher costs.
Speaker A:And the second, us.
Speaker B:Our relationship with pets has changed.
Speaker B:They're really seen as family members now and people are generally more willing to spend on their care.
Speaker A:That definitely resonates.
Speaker A:So we talked about the pet owner side.
Speaker A:How does accepting CareCredit help the vets, especially the smaller clinics?
Speaker B:That's a great point.
Speaker B:Weinberg mentioned about 60% of vets accepting it are independent.
Speaker B:For them, it means getting paid promptly, less chasing invoices.
Speaker A:Ah, cash flow.
Speaker A:Always important for small businesses.
Speaker B:Exactly.
Speaker B:Helps with their accounting, cash flow and synchrony.
Speaker B:Also provides them with some educational resources and marketing support, apparently.
Speaker A:What if your vet doesn't take it though?
Speaker A:What should you do?
Speaker B:Weinberg's advice was pretty simple.
Speaker B:Just ask them about it.
Speaker B:Let them know it's something you'd be interested in using.
Speaker B:You can also check the CareCredit website.
Speaker B:They have a provider locator tool.
Speaker A:Good tip.
Speaker A:So, wrapping things up, what was the main message Weinberg wanted to leave pet parents with?
Speaker A:Especially if they're feeling stressed about costs.
Speaker B:I think the core message was you're not alone.
Speaker B:Many people face this, and the most important thing is communication.
Speaker B:Talk openly with your vet about the costs and options.
Speaker B:Yes, understand the spectrum of care.
Speaker B:There might be different treatment paths, some more intensive or expensive than others.
Speaker B:Discussing options that fit your budget is key.
Speaker B:Being informed, being prepared?
Speaker A:That feels like solid advice.
Speaker A:Being proactive rather than reactive when possible.
Speaker B:Definitely.
Speaker B:Knowledge is power, as they say.
Speaker A:Well, some really useful practical insights there from Jonathan Weinberg in that about that Wallet podcast episode.
Speaker B:Absolutely.
Speaker B:If this is relevant to you, the full conversation is definitely worth a listen for sure.
Speaker A:Be sure to listen to episode 296 on YouTube or wherever you get your podcasts.
Speaker A:And check out the about that Wallet newsletter that's about that wallet.com newsletter.
Speaker B:So a final thought to leave you with.
Speaker A:Given these rising costs but also the incredible bond we have with our pets, what are the most proactive financial steps, the best planning you can do now to really ensure you can care for your companions down the road?
Speaker A:Something to think about.
