Hi
My spouse is recently disabled and likely to require continuous treatment; there is no cure. regular medication etc. and 2 surgeries are projected to cost around 27k this financial year even w/ insurance. i also have some minor health conditions and health bills for myself are 3-4k per year (Australia and all $ in AUD).
we are on the waiting list to get assessed for ndis (disability insurance for ppl with mild disability where you can still work) but don't expect a lot of support from them given other ppl's experiences. my spouse can only work 3 days a week rn and that may also decrease. i only work 4 days a week also. we are both in our early 30s now. her earning power is likely to decrease while mine has been stagnant for 8 yrs. i had a side gig going on for a bit a few yrs ago but don't have the energy for it now, plus it paid far less than my day job hrly anyway so if i wanted to increase my income the easiest thing to do would be to work 5 days/week which is a last resort for me.
i have around 150k in etfs. mortgage is 108k at < 4% interest and no other debt. this yr because of the surgeries i've stopped contributing extra to the mortgage, DRIP investment, etc. and opened a 6.8k balance transfer at 0% for 14 months just to improve cash flow and ensure i don't have to sell any more etfs.
i know this is not a bad situation by any means and probably better than most families w/ disability but i do feel discouraged about having a negative savings rate this year (previous years were very modest, 15-10% only, --that's my personal income not including hers, total household savings rate would be even lower.). i have also developed depression. my mother is dying rn.
honestly i know there are things i could improve, spend less on food groceries fuel blah blah but tbh i'm emotionally drained and can't do any of that rn. basically surviving and not taking on debt is my priority atm and that's probably achievable.
so i guess
stuff that helped me with these sudden medical bills:- i didnt know that it took so long to get a balance transfer sorted out (2-3 weeks). i would've started the process sooner if i'd known.
- i open/close a lot of credit cards for the sign on bonus points and that has made me rejected for new balance transfers by several lenders. i currently have access to about 50k in credit cards (i don't use that much and pay off in full tho) which looks bad to lenders. next time around i'm planning to close most of the cards as soon as i don't need them any more.
- i forgot to turn off my DRIPs and so lost access to a few hundred in cash before i realised i should turn those off for a bit.
- we should've started applying for ndis earlier, i didnt realise it took like 6 months just to get a rejection note (!!!). apparently writing to your local mla might help getting it pushed through faster.
on the plus, my work and local carers association does free/cheap psychological counselling; as does cancer council Australia (although I haven't used some of those services).
idk, hope this helps someone out there,
just knowing about other carers helped me and joining a local group has been helpful also.
if I were talking about someone else in this situation I feel like I would be more compassionate towards them than towards myself. I kind of feel that the focus on frugality, independence, developing skills and FI in blogs can be disheartening some times when you can barely stay on top of the laundry but like all of us have different starting points/hazards and that FI is not the end-all to life and stuff can happen suddenly but that the practices and lessons from FI do make them easier to bear.
tldr; be gentle with yourself and others. you are doing the best you can and it's ok.
question time: so we will be ok for this year but spouse might need another more complex surgery at some unknown point in the future and if it occurs within 12 months I will have no cash on hand to pay for it (will also have to travel to a different city + pay for accommodation as have been told there are no specialists within 1hr distance. some of the travel/accommodation costs may be offset under a government health transport scheme but would still result in hundreds out of pocket). should I:
- draw down from my mortgage at 3.89% interest + 300-$600 topping up fee (current loan is 108k, around 22 yrs remaining, house was valued 3 yrs ago at 350k
- sell some assets, they have been held for over 1 yr so the capital gains tax at the marginal rate would be 0.5*.345 = 17.25%. I also have around $1200 in capital losses rolling over that can offset any gains.
- take an interest free loan from family member but I have already asked and I don't think this is a viable option unless I press for it and possibly damage relationships.
I could also increase my working hours if absolutely necessary but only at significant detriment to mental/physical health. I would also try to get another balance transfer at 0% in the first instance to help with the immediate hit.
Poll