[USER]

TLDR: looking for input on what to do with $80,000 in savings knowing I may lose my job and need to care for my infant who is waiting for a heart transplant.

My family is navigating a very difficult situation. Our infant son has a complex congenital heart difference and needs a heart transplant.

He has been in the hospital since birth (going on seven months).

My husband is able to work remotely full time. I work for the federal government and have been on leave since my son was born.

I’m fortunate to have saved that leave over the last 15 years; however, it is coming to an end in mid-April. We do not know when his gift is coming.

The team has told us to plan for a year inpatient. Even if comes today, he will still be in the hospital 6 more weeks and then have 6 weeks of frequent outpatient visits.

I had planned to telework until mandated back to the office, but it is too hectic and emotionally taxing for me to effectively work while caring for our son in the hospital.

I do plan to enter the voluntary leave program, but cannot predict how far that will get me. At some point I will either go on LWOP or have to separate from my job.

Alright, now to the finances. I’ve calculated that with my husband’s salary, given our current expenses, our savings will float us about 20 months.

My question is, do I just keep that money in a high yield savings account (which is where it’s at now) or do I invest it in something else like a CD, for example?

TIA

[Rosa]

With your household income, check if you qualify for Medicaid. Hope he has a speedy recovery

[Michael]

Potential immediate need means cash or equivalents…HYSA, Money market fund, ultra short term bond funds.

The yields aren’t great, but you need liquidity in short order and minimal volatility.

[Amanda]

Keep it in the HYSA because there is a high likelihood that you will need to access it.

I am so sorry all three of you are going through this.

[Caro]

HYSA. Also do you foresee just becoming a one income family in general? Can you live or adjust lifestyle to fit that?

Otherwise definitely use all those extensions as best you can.

Thinking of you all… hoping for a heart soon!

[Korey]

Keep it accessible. My kid was only in the hospital for 4 months at birth (not a heart transplant kid, a micropreemie) but the medical situation cost a lot more than that over the following years, and I was already a stay at home mom so we didn’t even lose an income.

They need therapy, we had to fly in family to be with the older kid so I could stay at the hospital, fast food because we had no time, parking, therapy, therapy gear.

So sorry you are going through this. Let your community support you as much as possible with helping you guys.

[Jennifer]

As a mom who had a child with medical, I’d say keep it in a HSA so you can access it.

And ask for aide form hospital – there are some available for food, RX etc

And if FI doesn’t come as soon as you’d planned for, and you utilize some retirement it’s ok. Your son is worth it ((hugs))

[Barry]

What a challenging situation. Prayed for you today.
RE: money. Sounds like you need to stay liquid, so that’s either HYSA or maybe a money market fund.

Either way, you’re looking at between 4-5% return — not huge but worth having if you keep your money there for a year.

You might talk with someone who knows more about insurance and support programs at hospitals (a financial advisor who specializes in medical planning?).

[Angela]

Not what you asked, but make sure medical insurance does not lapse!

[Bill]

So sorry you are going through this. Yes, just park the money and keep it safe.

Also, if you do need to separate from work, that is a qualifying event for Obamacare, so check out what your options may be if your spouse doesn’t have great medical coverage.

[Kim]

High yield savings.
Wishing your family & son a heart soon and all the good luck in the world

[Nancy]

Hugs and prayers for his heart. Are you on FMLA? Or just saved time off?

If you haven’t exhausted FMLA then that’s the next step.

[Author]

Posts