Long Distance/Long Term Travel and Finances

Posted On Aug 13, 2020 By admin With Comments Off on Long Distance/Long Term Travel and Finances

There were a lot of splendid questions on the last post so it made the most sense to lay it all out in the same place especially since there may be lots of tribes who are considering long term junkets right now.

Q- Have you considered hiring out your dwelling while you are gone?

A- Yes. There are some big problems with this idea though. First, there are 6 of us in 1,200 sq. ft. and we homeschool. The prospective fund we could make off AirBnBing our residence didn’t offset the costs/ burden of moving out the school room set-up and our personal belongings. That, and in the time of COVID, the liability/ risk factor is high. If someone get COVID, could they say it was because we didn’t adequately clean the residence between renters? Parcels of beset. Very little reward.

Q- Does your health insurance cover you out of state? Will you is stuck with a huge hospital bill?

A- We have the worst, best policy out there. We have an HSA which means we offer 100% of all medical overheads out of pocket until we hit our deductible( that’s the bad part ). Once we touched our out-of-pocket maximum, our coverage remunerates 100% of medical and prescription drug costs for the remainder of the year( that’s the very best duty ). The out-of-pocket maximum is less than our disaster money. This would be the same whether we were in-state or out of state but it’s something everyone should look into when traveling, especially during a pandemic.

Q- Should you use the trip money to pay down your mortgage instead?

A- This is a hard-bitten call. We saved up money for a descend excursion and my husband got some unexpected side jobs so we aren’t going into our disaster fund or stealing from another budget container BUT, I recognize this experience won’t be what it would have been had we not been knee late in a pandemic. There will be no stops at amusement parks or zoos. There won’t be family dinners at merriment diners. That constructs me sad. But at the same time, I likewise recognize that I’m in a situation that is unlikely to happen again( satisfy Lord, I HOPE IT WON’T !). I have a huge hunk of time to watch my adolescents fish in lakes and creeks and explore backcountry. I’ll pay my mortgage for two months longer to take advantage of such opportunities.

Q- Would you like to get into a debate about traveling during a pandemic?

A- As fun as that resonates … No.;) I understand that “were having” strong rulings and I respect them but I’m not open for a debate. I’ll explain the finances related to traveling during a pandemic but not about the pandemic itself.

A couple more things I think are important when junket planning…

Double Check Your Insurance Coverage

Yes, look at your healthcare but also look at your home insurance and your automobile assurance. Are the limits right? Do you feel comfy with your deductibles? Do you have enough insurance? Do you have roadside succor?

Make Sure Your Affairs Are in Order

Yup. I’m getting morbid on you. Chris and I have very detailed wills. They outline what to do in lots of situations. What happened when we both die? Who gets the kids? Who is the executor? What are our state edicts? It’s all there. Before we leave on large-scale journeys, we double check to make sure everything is still the course we want it and we call my mom to remind her where the information is. We don’t do it because we are pathological, we do it because the last thing I demand my loved ones worrying about when dealing with loss is trying to figure out what to do with my adolescents or my home or my car. You should have this in place NOW but you should regularly revisit to make sure it’s accurate. Travel is a good reminder to double check.

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