It’s no secret that health care costs can be overwhelming, even for people who have health insurance. In a recent Aflac survey, 43% of US households with children expect to make some adjustments to their vacation plans in light of rising medical spending. In fact, 41% of parents plan to work overtime at work so they can cover their health costs and celebrate the holidays however they want.
Will healthcare expenses have an impact on your holiday season?
Holidays can be an expensive time of year. They can also be a source of debt for families, even when medical bills don’t pile up. But if you’ve been faced with a plethora of medical expenses recently, you may need to tweak your vacation plans to avoid getting into deep debt.
Now, changing your plans doesn’t necessarily mean cutting back on parties and decorations or skimping heavily on freebies. If you don’t want to go this route, you could join the ranks of the 41% of parents surveyed who take on extra work during the holidays.
Many industries these days are struggling with labor shortages, and there may be more opportunities to find a side job in addition to your main job. Additionally, businesses tend to need more manpower during the holidays, so if you’re willing to work evenings and / or weekends, you might be able to raise enough money to pay. your medical bills. and cover holiday purchases that you think will make the season special.
You may also want to consider getting more flexible sideways activity if you feel like you need that wiggle room. This could mean signing up to write web content or do home data entry jobs. Or, it could mean driving for a rideshare company and picking up passengers when it works for you.
Of course, if it is not possible for you to find a secondary job (there may not be enough time between your main job and household obligations), you may need to rethink some of your plans for vacation. If so, prioritize your planned vacation spending and use the money you have to tackle your most urgent business first.
Don’t get into debt
It’s unfortunate that medical bills may force some families to reconsider how they enjoy the holidays. But remember, when it comes to celebrating the season, there are ways to please your kids without spending a fortune. Dress up in your pajamas for a hot chocolate and movie marathon, or prepare a storm for your kids to enjoy their favorite treats.
While your kids may have wish lists laden with expensive gifts, these may not be in the cards if your health costs have recently monopolized too much of your income. But that doesn’t mean you can’t give your kids an unforgettable holiday season.
At the same time, do your best to inflate your savings account in the New Year to more easily cover health costs as they arise. That way, you might not have to make the same tough choices the next time the vacation draws near.