How to Financially Prep as HENRY with Health Issues
I’m looking for advice on how to approach our finances now that I’ve run into health issues.
I am 32F and earn $400-600k+ year at investment job with significant carry 7 figure upside. $2MM+ net worth, HCOL area. Housing is our largest expense with $10k / month in mortgage + property tax + insurance. Renting would be at least $7k and lower quality, so we accept the higher cost to own. Husband earns closer to $150-200k.
I recently gave birth to our first child and had a rough labor and delivery that led to postpartum complications that included heart failure and serious lung issues from severe fluid overload. Prior to that, I was very fit with a perfectly clean bill of health. While the immediate complications were treatable, I will not know for another few weeks the long-term impact and have been advised by a family friend cardiologist that I should prepare for this to be a lifelong cardiac risk I need to monitor.
All of my financial planning had been predicated on a long, successful career for myself. I now worry about something happening to me that impairs my ability to work or worse and leaving my husband and children without the life I have planned for them otherwise.
I had asked my husband for us to both get life insurance when we bought the house together, but he thought it was morbid, and I never got around to looking at it seriously. I suppose we took our health for granted because we are both young and fit. Now I assume it would be prohibitively expensive to insure me.
I am looking for advice from anyone who has navigated financial planning after an unexpected health event, particularly at a young age. As an example, I had planned to max out 529 contributions over the next few years, but now would it be better to build a more significant liquid rainy day fund first? Should we still prioritize securing life insurance, even if premiums are high, or look at other products or structures? If you’ve been in my shoes, what would you do differently if you could go back to before or after the health event?