get ready
The thing is done. Here we are and here are some things you can do to protect yourself from some of the worst of the policies to come from the next presidential administration.
GENERAL
Get/renew your passport, just in case you want to leave the country. Even temporarily.
Have a “bug out bag” in case of an environmental emergency, or in case you need to head for the border or a plane. Think about a 2-3 day version versus a multi-week/month version and keep both stocked.
Why: Climate emergencies are on the rise and are more severe. Returning home without FEMA financial assistance will make getting back into your home harder (see bullet below on insurance). He may close the border (in and out) at any time.
FOR WOMEN:
Get as much birth control as you can, even if you have to self pay. It may become illegal
Consider an IUDs last years and can be removed when you want to get pregnant
Go to your GYN appointments now and keep your period timing to yourself.
If you can move, move to a state that has protections for you now
Consider NOT traveling to states that have restrictive abortion laws and bans while you are pregnant.
If you are dependent on your spouse for insurance,
Why: A federal abortion ban is likely coming. This may well include some of the worst policies we’ve seen out of the states so far, up to and including restricting or eliminating access to birth control, heartbeat laws, menstrual cycle tracking, state border travel bans, imprisonment of both women and their doctors for real or perceived pregnancy terminations (even involuntary miscarriages).
HEALTH INSURANCE:
If the Affordable Care Act is repealed:
If you have preexisting conditions (cancer, diabetes, pregnancy - yes even that), think about saving money for your doctor’s visits, exams, medical procedures, and medication. You will no longer be covered and insurances companies can deny your claims for treatment
You can also look for State’s that have protections for this, such as Massachusetts.
If you're working, you can push money, pre-tax, into a health savings account or flexible spending account. It won’t help with everything, but can ease the burden.
If Medicare and Medicaid are repealed:
If you are mobile, move to a state that has protections, like Massachuetts. Balance what you may spend in rent versus what you will pay in medical bills monthly for doctor’s visits, medication, etc.
Why: ACA will likely be eliminated. ACA prohibits insurers from denying coverage based on pre-existing conditions, placing lifetime limits on benefits, or rescinding coverage, say for an inadvertent error on your claim form. Medicare, Medicaid will likely be rolled back or eliminated.
MEDICAL CARE
Get your vaccines now. Get your child’s vaccines now.
Why: Vaccines are on the chopping block if anti-vaxer RFK Jr is put in charge of the Dept of Health, which is the current plan.
SOCIAL SECURITY
If SSI or SSDI is repealed or underfunded, think about what other funding streams are options:
Selling your home
Reverse mortgage on current home
If you are mobile, move to a state that has protections, like Massachuetts. Balance what you may spend in rent versus what you will pay in medical bills monthly for doctor’s visits, medication, etc.
Why: SSI and SSDI will likely be rolled back or eliminated.
FOOD/GROCERY
Think how to save money against rising prices due to food/grocery tariffs and immigration policies.
If you’re in the city and lack space, canned goods might be the easiest thing to stock up on, such as canned vegetables, powdered milk, air sealed coffee, etc. Consider container gardens on the balcony or using a grow light indoors.
If you’re in a suburb and have space, besides stocking up on canned and dried/powdered foods, consider a chicken coop for eggs, a greenhouse or garden for vegetables.
Why: Tariffs on foods imported to the US will increase the cost of food to you, the consumer. Here’s a list of foods imported to the US. If Trump proceeds to deport millions of individuals including food and produce workers, the cost of US food and produce will increase.
MONEY
If you own your home, have a fireproof safe installed to hold cash on hand you might need to last a month, or to give you time to liquidate other assets.
Move your money into separate banks and bank accounts so that if one bank collapses and you can’t get your money back (ever), you won’t be financially devastated
Move your money into foreign banks with deposit insurance. It won’t be insured but may be less likely to collapse due to the upcoming administration’s shenanigans.
If you can get an insured foreign bank account - even better.
Why: The FDIC currently insures deposits up to $250 thousand per depositor, per FDIC-insured bank, per ownership category. However under the next administration’s plan, bank protections may be reversed. So your money in checking and/or savings could be at risk. Right now, if a bank collapses, think of the most recent bank collapse at Silicon Valley Bank, your money up to $250 thousand is safe. Under the next administration’s policy, all your money would be at risk, so if that bank collapses, you will NOT get any of your money back.
HOME AND RENTERS INSURANCE
Why: During Trump’s last administration, he refused to give California FEMA aid potentially due to political retribution. This is only slated to get worse as he’s promised retribution against political enemies, real and perceived.
Ensure you’re properly insured. Even if you are not in what is considered a flood prone area, Helene’s recent devastation shows that anywhere is susceptible. Also, with all the recent inflation, you may be woefully underinsured. Consider a home inspection to check if you are properly insured. Consider a flood rider to protect against flood loss.
Why: During Trump’s last administration, he refused to give California FEMA aid potentially due to political retribution. This is only slated to get worse as he’s promised retribution against political enemies, real and perceived.
This isn’t the final post. It was what I could think of quickly. I will update as I gather more information and have more ideas. Good luck!
