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Doc Gallagher gained fame through his radio show, The Money Doctor, on which he provided helpful financial-planning advice.
A respected motivational speaker and broadcaster, Doc Gallagher seeks to provide people with financial advice. A former professor of ethics and logic at Texas Christian University, Doc Gallagher focuses on assisting people with financial difficulties. Pursing a successful career, he has worked to improve lives of many people in various capacities throughout his adult life.
In the early 1960s, Doc Gallagher left New York City to serve in the Peace Corps as a medic for Thai people with leprosy. Due to his charitable efforts, Doc Gallagher earned recognition as an “Outstanding Young Man of America” and the Foreign Service Award from the Thai government.
Once he earned his Ph.D. from Brown University, Doc Gallagher went on to teach at the University of Houston and Texas Christian University. During this period, Doc Gallagher published two books. Doc Gallagher’s first, Don’t Go Overseas Until You Have Read This Book, offers readers an accurate perspective on the challenges of culture shock, inspired by his time in Thailand. In addition, his book, How to Stop the Porno Plague, helped to uncover some of the injustices of the pornography industry and encouraged increased legislation regarding child pornography, sexual abuse, and crimes against women.
After retiring, Doc Gallagher learned about the difficulties of navigating the system and decided to give back to Texas’ senior citizens. He started The Gallagher Group, which provides education and financial planning services to people of all ages, particularly those dealing with issues related to aging. Mature Texan Magazine named Doc Gallagher and his company to its “L” List, earning recognition as one of the top 25 Best Services, Companies, & Organizations for Seniors.
Doc Gallagher remains most well known for his weekly radio show, Your Family Matters, which airs on a local station in Dallas and provides people with free advice about their retirement options and investments, as well as information about navigating Medicare and Medicaid. In addition, Doc Gallagher serves as a public speaker for nonprofit organizations, churches, and businesses.
Doc Gallagher's Companies
Doc Gallagher's Publications
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Long-Term Health Care: A Threat to the American Middle Class
October, 2011
By Doc Gallagher
In my position as CEO of the independent financial planning and research firm Gallagher Group, I assist clients in preparing for retirement, insurance, and health care needs. What many do not realize (until it is too late) is that the cost of long-term care (LTC) presents the single largest threat to financial well-being for most middle-class Americans.
The need for LTC is something that anyone can face, at any age. Naturally, health issues intensify as people grow older, and 50 percent of Americans over the age of 65 now require LTC. Unfortunately, basic care programs such as hospitalization insurance and Medicare do not cover the majority of expenses associated with LTC. Rather, they provide the minimal level of support necessary to stabilize the patients’ condition. Once a set treatment or hospital stay limit is reached, the patient must pay out of pocket for further care. If nursing assistance is required, that also comes out of personal savings, after the first 20-day Medicare-covered period.
The LTC crisis is a uniquely middle-class issue, with the wealthy able to pay for medical costs with ease. The very poor, with assets of less than $2,000, can access Medicaid for free. For those in between, the choices are becoming increasingly limited. While many expect their spouse, children, Medicaid, Medicare, or hospitalization policies to cover their LTC, this is simply not realistic in the vast majority of cases. At some point during the LTC process, the hospital, medication, and nursing bill will come due, and it will be payable in cash. Fortunately, through simple preparation, middle-class families can avoid the all-too-common situation of medical expenses that put them permanently underwater.
The best health care planning solution involves sitting down with an experienced financial advisor now to discuss options that fit one’s budget and financial goals. Take time to talk about the various insurance plans available, selecting an LTC insurance solution that offers the right benefits, at an acceptable monthly cost. This simple step will pay future dividends, allowing you to decide where to receive critical care, while ensuring that life savings are well protected.
About the Author: A former professor at the University of Houston and Texas Christian University, Doc Gallagher frequently speaks to groups throughout the nation on the topic of financial education.
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