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Why Baby Boomers Need to Consider Life Care Management — with Guest, Dan Goldberg

Life Care Management

In my most recent episode of the Retire Right Podcast, I was fortunate enough to feature another incredible guest, Dan Goldberg. Dan runs a life care management and advocacy firm known as IKOR.

Now for many of us, when we think of retirement, our minds jump to extended vacations in the Caribbean, or perhaps golf tours around the country. Few of us focus on the facts that will end our retirement phase of life.

And while I sincerely hope that all of you get to spend decades of your retirement on a beach or a solid par 4, I was grateful for the opportunity to speak with Dan about life care management because few things are certain in this life, but we all know it ends.

With that in mind, let’s dive in and discover what Dan’s firm and others like it can offer you when it comes to care and peace of mind.

What is a Life Care Manager?

When a loved one has special needs or a serious health related issue, would you have the time, knowledge, experience, training, contacts and the emotional bandwidth to achieve the best outcome financially and medically for that person?

For many people, the answer is no, and that’s perfectly alright. The stress of coping with a loved one’s special needs or health can be emotionally draining. Compound that with their day to day care and for many, it’s simply too much.

A life care manager can solve all those problems all while saving your time, and money, and reduce your stress.

Life care managers work specifically with the senior, sub-senior, and special needs population to provide holistic life care. They will have a thorough understanding of their medical health (physical and mental), along with your financial situation, housing, and family relationships.

With that in mind, they will develop a short-term and long-term plan for a person that meets all their prescribed needs in a comfortable and caring situation.

While many of my clients are still many years from needing this type of living assistance, this type of service could be invaluable to one of your parents, or aging relatives.

However, for those of you who are concerned with seamless care and coverage, agencies like Dan’s provide another solution.

Umbrella Care

While your health may be exemplary today, there are no guarantees for tomorrow. With a service such as Umbrella Care, a person can set up a care service before there are any declines in their health.

With a service such as this, you will receive semi-annual visits from a life care manager to check how your life and health are progressing.

This product ensures that your life care manager knows exactly what’s going on, ensuring that they can get you the best outcomes as quickly as possible, as opposed to fighting from behind and dealing with crisis management.

This sort of care may be invaluable to you or an older loved one, as it provides peace of mind from the moment you sign up.

While I don’t enjoy the morbid nature of end of life care, I do feel having a concrete and well-developed plan for your future involves more than just making sure there is money in the bank.

As the baby boomer generation continues to age, services such as Dan’s IKOR will become increasingly important. I encourage all my clients to think forward and prepare themselves in the best way possible for whatever the future may bring.

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Larry Heller, Not Your Average Advisor.

 

A CFP® (Certified Financial Planner) and a former CPA.

Has helped solve complex financial planning for 20+ yrs.

Member of Wealth Management Think Tank.

A financial advisor think tank that meets monthly to discuss investment strategies and planning opportunities.

Larry is approached regularly by the respected journals.

“Journal of Financial Planning”, and “The Wall Street Journal”.