For our second-annual LTCI Power List, we sought out industry insiders, including members of last year’s list, to determine the eventual honorees. In talking to these powerbrokers, a list of key players quickly surfaced, coming from a diverse background of academia, consulting, research, distribution and front-line sales.
Suitability has been in the news throughout this year and one aspect of suitability in particular–education–resonates when talking about long term care. Both advisors and the end user are often left putting the pieces together when discussing this product.
This power list spotlights individuals who are making education a large part of their business. Whether they’re talking to Congress, advisors or consumers, these decorated individuals are dispelling myths about long term care and getting the correct information to those who will legislate, sell or purchase the product. In reading the profiles on the following pages, we think you’ll agree the people we picked are deserving of this honor and are truly making a difference in the industry.
Lisa McAree, CLU, LTCP, has long been a champion of the LTCI side of the insurance industry. After building a strong business in the executive benefits market, she saw it as a natural path to “enter the LTCI executive carve-out
market once HIPAA provided the tax leverage for employer-paid premiums. We initially concentrated only on senior management carve-out plans. Now we have expanded that market to mid-level employees with an emphasis on years of service.”
The Mass.-based advisor is president of The McAree Company and a frequent speaker at national industry events. She has been involved with her local Estate Planning Council, spending time and energy educating attorneys, wealth managers and accountants about LTCI and the value of it for their clients and themselves. “I believe the best way to educate an advisor is to show the benefit of LTCI to themselves personally. The tax advantages really help in that regard.”
McAree says the tax legislation changes that occurred with the HIPAA act enacted in 1996 “changed the thrust of our LTC business from the individual sale to the multi-life sale. A few of the insurance companies were quick to seize the momentum by offering limited pay plans, thus enabling LTCI to be sold as a true executive benefit. Today, I believe that all companies see the value of the multi-life market.” In 1999 and 2000, she was the lone insurance broker on the Massachusetts Attorney General’s Task Force on LTC financing. For two years, Massachusetts government officials and McAree met monthly to craft the state insurance department guidelines for long term care
insurance and define the role that Medicaid (Mass Health) would play. “It was fascinating to look at long term care from the perspective of government agencies as well as the providers. It really brought home to me
just how huge this issue is and how important it is for all of us to view the issue globally rather than just from an insurance financing product.”
Earlier this year, Inc Magazine ranked LTC Financial Partners, LLC 1,353rd out of the 5,000 fastest
growing companies nationwide. It was the latest feather in the cap of company founder Cameron Truesdale, another reminder that his plan–to build a nationwide education and outreach program for the LTCI industry–was working.
He established the Washington state-based company after selling his first agency, LTCI Inc. That initial venture had broken $100 million a year in placed LTCI premiums and was sold to GE Capital (now Genworth) for roughly $88 million.
The cash flow from that sale laid the groundwork for LTCFP. Truesdale struck gold quickly with the new company, picking up Weyerhaeuser as a customer. The Fortune 500 company had LTCFP develop and roll out an outreach and education program for its 33,000 employees.
Truesdale says LTCFP hit another milestone in 2007 when the company paid out its first dividend distribution of over $1 million to its shareholders. In addition to those accomplishments, Truesdale is also proud of the work his firm has done to educate the public. LTCFP partnered with more than 30 LTCI specialists to develop the Dignity for Life book. “This book is 36 pages and speaks about the five things one needs to know before even considering a long term care policy and the facts that can protect ones assets and quality of life,” he adds.
Looking into a crystal ball, Truesdale is excited about the LTCI industry over the next five years. “I see a renaissance period for the long term care industry with huge growth in store.” He says that the development of his firm’s LTC Insurance Training Institute is experiencing tremendous growth by bringing in “top talent that is not from the insurance industry. We are going to continue to expand on this platform and help the entire industry grow. This, coupled with the boomer demographic, will be the perfect storm.”
One of the first people that leading carriers turn to when they need insight on the long term care industry is Jeremy Pincus, a principal with Forbes Consulting Group. Pincus, who holds a doctoral degree in social psychology from the University of Connecticut, is an active member of the Long-Term Care Financing Strategy Group, a public/private think tank, and is a Fellow of the Employee Benefit Research Institute (Washington, D.C.). He is a founder and co-chairman of the LTCI industry’s Baby Boomer Task Force, dedicated to promoting financial and health preparedness.