LTC Bullet: Marilee Driscoll Reports on the 2nd Annual Partnership Summit (Part 2 of 2)
Friday, August 8, 2008
LTC Comment: Todayís LTC Bullet is the second in a two-part series covering the 2nd Annual Partnership Summit as reported by your solid correspondent, Marilee Driscoll. Details after the ***news.***
***LTC TOUR MEDIA COVERAGE. Steve appears on Capital News 9, Capital Region, NY speaking about responsible LTC planning and the 2008 National LTC Consciousness Tour. Watch the video.***
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LTC Bullet: Marilee Driscoll reports on the 2nd Annual Partnership Summit (Part 2 of 2)
Report TWO of TWO:
NOTE FROM YOUR CORRESPONDENT: When I decided to attend the Summit, Steve Moses asked if Iíd write a report for the Center. What youíll find below (and in the prior report) are what I consider to be the highlights for agents, of all the different presentations. Although you missed the great crabcakes in Baltimore Harbor, these reports are the next best thing to having attended!
Presenters Mark Meiners Ph.D., Ted Pass, Aaron Vickar, Gail Holubinka, and Stephen Serfass, Esq. were discussed in Report ONE. This final report covers speakers Maryann Hack (former Director of the Indiana LTC Insur. Program (Partnership)), Don Grimes, and Phyllis Shelton.
MARY ANN HACK of Insight LTCI Services, LLC in Indianapolis shared her perspective, based in extensive LTC & Partnership experience. She spent five and a half years working inside a nursing home. In 1992, she was involved in the creation of Indiana's SCHIP program, and from 1995 to 2005, she was the Indiana Partnership program director.
She talked about the importance of getting the word out about Partnership and her experience working with PR firms and trying to replicate -- or trying to get PR -- without a PR firm.
She told a cautionary tale, that the Indiana Partnership Program, until the late 90s, ignored agents in their outreach programs. In Indiana, they did not believe that they had to involve the agent in order for Partnership policies to sell, since they were just such a great concept. They believed the consumers would drive the sales.
Not surprisingly, they learned a tough lesson. Subsequently, they tried a variety of ways to reach out to consumers (from radio, PSAs, to press releases, to consumer presentations, to direct mail, and a preferred agent list), and agents (including presentations to financial legal advisors, to CE agent courses, to newsletters). She urged the government employees in the room to not make the same mistake.
Her advice on spreading the word about Partnership on a
shoestring budget or no budget included:
DON GRIMES, Executive Director of Long Term Care Insurance Specialists, a no profit. He shared some of what he has learned doing many presentations for the South Dakota Partnership Public Education Effort, 2007-2008. He talked about specific challenges regarding partnership presentations for the public, including:
Don talked about his prior career experience as a reporter and another job working at Proctor & Gamble, both which have positively influenced his ability to communicate in a very distinct way with the average person. Don went through his presentation emphasizing how important it was to break down key concepts into simple English and give examples that resonate with the audience.
One of my favorite slides of his was the one entitled Cure versus Care. Cure of course, is more traditional medical treatments. Care can be needed during and after the cure work is done. He described the 75-year-old grandma injured during gardening work and her grandson, a 30-year-old man injured in a rodeo injury. For the 75-year-old, he described what Medicare would cover, what Medicaid would cover, and what the long-term care partnership insurance policy would cover. For the grandson, the 30-year-old, the example explained what his health insurance would cover, what his disability insurance would cover, and what his long-term care partnership insurance policy would cover.
Two other great slides illustrated what LTCI is by means of a large circle representing the pool of money. Arrows detailed the daily benefit for nursing home, daily benefit for assisted living, daily benefit for community-based care. The second slide talked about how long the policy would pay for care at a cost of either $100/day or $200/day.
Grimes also recommended leveraging the resources that currently exist to reach groups of consumers, from associations, churches, Chambers of Commerce, government officials, etc.
PHYLLIS SHELTON, President of LTC Consultants and LTCItraining.com, presented an enlightening presentation on the yet-unanswered questions regarding each state's interpretation and implementation of partnership, especially as regards her business of agent training.
Here are some of the highlights of unresolved questions regarding partnership and training.
-Another area of different state policies is the area of inflation requirements on Partnership policies. DRA has inflation requirements, based on the applicant age. For example, compound inflation is required under age 61. But, there are variances in the way inflation requirements are actually being interpreted by the states. For example, can a policyholder drop inflation protection after a certain number of years and keep the asset disregard? State-by-state, the answer varies, if there is an answer.
You can imagine how frustrating it can be to be in Phyllis' situation of being a national provider of training, while trying to get these answers and have your courses be in compliance.
Another consideration for national trainers is when requirements are added after a course has already been approved by the state.
A topic of particular interest for multi-state producers (agents) is whether training is reciprocal with other states.
Phyllis said most carriers are now requiring all producers to go through partnership training for combo products. A question that is still up in the air is whether a referral source needs go through partnership certification training, in order to be listed on the application for a commission slip.
Phyllis was joined in the session Q&A by CLAUDE THAU, President of Thau, Inc.