Publisher's Profile: George Polizos

by Doug Forshey
Virginia Business
August 2006

Name: George Polizos
Title: Principal
Organization: LTC Virginia
Education: Bachelor’s degree, Washington & Lee University; MBA, College of William & Mary
Current Residence: Williamsburg

Q: What is the mission of your organization?
A: LTC Virginia helps business owners and employer groups manage the financial risks and productivity costs associated with long-term care by offering independent representation of top-rated, long-term care insurance carriers and providing functional assessment tools and other resources that help employees more effectively balance work and caregiver duties.

Q: How did you get started in the business?
A: The sale of the advertising and public relations agency that my father started and with which I was associated for 10 years gave me an opportunity to assess industries that were interesting to me and had growth potential. Demographic and economic trends certainly put long-term care in that category. [The U.S. population of people over 65 is expected to reach 39.7 million in 2010 and 53.7 million in 2020.] In 1996, I was fortunate to have started on this career path with John Hancock, one of the industry leaders. I’ve operated independently since 2001. Having recent personal experience with the issue has given me a stronger emotional connection to what I do.

Q: What business issues do you think the new governor and General Assembly should focus on in 2006?
A: In February 2006, President Bush signed the Deficit Reduction Omnibus Reconciliation Act of 2005, which, in addition to tightening Medicaid long-term care eligibility rules, allows for the nationwide expansion of the Long-Term Care Partnership Program and the sale of qualified state LTCI [long-term care insurance] policies. There are currently partnership programs in California, Connecticut, Indiana and New York. These partnership policies help protect Medicaid budgets by requiring that the benefits of qualifying insurance policies be paid before Medicaid benefits can be accessed. They allow consumers to protect a portion of their assets that they would typically need to spend down prior to qualifying for Medicaid coverage — ensuring that more of the funds accumulated for retirement will be protected. It’s good social and tax policy, merits attention at the state level and is consistent with the message that long-term care planning is a matter of personal responsibility.

Q: How did your industry do in 2005?
A: The long-term care insurance industry experienced a bump in the road the last couple of years as insurance carriers adjusted their pricing models and underwriting guidelines to reflect utilization trends and projections. The forecast for this year and beyond is for the resumption of growth in the individual market and increased activity in the sponsored-group market.

Q: What challenges lie ahead for your industry in 2006?
A: For employers, the challenge will be to convince them of the key role they can play by evaluating competing long-term care policies, endorsing the program of a strong carrier and assisting in offering the policies through payroll deduction, whether on a funded or voluntary basis. The ongoing challenge will be to educate people about how long-term care insurance fits into their overall financial plan, its beneficial effect on quality of life for the insured and his/her family when there is a claim, and the necessity of applying when health permits one to qualify for coverage.

Q: What are the major initiatives your organization has in 2006?
A: Develop partnerships with advisers whose clients would benefit from the knowledge and resources that LTC Virginia provides; promoting a regional care planning network consisting of professionals in geriatric-care management, home health-care providers and the like; incorporate as part of a comprehensive approach to long-term care planning Web-based care assessment programs that employees can use to make appropriate and cost-effective decisions for a family member who can no longer live independently.