One of the biggest complaints about COBRA has long been that it's too expensive -- particularly for workers who suddenly find themselves out of work and/or need to cover their entire families. Health industry experts say Americans have been sheltered from the true cost of health care coverage, which is why COBRA induces such sticker shock.
D.C. employers urged to adopt teleworking on Inauguration Day
Telework Exchange, a Virginia-based public-private group, wants Washington, D.C.-area employers to expand teleworking options for their employees on Inauguration Day. Federal officials estimate that up to 4 million people will arrive in the nation's capital for inaugural events.
Traffic is expected to be nightmare, but local employers still need to remain productive. According to the group, the Inauguration not only offers an opportunity for employers to try out mass teleworking, but also to test continuity of operations plans, ensuring that their workforce and infrastructure are equipped to work in remote environments, especially in the event of a natural disaster or other emergency.
"Encouraging telework not only reduces strain on our transportation infrastructure, but it also supports work/life balance - an issue that is important to President-elect Obama," says Cindy Auten, general manager at the Telework Exchange.
"From improved [continuity of operations plans] to employee retention, productivity and green initiatives, telework is a proven success. It's time to show that organizations are supporting work/life balance, a clean environment, and are committed to reducing our dependency on oil."
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Recession affects women's financial goals for LTC
Financial difficulties caused by the economy are affecting women's ability to plan and prepare for long-term care expenses, according to survey by America's Health Insurance Plans. About 60% of women say they are financially unprepared to face future long-term care expenses.
"Women have been particularly hard hit by the current slowdown in the economy, and this has greatly hindered their ability to prepare for future long-term care costs," says Karen Ignagni, AHIP president and CEO.
For the survey, 1,010 women, ages 30 to 59, were questioned on their financial planning and LTC insurance. Researchers explain that the survey represents an over-sample of unmarried women.
Other key findings from the survey included:
- One in five women (22%) said they are unprepared for retirement, and just 59% report their financial situations are safe and secure.
- Three out of four women surveyed said they have at least a 40% chance of needing some type of long-term care during their lifetimes, such as care in a nursing home, assisted-living facility or by a home health care provider.
- Only 35% of women, however, admit they have actively thought about or planned for how they will cover those costs, and just 38% of women say they are at least somewhat prepared to cover long-term care expenses should they need it.
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ERISA class action suits expected to increase
If 2008's figures on ERISA and FLSA lawsuits are any indication, employers can expect even more legal filings this year, as employees continue to lose their jobs in the economic recession, predicts international law firm Seyfarth Shaw.
According the 5th Annual Workplace Class Action Litigation Report compiled by Seyfarth Shaw, the top 10 ERISA class action settlements entered into or paid in 2008 totaled $17.7 billion, up from the $1.818 billion settlement tally of the previous year.
The firm attributed the exponential increase to more "stock drop suits," where the retirement plan participants challenge the perceived lack of employer stock as an investment option, and "plan administration" suits challenging excessive advisory fees and other mechanics of the plan. Click here to learn about other key findings from the report.
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