| The BenefitsLink Newsletter - Welfare Plans Edition |  |
August 9, 2001 - 6,210 subscribers
Today's sponsor: Glasser LegalWorks (click)
This timely "how to" program will address new DOL claims procedures, the avoidance of fiduciary liability after the Harris Trust decision, identifying conduct that might trigger a DOL investigation under its Strategic Enforcement Plan, and more.Designed for ERISA fiduciaries, investment advisors, and in-house, corporate, tax, labor, and insurance counsel. September 21 in Chicago; October 24 in New York. Click for full details!
Survey Says Americans Want More Freedom Choosing Health Coverage
Excerpt: "The survey, conducted by Strategic Research Group of Minneapolis through random polling of households around the country, reports that 84 percent of respondents want more freedom to choose the type of health coverage they receive, including the ability to reduce the amount of coverage." (insure.com)
Trend: Defined Contribution Health Accounts Being Offered to Small Employers
Press release from Unicare, an operating subsidiary of WellPoint. Excerpt: "Among its many features, FlexScape includes a contemporary financing approach called, 'defined contribution.' This concept offers small employers (2-50 employees) a new level of financial predictability over health care costs by establishing fixed-dollar employer contribution option levels ..." (Business Wire via Excite News)
Dramatic Increase in Drug Spending Largely Attributable to Few Costly Medications
Excerpt: "About half (51.4%) of the $20.8 billion increase in retail drug spending in 2000 occurred in just 8 categories of medicines -- those to treat high cholesterol, arthritis, chronic pain, depression, ulcers and other stomach ailments, high blood pressure, diabetes, and a predisposition to seizures.... Studies also indicate that the rise in pharmaceutical spending is partly attributable to the dominance of brand-name drugs over less costly generics." (Drug Benefit Trends via Medscape; free registration required)
Disease Management Uses Web To Net Savings
Excerpt: "More vendors are turning to the Internet to expand the reach of programs. Cutting-edge technology helps patients help themselves." (Managed Care magazine)
Disease Management: HMOs try to improve care, cut costs of chronic disease
Excerpt: "Disease management programs are increasing in popularity among health maintenance organizations seeking ways to bring down costs and improve care. The idea is that controlling disease will reduce hospitalizations and emergency room visits while enhancing overall health." (The Baltimore Sun)
Texas Sues Conseco for Allegedly Deceiving 10,000 Long-Term Care Customers
Excerpt: "Conseco Senior Health Insurance Co. and American Travellers Life Insurance Co. (ATL), which Conseco bought in 1996, transacted deceptive insurance rate schemes against more than 10,000 Texans who bought long term care policies between 1992 and 1999, according to Texas Attorney General John Cornyn." (insure.com)
New Jersey Adopts Patients' Bill of Rights
Excerpt: "The New Jersey law creates a two-tiered system for resolving complaints. The most serious claims, asserting that an HMO's decision to delay or deny care resulted or could result in 'serious or significant' harm, such as death or paralysis, go straight to court. Less serious complaints, however, must go through the HMO appeals process." (insure.com)
Patients' Bill of Rights: It's the Senate Versus the House
Excerpt: "The Senate and the House battle for approval. Plus, Senators John Edwards and Bill Frist talk to TIME.com about their competing proposals." (Time.com)
Severance Pay Declines Amid Still-Healthy Market
Excerpt: "These days, being laid-off doesn't pay as well as it used to. Severance pay is declining, according to a survey by Manchester Inc., an outplacement firm based in Jacksonville, Fla. Middle managers are receiving 15% less severance pay than those who lost jobs four years ago, and senior executives are receiving 12% less ..." (CareerJournal.com)
Use the Audit Engagement Letter to Limit Liability
Excerpt: "[E]ngagement letters are a good business practice and a business device for the auditor's protection. Auditors can include clauses relating to the following matters in the engagement letter to limit their liability ..." (Practitioners Publishing Company)
Trend: Interactive Participant Administration Sites in Spanish-- Ingham Group Says It's First
Press release. Excerpt: "In response to the growing number of Hispanics in the U.S., Ingham Group, one of the Southeast's largest employee benefits consulting and administration firms, has recently added fully interactive Spanish-language capabilities to its website ... 'Based on our research, Ingham Group becomes the first financial company in the nation to offer 24-hour Internet access to retirement account information and electronic trading in Spanish,' said [its president]." (Business Wire via Yahoo! News)
Legislative Activity on the Benefits Front (PDF)
August 2001 issue. Includes a summary of the status of the mental health parity bill and the patients' rights bill. Valuable 'Upcoming Key Dates' section is included. (Milliman USA)
Correction: That's Billion, Not Million
Thanks to Milliman USA Research Actuary Mark Beilke for pointing out that the Joint Committee on Taxation's estimate of the total cost of EGTRRA is $112 billion, not $112 million (we left off three zeros!), in the link to the JCT web site provided to readers by BenefitsLink a few days ago. (EGTRRA has many provisions in addition to its changes to employee benefit plan rules, of course.) (BenefitsLink)
Newly Posted or Renewed Job Openings (Post Yours!)
| Senior Project Analyst | for ICMA Retirement Corporation in DC |
| Business Development Position | for Retirement Alliance Inc. in GA |
| Employee Benefits Associate | for Wyatt, Tarrant & Combs, LLP in KY |
| Health and Welfare Consultants - Staff/Senior | for Ernst & Young LLP in NY |
Newly Posted Conferences (Post Yours!)
| Retirement, Deferred Compensation, and Welfare Plans of Tax-Exempt and Governmental Employers | in DC on September 13, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Emerging Issues in Employment Law and Litigation: Review of the Supreme Court Term | in ALL STATES on September 25, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Annual Fall Employee Benefits Law and Practice Update (Course # VPC1101) | in ALL STATES on November 1, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Americans with Disabilities Act: Current Employment Issues (Course # VPC1108) | in ALL STATES on November 8, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Pension, Profit-Sharing, Welfare, and Other Compensation Plans | in DC on October 11, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Life Insurance Company Products: Featuring Current Securities, Tax, ERISA, Offshore, and State Regulatory Issues | in DC on October 25, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Qualified Plans, Welfare Benefits, and Tax Planning | in AZ on February 14, 2002 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Pension, Profit-Sharing, Welfare, and Other Compensation Plans | in CA on March 20, 2001 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
| Pension, Profit-Sharing, Welfare, and Other Compensation Plans | in DC on October 10, 2002 presented by ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education) |
Newly Posted Press Releases
| AHI RELEASES FREE REPORT: "Your Blueprint For Avoiding Discipline Disasters" (Alexander Hamilton Institute) |
| U.S. Economic Slowdown Having No Effect on Salary Increases (WorldatWork) |
Subscribe to the Retirement Plans Edition, too (click)
Copyright 2001 BenefitsLink.com, Inc., but you may freely distribute this email newsletter in whole. This newsletter is edited by David Rhett Baker, J.D.
- How to Sponsor an Issue: reach 6,210 benefits professionals!
- How to Subscribe
- Privacy Policy
- Archive of Prior Issues