In December, the Obama administration said it would close a loophole that excluded babysitters and “companions” for the old and infirm from receiving minimum wage. Six months later, the loophole remains, and home care workers are concerned it won’t happen if Obama doesn’t win in November. Mitt Romney hasn’t taken a position on the rule, but 13 Republican senators introduced a bill to preserve the exemption. Bill Clinton proposed a similar rule change before leaving office, but George W. Bush said it would increase Medicaid costs by an estimated $250 million a year, and scrapped it. A home care worker sued for back pay, but the Supreme Court ruled in 2007, that it was up to the Department of Labor to change the rules. Today, the median annual wage for home care workers is $19,640.
ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business.
Your resource for news, research and analysis to help you deliver more effective outcomes to your clients.
Use this fact sheet to explain 3 key differences between Life Insurance and Roth IRAs to your clients.
Tools to help you survive in the post-DOL rule world.
The Perfect First Appointment from a $30 Million Producer
Jul 19, 2017
The first compliance deadline for the DOL’s fiduciary rule has kicked in … are you in compliance?
Jun 29, 2017
Join this complimentary webcast to dive into the imperative demand benefits professionals, employers, and HR representatives must meet when it comes to customizing benefits packages,...
Jun 28, 2017
Clients want to discuss health care costs in retirement. We can help break down options and costs so your clients can better prepare.