Why HEALTH INSURANCE COMPANIES ARE THE PROBLEM! (updated) And a question.
Here is Health Insurance Company CEO Salaries from 2005 (can't seem to find 2008 figures yet) and the total from the previous 5 Years. IT IS IMPOSSIBLE to have true Universal Health CARE when CEOs like these are involved in this. Updated part below.
- United Health Group
CEO: William W McGuire
2005: 124.8 mil
5-year: 342 mil
- Aetna
CEO: John Rowe
2005: 22.1 mil
5-year:57.8 mil
- Cigna
CEO: H. Edward Hanway
2005:13.3 mil
5-year:62.8 mil
- McKesson
CEO: John Hammergen
2005: 13.4 mil
5-year:31.2 mil
- WellPoint
CEO: Larry Glasscock
2005: 23 mil
5-year: 46.8 mil
The Update
ANNUAL COMPENSATION OF HEALTH INSURANCE COMPANY EXECUTIVES (2006 and 2007 figures): These figures don't appear to INCLUDE STOCK OPTIONS.
• Ronald A. Williams, Chair/ CEO, Aetna Inc., $23,045,834
• H. Edward Hanway, Chair/ CEO, Cigna Corp, $30.16 million
• David B. Snow, Jr, Chair/ CEO, Medco Health, $21.76 million
• Michael B. MCallister, CEO, Humana Inc, $20.06 million
• Stephen J. Hemsley, CEO, UnitedHealth Group, $13,164,529
• Angela F. Braly, President/ CEO, Wellpoint, $9,094,771
• Dale B. Wolf, CEO, Coventry Health Care, $20.86 million
• Jay M. Gellert, President/ CEO, Health Net, $16.65 million
• William C. Van Faasen, Chairman, Blue Cross Blue Shield of Massachusetts, $3 million plus $16.4 million in retirement benefits
• Charlie Baker, President/ CEO, Harvard Pilgrim Health Care, $1.5 million
• James Roosevelt, Jr., CEO, Tufts Associated Health Plans, $1.3 million
• Cleve L. Killingsworth, President/CEO Blue Cross Blue Shield of Massachusetts, $3.6 million
• Raymond McCaskey, CEO, Health Care Service Corp (Blue Cross Blue Shield), $10.3 million
• Daniel P. McCartney, CEO, Healthcare Services Group, Inc, $ 1,061,513
• Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
• Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
• Michael F. Neidorff, CEO, Centene Corp, $8,750,751
• Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
• Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
• Michael F. Neidorff, CEO, Centene Corp, $8,750,751
If you can find more recent figures please post them.
The more information the better.
One more question... Does anyone else think that maybe, just maybe, auto Insurance should be paid for with a gas tax? Think about it, the more you drive the more you pay. Then insurance companies would actually have to compete for your business based on the service they provide. And wouldn't this really be a kind of "Flat Tax"?
I am trying to get info on auto insurance CEOs, will post them as soon as I get good numbers in future updates.
Want to really see what happens with CEO compensation at UnitedHealth Group?
Take a look at this, the most recent
(I think) "DEF 14a" SEC filing:
http://www.sec.gov/Archives/edgar/data/731766/000119312508093196/ddef14a.htm#toc78885_38
Regarding executive and board member compensation.
It is LONG, so make sure you scroll down and look at all the "tables". They contain base pay, bonuses, stock options and the price per share company executives can purchase shares. and a TON of other information like retirement benefits and "separation" payments.
IT IS STUNNING. I will find more SEC filings for other companies and add links as I have time.
If you would like to look for your employer go here:
http://www.sec.gov/edgar/searchedgar/companysearch.html
Look for the most recent form "DEF 14a".
March 7, 2009 6:50 AM | Reply | Permalink
Single Payer! Medicare for all! :)
March 7, 2009 9:50 AM | Reply | Permalink
Again, thanks for this. I cut and paste the info you so generously provide and send it out (hopefully recipients do same).
March 7, 2009 12:08 PM | Reply | Permalink
On top of it all, it is all that money that these people and others of the insanely overpaid class have used to pump up the realestate bubble the stock bubble and so on, that has crashed the economy.
The government has the power to stop this. Tax the buggers. Through the nose. This much cash sloshing around in peoples' pockets is hazardous to the health of the nation and the world.
March 7, 2009 12:16 PM | Reply | Permalink
Great idea... Imagine how much better service health care providers could be giving to patients if they were getting that money instead of insurance company CEOs.
And don't forget that there is a herd of corporate leadership at each of these companies that is sucking out large sums of money out of our health care services like this - not just the CEOs - and none of them provide anything except a leeching effect on our paychecks.
March 7, 2009 4:52 PM | Reply | Permalink
This problem started picking up steam during the Reagan years when people started claiming they wanted healthcare to be "run more like a business." Well, we are finally there, healthcare is run like a very big business.
Let physicians unionize and maybe it will balance back out.
March 7, 2009 5:12 PM | Reply | Permalink
Done: It's the AMA.
What we need is for patients to unionize. Oh, wait... We have a union, with open membership and *massive* dues. We elect stewards from our own rank and file every two years.
Seems unsatisfying though...
March 7, 2009 5:26 PM | Reply | Permalink
The AMA is a Union? Haha, that's a good joke.
March 7, 2009 6:27 PM | Reply | Permalink
Managed Health Care is an oxymoron for sure. What has been managed is raising the cost of health care at a rate well ahead of all other economic sectors for the last two decades. Most years the cost increases have been a double digit percentile value. Very much in the mold of the rip off artists of Wall Street. They probably both attend the same business seminars where they get pointers on how to scam our lawmakers and screw beneficiaries.
March 7, 2009 6:33 PM | Reply | Permalink