Sunday, March 15, 2009

1 reason why health care is broken

While you're struggling to pay rising health insurance premiums, out-of-pocket expenses, co-pays and for less and less coverage, these are the amounts some of the current and former top CEOs in in just one single private insurance company have been raking in. Remember, most of this comes from denying claims for care.

From Crain's Business Detorit:

Here was the compensation last year for several of the top executives at Blue Cross, according to documents filed with the state Office of Financial and Insurance Regulation:

• CEO Dan Loepp earned total compensation of $1.79 million in 2008. Loepp, who became CEO in July 2005, received $910,000 in base pay,$727,000 in bonus and $160,000 in other compensation. He earned $1.65 million in 2007.
• CFO Mark Bartlett earned $1.2 million in total compensation. Bartlett received $571,000 in base salary, $559,000 in bonuses and $108,000 in other compensation. He earned $1.17 million in 2007.
• D. Robertson, vice president of innovation and emerging markets, earned total compensation of $1 million. He earned $439,000 in 2007.
• Darrell Middleton, senior vice president of business efficiency and human performance, earned total compensation of $995,000. He earned$580,000 in 2007.
• Jean Carlson, senior vice president of subsidiary operations, earned total compensation of $960,000. She earned $707,000 in 2007.
• Kevin Seitz, executive vice president of health care value enhancement, earned total compensation of $936,000. He earned $877,000 in 2007.
Four other former Blue Cross executives received large retirement packages:
• Les Viegas, former executive vice president, received $3.46 million in total compensation. He earned $998,000 in 2007.
• William Smith, former executive vice president of operations, received$2.06 million. He earned $943,000 in 2007.
• John Austin, former senior vice present and chief actuarial officer, received $1.49 million. He earned $802,000 in 2007.
• Jann Cantelon, former vice president of group servicing and support, received $1.34 million. He earned $341,000 in 2007.

Is it any wonder your premiums seem to go up faster than your paycheck?