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Executives Make Merry While Citizens Struggle With Premiums

by Gopalan T on  August 12, 2010 at 8:21 AM Health Insurance News
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Executives Make Merry While Citizens Struggle With Premiums
Health Care for America Now, a coalition of advocacy groups, has lashed out at the top executives of the nation's five largest for-profit health insurance companies for extracting nearly $200 million in compensation last year — thus at a time when middle classes struggled with skyrocketing health insurance costs and the worst economy since the Great Depression.

The CEOs of UnitedHealth Group, WellPoint, Aetna, CIGNA, Humana, Coventry Health Care, Health Net, Amerigroup, Centene and Universal American took $944.1 million in compensation from 2000 through 2009, according to the report, entitled “Breaking the Bank.”


The jaw-dropping compensation for 2009 set new standards for the industry and for what CEOs will pay themselves in the future. Last year’s compensation for health-insurance CEOs was enormous, enough to fund stress tests to check the heart health of up to 776,000 patients, or to pay for every resident of Philadelphia, Dallas and Minneapolis combined (3.2 million people) to go to their regular doctor for an office visit. Over the full decade covered in the report, average CEO pay has reached nearly $10 million a year per company.

“The insurance companies are driven by perverse incentives that reward CEOs for imposing devastating rate hikes on families and businesses while denying care to people when they need it most,” said HCAN Executive Director Ethan Rome.  “It’s indefensible that CEOs in America are profiting by gouging customers in such a shameless

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