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Executives at health insurance giants cash in as firms plan fee hikes

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:44 AM
Original message
Executives at health insurance giants cash in as firms plan fee hikes
Source: Los Angeles Times

Executives at health insurance giants cash in as firms plan fee hikes

Leaders of Cigna, Humana, UnitedHealth, WellPoint and Aetna received nearly $200 million in compensation in 2009, according to a report, while the companies sought rate increases as high as 39%.

Reporting from Washington

The top executives at the nation's five largest for-profit health insurance companies pulled in nearly $200 million in compensation last year while their businesses prepared to hit ratepayers with double-digit premium increases, according to a new analysis conducted by healthcare activists.

The leaders of Cigna Corp., Humana Inc., UnitedHealth Group and WellPoint Inc. each in effect received raises in 2009, the report concluded, based on an analysis of company reports filed with the Security and Exchange Commission.

H. Edward Hanway, former chief executive of Philadelphia-based Cigna, topped the list of high-paid executives, thanks to a retirement package worth $110.9 million. Cigna paid Hanway and his successor, David Cordani, a total of $136.3 million last year.

.............

Last year was highly profitable for most of the country's big publicly traded insurers. In the first two quarters of this year, profits for many insurers have continued to soar more than 20%.

Read more: http://www.latimes.com/health/la-fi-insurance-salaries-...
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AndyA Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:48 AM
Response to Original message
1. Any company that can afford to pay its top people that kind of money is OVERCHARGING
its customers.

Profit is one thing. Executive salaries and perks are another. But when you consider how much extra those companies must charge customers in order to be able to afford those payments, it's mind boggling.

If we had a representative government, they would see that obviously the American people (aka customers) are being charged too much. But we don't, so they'll just pretend to not notice, and expect campaign donations from these companies in return. (Campaign donations = another reason for higher premiums and less coverage.)
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Rabrrrrrr Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:53 AM
Response to Original message
2. This is precisely why we should privatize Social Security and our public schools
Because when corporations are in control, market efficiencies always automatically make them focus their first priority on their customers and the common good. Especially if we can give them a monopoly so we don't have all the evil fiscal fuzziness that comes from competition.

:wtf:

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Vinnie From Indy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:56 AM
Response to Original message
3. Make no mistake! That 200 million was paid for by dead people
Edited on Wed Aug-11-10 08:57 AM by Vinnie From Indy
These executives literally have blood on their hands. The obscene salaries and perks for the execs meant that X amount of people had their claims denied even though they paid their premiums. Bastards!
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glitch Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:21 AM
Response to Reply #3
5. and their families.
:grr:
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raouldukelives Donating Member (945 posts) Send PM | Profile | Ignore Wed Aug-11-10 10:24 AM
Response to Reply #3
8. And the shareholders nt
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area51 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 11:03 AM
Response to Reply #3
11. +1
It's 100% blood money from denying claims, which kills people.

100,000 people in the U.S. die every year due to lack of healthcare. That's 273 per day dying because this nation believes in single-payer police, single-payer fire departments, and single-payer where roads and schools are concerned, but not single-payer healthcare.

We need single-payer health care, not a welfare bailout for the serial-killer insurance agencies.

As a DU'er said:

"We will never have real reform until people's health stops being treated as a financial opportunity for corporations."



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Divernan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:58 AM
Response to Original message
4. Pimping for Big Health Insurance is NOT health care reform
The math involved in privatization is as basic as you can get. Take the costs of providing a good or service and factor in enough to provide stock options/high salaries for upper level management, plus dividends for stockholders.

For example, look at the high number of mercenaries, along with private contracting for support services for the military, in Iraq/Afghanistan. What a wonderful system the US
has. We take young people too desperately poor and uneducated to have any other options, enlist them in our military, give them basic training and a few years experience. Then, instead of re-enlisting, or finding safe jobs back home, they are paid 4 or 5 times as much as their military pay to sign up with Halliburton or the like. And hey! we taxpayers are paying those salaries plus enough for war profiteers to pay their management and nice fat stock dividends! Whatta country!
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:26 AM
Response to Original message
6. Hurray for mandated health insurance!
Not.

This is precisely why I was so adamantly opposed to that particular piece of legislation.
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Bluenorthwest Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:48 AM
Response to Original message
7. But it is the single payer advocates who should be drug tested.
I wonder, under the reforms, are our liberal drug tests subject to a co-pay?
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MsPithy Donating Member (325 posts) Send PM | Profile | Ignore Wed Aug-11-10 10:35 AM
Response to Reply #7
9. THE BEST COMMENT YOU WILL READ ALL WEEK!
Yes, I am shouting. Thanks, Bluenorthwest, way to pull it all together!
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burnsei sensei Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:51 AM
Response to Original message
10. Their president has served them quite well.
Wouldn't it be nice if the president served the people instead?
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lib2DaBone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 12:11 PM
Response to Original message
12. Single payer ....
Wouldn't it have been better if we had just made medicare available to all?
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jtrockville Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 12:39 PM
Response to Reply #12
13. Better for who?
It would certainly NOT have been better for health insurance company executives. And isn't that why we have health care in the first place? So people can make a killing?

Bah!
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