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Reply #179: UPDATED On the issue of non-profit: [View All]

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Hissyspit Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-26-09 01:42 PM
Response to Reply #173
179. UPDATED On the issue of non-profit:
Edited on Mon Oct-26-09 02:19 PM by Hissyspit
Technically, I think the Foundation is non-profit, but not the health insurance groups. This has changed over the years as the original concept of Blue Cross in N.C. has been corrupted, and I am not clear on it, but I think they probably know the loopholes and what they can get away with. The foundation is the research aspect of the organization. I imagine it has been set up this way on purpose.

It still stinks to high heaven of self-serving feudal-system robber baron excrement.

ON EDIT: WRAL refers to it as a non-profit. /

Blue Cross profits, exec pay spark criticism
Posted: Mar. 4, 2009
Updated: Mar. 9, 2009

CHAPEL HILL, N.C. Blue Cross Blue Shield of North Carolina, the state's largest insurer, earned $186 million last year while raising premiums on customers as the economy slid into recession.

Such large profits by a nonprofit company elicited sharp criticism from health care reform and state employee advocates.

"I think it's outrageous. We have North Carolinians losing their jobs, losing their health insurance, really hurting, and then you look at Blue Cross," said Adam Searing, director of the NC Justice Center's Health Access Coalition and a longtime critic of Blue Cross.

WATCH VIDEO AT LINK: Groups appalled by Blue Cross profits

"I think it sends the message to North Carolinians that we (at Blue Cross) care more about making money than making health insurance affordable," Searing said. "It raises a question: Where are our premium dollars going?"

Blue Cross spokesman Lew Borman defended the insurer's financials, pointing out that the company's 3.6 percent profit margin in 2008 was the smallest in at least five years. Profits also were down from $209 million in 2007, and Borman noted the company paid $162 million in federal, state and local taxes last year.

"We know times are tough and we're trying to do something about it," Borman said. "We're in solid financial shape, and it's due to the executives that put us in that position."

The top six executives at Blue Cross each made more than $1 million last year, topped by Chief Executive Bob Greczyn at close to $4 million. Greczyn's annual income included a $3 million bonus and was a 23 percent increase over 2007.
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