Health insurance industry CEO salary survey, stay calm for this [View All]

Health insurance industry CEO salary survey, stay calm for this
by nyceve
Tue May 26, 2009 at 10:27:23 AM PDT

While the American people find themselves priced out of health insurance and healthcare, the CEOs of America's largest for-profit health insurers are making record salaries.

And perks . . .like private corporate aircraft, country club memberships, security services (wonder why they need this?) and a lifestyle most Americans can only dream about.

It's really long overdue that the American people hit the streets to demand guaranteed and affordable healthcare. It's also long overdue that we drive a stake through the heart of the fully parasitic Murder by Spreadsheet for-profit insurance industry.

Before you peruse the CEO salary survey, keep in mind the for-profit health industry exists for only one purpose, to generate profits for shareholders. In order to do so, this industry collects premiums and then it delays and denies medical care--think you're insured, think again. The situation is so bad that doctors are in revolt. They are sick and tired of fighting the insurers for every treatment, every medication and every test.

Doctor pushes back against insurer scrutiny

Monterey physician Bradley Carpentier found himself spending so much time fighting with health insurers to get approvals for the treatments he prescribed for his patients that he decided to wage his own lobbying effort.

Carpentier formed a new political action committee - Stop Practicing Medicine - to target the long-standing practice of insurers hiring doctors to review physician decisions, even though the insurer-hired doctors had never seen or talked to the patient whose care they were scrutinizing...
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/05/25/BADR17PSC9.DTL&hw=health+care&sn=013&sc=281

From the Washington Post:

Karen Ignagni, CEO America's Health Insurance Plans (AHIP)

Ignagni's total compensation, according to AHIP's most recent filing from 2007, was $1.58 million, which includes $700,000 in base salary, $370,000 in deferred compensation and a bonus. Ignagni won't say how many hours a week she works. The number's so high it's embarrassing, she said...
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/24/AR2009052400551_2.html

All the following data for the 2008 salary survey is provided by Fiercehealthcare http://www.fiercehealthcare.com/special-reports/total-package-health-plan-ceo-compensations-2008

Meet the parasites:

Ron Williams - Aetna

Total Compensation: $24,300,112

Details: Williams earned $24,300,112 in total compensation for 2008, with more than half of that ($13,537,365) coming from option awards. He also received an additional $6,456,630 in stock awards to go along with his base salary of $1,091,764.

Personal use of a corporate aircraft and vehicle, as well as financial planning and 401(k) company matches added up to $101,487 for Williams...



H. Edward Hanway - CIGNA

Total Compensation: $12,236,740

Details: Hanway took a significant pay cut from 2007 to 2008, due mainly to a drop off of more than $11 million in his non-equity incentive plan compensation. Still, his base salary of $1,142,885 surpasses that of Aetna's Williams, and is supplemented by just over $3.6 million in option awards, and just over $820,000 in non-qualified deferred compensation earnings.

Also, nearly $21,800 in "other compensation" included the use of a company car with a driver, in-office meals, and emergency assistance services relating to medical exams...



Angela Braly - WellPoint

Total Compensation: $9,844,212

Details: Braly, like Williams, earned more money in 2008 ($9,844,212) than in 2007 (9,094,271), increasing her option rewards by nearly $1.5 million, and also receiving a $200,000-plus bump in base salary, from $922,269 to $1,135,538. Braly's stock awards dropped from $2,160,159 to $1,750,015 because, according to the SEC, "performance-based restricted stock units awarded in 2008 were cancelled because our ROE target for 2008 was not met."

Braly's "other compensation" comprised use of a private jet for her and her family on business trips, just under $10,000 for legal services relating to her employment agreement and cash credits....

MORE AT:

http://www.dailykos.com/storyonly/2009/5/26/735411/-Health-insurance-industry-CEO-salary-survey,-stay-calm-for-this