The 2013 Award for Profiteering and Deceit in the Private Health Insurance Industry goes to… UnitedHealth for paying its CEO, Stephen Hemsley, $49 million in 2012.
37% – UnitedHealth
30% – Humana for charging women over 50% more than men for the same insurance plan.
27% – Anthem Blue Cross for predatory premium increases.
6% – Moda Health for paying $40 million for naming rights to the Portland Trailblazers arena.
Among CEOs, healthcare CEOs receive the highest median pay at $11.1 million. There are thousands of insurance companies, but the seven largest publicly traded health plans alone are paid their CEOs a collective $87 million.
Under a single-payer health plan, health coverage would be offered as a public good to all, administered by civil servants who will not siphon millions of dollars meant for patient care into their personal bank accounts. So we could use that $87 million in wasted money on CEOs to pay for as many as 8,700 hip replacements.
Full article here.