Insurance Companies Can’t Cut Costs?

Health care cost is rising, but CEOs of major insurance businesses are still raking in the big bucks. Everyone should have the opportunity to get rich in America, but should an industry that provides health care to Americans be the same way? Here’s a look at how much CEOs of insurance companies are paid. Salary is data from www.aflcio.org.

Humana

The CEO of Humana, Michael B. McCallister, earned $5,185,414 in total compensation in 2008. I wonder how many claims and urgent medical procedures had to be denied just to make it to that 5 million mark. A man’s got to put gas in his plane right?

Cigna Corporation

In 2008, H. Edward Hanway raked in $12,236,740 in total compensation. All this money and they still had to deny coverage to some people because they might have had an infection or illness before. But at least he can sleep well knowing he is covered.

Unum

In 2008, Thomas R. Watjen earned $12,262,978 in total compensation

Aetna

Last but certainly not least, Aetna’s CEO Ronald A. Williams made a whopping $18,608,778 in total compensation for 2008. Go easy on the caviar Ronny; your cholesterol medication might not be on Aetna’s formulary.

Should we hate these people for making so much money? Of course not! They were intelligent and hard-working and this is the land of opportunity. But ill-gotten money will do no good. The manner of making such a large amount of money is much more a moral issue than simply how much they make. Is it wrong that they are making money off of something that is supposed to help humankind and society? I believe so. If they wanted to get rich, create something and patent it. Start a bakery business. But don’t charge people for health coverage and then deny them what was promised and used to lure them in. That, Mr. CEO, is very deceitful business ethics.

Sources:
http://www.aflcio.org/corporatewatch/paywatch/