Obama Care

dmek25 · 03-21-2010, 05:40 PM

Blue Cross executives' compensation soars as controversy rages over health insurance premium increases
By: Mike Colias March 15, 2010
Executives at Blue Cross & Blue Shield of Illinois' corporate parent pocketed big bonuses last year, as more people lost health insurance and rising premiums put insurers at the center of a political maelstrom.

Patricia Hemingway Hall, CEO of Health Care Service Corp., saw her total compensation jump 62% in 2009, to $8.7 million, according to a recent company regulatory filing. Predecessor Ray McCaskey's $15.7-million payment was bonus compensation built up in the years preceding his 2008 retirement. He served as CEO of the Chicago-based holding company for Blue Cross plans in Illinois, Texas, Oklahoma and New Mexico for 16 years.

All of the non-profit insurer's top 10 executives saw total compensation jump at least 48% — it more than doubled for six of them — thanks to large bonuses. The company revised its bonus program "to reflect current market-competitive talent practices," according to a statement. It pegs bonuses to goals for membership and earnings growth, and for keeping a lid on administrative costs.

"To manage a business of this size and complexity, our compensation must be competitive to attract the industry's best and brightest," the company says.

03-21-2010, 05:40 PM	#11
dmek25 MVP Join Date: Oct 2005 Location: lancaster,pa Age: 64 Posts: 10,672	Re: Obama Care Blue Cross executives' compensation soars as controversy rages over health insurance premium increases By: Mike Colias March 15, 2010 Executives at Blue Cross & Blue Shield of Illinois' corporate parent pocketed big bonuses last year, as more people lost health insurance and rising premiums put insurers at the center of a political maelstrom. Patricia Hemingway Hall, CEO of Health Care Service Corp., saw her total compensation jump 62% in 2009, to $8.7 million, according to a recent company regulatory filing. Predecessor Ray McCaskey's $15.7-million payment was bonus compensation built up in the years preceding his 2008 retirement. He served as CEO of the Chicago-based holding company for Blue Cross plans in Illinois, Texas, Oklahoma and New Mexico for 16 years. All of the non-profit insurer's top 10 executives saw total compensation jump at least 48% — it more than doubled for six of them — thanks to large bonuses. The company revised its bonus program "to reflect current market-competitive talent practices," according to a statement. It pegs bonuses to goals for membership and earnings growth, and for keeping a lid on administrative costs. "To manage a business of this size and complexity, our compensation must be competitive to attract the industry's best and brightest," the company says. __________________ "It's better to be quiet and thought a fool than to open ones mouth and remove all doubt." courtesy of 53fan

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