If you missed the show - here's some shocking figures! HMOs say that any increase in their costs of treating patients will require them to raise premiums, making them too costly, and causing many to go without insurance… And yet some of the HMO Executive salaries in 2003 earned amazing amounts of money…for instance, based on public filings with the Security and Exchange Commission: The highest paid health care HMO executive was Oxford Health Plans CEO Norman C. Payson, who last year was paid a salary of $76,010,825. Leonard D. Schaeffer, chairman and CEO of Well Point was second on the list with a salary of $21,765,532. The 3rd and 4th place earned over $7 m. The average salary of the 20 highest-paid executives on the list was approximately $15 million. And United Health CEO William W. McGuire held nearly $530,000,000 in unexercised stock options in 2002 in addition to his salary. What in the world could Norman Payson be doing for Oxford to merit $76 million a year, or any of the other CEO’s? This is outrageous!
Related:
Top Salaries - Check it out for yourself
Health Administration Responsibility Project - list of related articles
© Sharon Hughes 2005
Hear today's show (See 8/10/05)
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