My last employer offered health insurance. What a scam!!!! It cost 20% of my take home pay. Who can afford that? Not to mention that my deductible was $4k. So I had to pay 20% of my net pay for insurance I could never use. What a capital idea! Insurance companies are one of the highest grossing industries.
Let’s look at Blue Cross Blue Shield NC for an example. In 2014 they reported: “Blue Cross Blue Shield of North Carolina on Friday reported $92.6 million in net income in 2013, a 60 percent jump from the previous year. (Read more at http://www.wral.com/blue-cross-profits-executive-pay-up-in-2013/13438661/#JIrxqHXbFLCFPAdu.99).” And, the compensation for Blue Cross’ top 10 executives rose by almost 11% in 2013. Blue Cross Blue Shield of North Carolina’s CEO earned a $2 million bonus last year on top of his $897,427 salary. His total compensation was up 19% over 2012. Must be nice. I wondered what the average salary is for citizens of North Carolina in 2013 and found it is $40,710. This means that if the average Blue Cross Blue Shield executive makes around $2M/year including bonuses, that the average person makes about 2% of what these fat cats take in a year.
Is it the same story in all 50 states? I have no idea, I used the data from North Carolina because it was easily available. If it is true across the country, based on these averages, Blue Cross/Blue Shield executives are getting about $500M per year. How do you feel about that? How does it feel to pay 20% or more of your take home pay to pay for their salaries and undeserved bonuses?
I have been aware of these overpaid bloated pigs since 2002 when Forbes listed the highest paid executives in the US. As you may have surmised, many were CEOs or executives of health insurance companies. So the next time these greedy companies tell YOU that your premium is going up because health costs have risen, push back. If we all just roll over and give in, this problem is going to become astronomical expenses for the average American. We need to wake up! I am tired of wealthy, overpaid executives stealing my measly pay!