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Meet Stephen Hemsley. He's the CEO of UnitedHealth. In 2007, he earned $13.2 million dollars. His unexercised stock options total three-quarters of a billion dollars. That's right - billion.
Profits at 10 of the country’s largest publicly traded health insurance companies rose 428 percent from 2000 to 2007, while consumers paid more for less coverage. One of the major reasons, according to a new study, is the growing lack of competition in the private health insurance industry that has led to near monopoly conditions in many markets.
The report says such conditions warrant a Justice Department investigation
Within the context of companies’ revenues, insurers skim off 15-20 percent of premium dollars for administrative costs and profits. In fact, an examination of insurers’ medical loss ratio — the fraction of revenue from a plan’s premiums that goes to pay for medical services– suggests that within the last 10 years, insurers have been spending less on medical care and more on administrative costs or profits:
Originally posted by grapesofraft
This video is twisting the facts. He was only paid 13 million out of the revenue of the company. All the money he made from stock options would have came from the stock market.
Originally posted by grapesofraft
He was only paid 13 million out of the revenue of the company. All the money he made from stock options would have came from the stock market.