Anthem BCBS Profiteering and "Irresponsible Behavior"
Sparks flew, feelings were hurt and somebody got their noses rubbed in it in this riveting, nail-biting exchange between the House Commerce Committee on Oversight and Anthem/BCBS CEO Angela Braly and Executive VP Cynthia Miller.
Anthem BCBS is being called on the carpet for their 39% rate hike on the individual California health insurance market.
Some notable moments:
- Anthem BCBS posted a "reasonable profit" in 2009 of $2.385 billion
- Unadjusted Q4 2009 income of $2.7 billion - before the sale of a pharmacy benefits management company was excluded as a one-time gain.
- Ms. Braly's 2009 take-home? $1.1 million salary, $8.5 million in stock options and $730,000 in incentive bonuses.
- She made over $10,000,000 in a year where 25,000 ADDITIONAL Californians dropped their health insurance because they were unable to pay for it!
See the video:
Also see these highlights:
- Rep. Bart Stupak (D-Michigan) spanks the Anthem CEO for the practice of "recission" or as he calls it "purging sick people".
- Rep. Henry Waxman (D-California) pins Angela Braley's ears back for spending $3 million on meetings at 'a lavish resort in Scottsdale, Arizona'.
- Rep. Jan Schakowsky (D-Illinois), in perhaps the most passionate exchange, demands Angela Braly's salary data (see above).
Take home message to Anthem Blue Cross/Blue Shield:
When the US House of Representatives calls you to explain your profiteering and irresponsible behavior that harms Americans try to present yourself in a humble manner.
- Don't lecture the US Congress.
- Don't blame the healthcare consumer for being 'unsophisticated'.
- Don't blame doctors and hospitals for rising rate increases.
- Don't keep getting rich off of sick and dying Americans.
Tim Richardson, PT
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