Cigna increases premiums while CEO gets more pay
Our medical insurance policy is with Cigna. We’re on the Open Access Plus plan. After I renewed my Cigna policy recently, I got our new insurance cards, and noticed that the premiums and copays increased as follows:
- PCP Visit ($20 vs $15)
- Specialist ($40 vs $30)
- Hospital ER ($100 vs $50)
- Urgent Care ($50 vs $25)
- Rx ($10/25/50 vs $10/20/45)
Those are some pretty hefty increases, particular for items 2-4 above, so I thought I’d have a look at Cigna’s executive compensation packages, to see if they’re tightening the belt there as well.
Their CEO is H. Edward Hanway. Here’s what he makes [source]:
- Current annual compensation: $30.16 million
- 5-year compensation: $120.51 million
- His performance vs. pay rank is 162/175, which means he’s the equivalent of a D/F student
In 2006, two years ago, here’s what he was making [source]:
- Annual compensation: $28.82 million
- 5-year compensation: $78.31 million
- Performance vs. pay rank: 166/189, which was slightly better than what he’s averaging now
So what we’ve got here is an overpaid CEO that isn’t pulling his weight, but still paying himself gobs of money off our backs. God knows how much the other executive officers are making, all while we, the customers, get charged more for our premiums and copays. Talk about a rotten deal.
I don’t think that’s fair at all.
(4 votes, average: 5 out of 5)
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