CEO Compensation: Who Said Health Care is in a Financial Crisis?
by QuestionGirl • Thursday, June 25th, 2009 - 12:29 amAnd they’re worried about single payer taking away a “level” playing field or insurance companies???? C’mon……
Those of you who are struggling to pay for your generic medicines or wondering why the doctor is charging you a $5.00 co-pay, give some thought to these facts about how our health care dollars are allocated. At the end of this post, there is a list of 23 health companies I found on Forbes.com, what the CEO was paid in 2005, and the average paid to the CEO in the past five years.
Imagine adding vice presidents, Board of Directors, stock holders and the other 200-300 other companies all cashing in on your health to that total at the bottom.
Based on this, the next time you want to argue with your Primary Care doctor’s front desk about a $5.00 co-pay, remember that he makes an average of $149,000.00 per year. On the other hand — using United Healthcare as an example — your insurance company paid their CEO — one man — $324,000,000 over a recent five year period.
If you are uninsured, try calling any one of these 23 CEOs and see if they will give you free insurance.
BTW: 10% of 14.9 billion is 1.4 billion. If basic insurance costs $8,000/year for a family then taking 10% from just these CEO salaries would insure 35,000 Americans a year for five years. That is a lot of people that can be helped just by 23 men. Looking at the companies as a whole that profit from health care, we can probably pay for every uninsured person in this country for decades to come.
The numbers are numbing, which is why we should do something about this.
United Health Group
CEO: William W McGuire
2005: 124.8 mil
5-year: 342 mil
Forest Labs
CEO: Howard Solomon
2005: 92.1 mil
5-year: 295 mil
Caremark Rx
CEO: Edwin M Crawford
2005: 77.9 mil
5-year: 93.6 mil
Abbott Lab
CEO: Miles White
2005: 26.2 mil
5-year: 25.8 mil
Aetna
CEO: John Rowe
2005: 22.1 mil
5-year:57.8 mil
Amgen
CEO: Kevin Sharer
2005:5.7 mil
5-year:59.5 mil
Bectin-Dickinson
CEO: Edwin Ludwig
2005: 10 mil
5-year:18 mil
Boston Scientific
CEO:
2005:38.1 mil
5-year:45 mil
Cardinal Health
CEO: James Tobin
2005:1.1 mil
5-year:33.5 mil
Cigna
CEO: H. Edward Hanway
2005:13.3 mil
5-year:62.8 mil
Genzyme
CEO: Henri Termeer
2005: 19 mil
5-year:60.7 mil
Humana
CEO: Michael McAllister
2005:2.3 mil
5-year:12.9 mil
Johnson & Johnson
CEO: William Weldon
2005:6.1 mil
5-year:19.7 mil
Laboratory Corp America
CEO: Thomas MacMahon
2005:7.9 mil
5-year:41.8 mil
Eli Lilly
CEO: Sidney Taurel
2005:7.2 mil
5-year:37.9 mil
McKesson
CEO: John Hammergen
2005: 13.4 mil
5-year:31.2 mil
Medtronic
CEO: Arthur Collins
2005: 4.7 mil
5-year:39 mil
Merck Raymond Gilmartin
CEO:
2005: 37.8 mil
5-year:49.6 mil
PacifiCare Health
CEO: Howard Phanstiel
2005: 3.4 mil
5-year: 8.5 mil
Pfizer
CEO: Henry McKinnell
2005: 14 mil
5-year: 74 mil
Well Choice
CEO: Michael Stocker
2005: 3.2 mil
5-year: 10.7 mil
WellPoint
CEO: Larry Glasscock
2005: 23 mil
5-year: 46.8 mil
Wyeth
CEO: Robert Essner
2005:6.5 mil
5-year: 28.9 mil
TOTAL 2005: 559.8 mil
TOTAL 5-Year: 14.9 billion
Tagged: ceo's, health care reform, salaries







June 25th, 2009 at 10:04 am
OK, average $149,000 per year? Is that too much? Well they are making about the same as the Senate in government? A medical doctor making $149,000 per ywear is not that much, especially running a company. Oh yeah, Dr.'s that I know give medecine away at appointments for those that cannot afford drugs, oh yeah and so do drug companies. The fix for health care is not more government, but the Dr.'s actually fcharging you and I and not a ambigious insurance company. If they have to look me in the face they will not charge $25 for asprin.
June 25th, 2009 at 10:14 am
Ahhhhh I think you missed the point Whoevah. Read it again.
June 25th, 2009 at 11:30 am
...That's Dr. Whoevah to you
June 25th, 2009 at 11:30 am
But what can you do? We can complain about the salaries. We can vote with our feet and not support companies with outrageous salary discrepancies. We can whine.
But nothing seems to change. For some reason nobody seems to want to hear that $124.8 million per year is outrageous compensation when people are losing their homes over a $30,000 hospital bill.
We had a conversation in our home recently about a test I needed to have. Just taking the test is a budget buster as our huge deductible means we pay it all out of pocket. If the test comes back positive, we may have to do nothing about it anyway as there is no money to pay for the care I'd need.
It is criminal that someone can be making over $100million a year on my outrageous premiums, make you jump through hoops for every procedure, require huge copays and ultimately attempt to deny care at every turn. (I've been told more than once that policy is to automatically deny coverage on the first request by several people in the customer service department. Nice!)
It's even worse that a middle class family has to choose between losing their home, savings and retirement accounts or getting the medical care they need to survive. I've been screaming from the rooftops about this subject for the last decade and nobody seems to hear.
June 25th, 2009 at 11:42 am
Sonya, I know exactly where you're coming from.
And why so many people don't give a damn says a lot about this "great" country. They care about your plight and your pain only when is happens to them too.
Sonya, I wish the best for you and your family.
June 25th, 2009 at 11:45 am
Sonya, I believe we need to whine to the 9 Democrats who aren't on board for the reform we need. I'll post about that later tonight. I hope things work out ok for you. Our congress people aren't hearing you because all they can hear is the sound of the money they receive from big pharma and the insurance industry. Campaign finance reform would change much of the way things are done in D.C. But that ain't gonna happen, either.
At any rate....best wishes to you. Let me know if you'd be interested in writing a post about your experience. Would be a good read and get one person's story out there!
June 25th, 2009 at 11:58 am
Sonya, I hope that you and yours weather this storm safely. The sad part is that there will be others down the line. It's also sad that when a discussion like this comes around there is always someone that turns it into "I know a doctor who gave somebody some free pills". This is not about some Marcus Welby doctors story. It's about real families in peril because of yet another corrupt American system.
June 26th, 2009 at 12:04 am
Hey, have you seen this news article?
New details about Michael Jackson's Death Emerge
I was wondering if you were going to blog about this...
June 26th, 2009 at 8:16 am
Link is no good.