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Insurance CEOs, after Pocketing $1 Billion, Push to Weaken New Consumer Protections
Statement by U.S. PIRG Health Care Advocate Larry McNeely on the findings of the new Health Care for America Now report
WASHINGTON - August 11 - For months, lobbyists for big health insurers have mounted an all-out press to weaken a provision in federal law requiring that insurers spend 80% of health insurance premiums on care, not on themselves. Today’s report from Health Care for America Now, Breaking the Bank (pdf) shows us one reason why.
CEOs for the top ten health insurance companies pulled down nearly $1 billion in total compensation over the last decade. In 2009, those same CEOs enjoyed a 167% increase in pay even as consumer premiums soared and the economy struggled.
State insurance commissioners and the federal Department of Health and Human Services must reject the arguments of the insurance lobby and craft regulations that deliver lower costs and better value for consumers.
For a detailed look at U.S. PIRG’s position on this issue, you may find the comments which U.S. PIRG submitted to federal regulators here.