Big Three Health Insurers All End Year In The Black
Considering the angst between insurers and regulators last year over capping premiums, the state's top three health insurers all made out pretty well, according to year-end financial reports. WBUR's Martha Bebinger offers a few details:
Tufts, the 3rd largest health insurer ended the year $65 million ahead with a slight increase in membership and no debt. Tufts paid CEO Jim Roosevelt, $1.2 million. Eric Schultz at Harvard Pilgrim earned just under $800,000 as did Andrew Dreyfus at Blue Cross Blue Shield. Harvard Pilgrim also added members and had a net income of $50 million dollars. Blue Cross Blue Shield membership was down slightly and the state's largest insurer closed the books with $14.3 million in profits.
The fourth largest insurer, Fallon Community Health Plan, based on Worcester, posted a loss for the year and saw membership fall about 6%. CEO Patrick Hughes (who moved from division president of health plan operations to chief executive in February 2010) received $754,012 in total compensation in 2009 and $649,581 in 2010.
This program aired on March 1, 2011. The audio for this program is not available.