Did you ever wonder whether the health insurance companies were hurting in this economy? Well, wonder no more. William Marino, CEO of Horizon Blue Cross Blue Shield of New Jersey earned $934,615 in base salary and $7.8 million in bonuses and additional pay in 2009. The total compensation was up 59% from 2008. And this is a nonprofit plan. How does this dude look at himself in the mirror each morning?
Here is the best part:
In a news release, Horizon maintained that executive pay is in line with what other, similar companies would pay. The company said that executive pay is only "0.24% of our members' monthly premiums."
A couple things to note. I agree that the executive pay is in line with other companies but that is because other companies continue to use each others numbers which causes a never ending cycle of increasing executive pay. Second, since they were so quick to point out how little of the members' monthly premium was eaten up by the CEO's salary, I was wondering how much all the ADMINISTRATORS added together cost each member. It would probably be astronomical!