From our very good friends at The Courage Campaign in an email to their members:
Our victory has big insurance on the run. Yesterday, Blue Shield announced an average refund of $80 to individuals buying their own insurance. This is coming from a “not-for-profit” corporation that boasts $9.7 billion in revenues and pays its top exec more than $4 million.(1)
Big freaking deal. With that kind of revenue and executive compensation, they’re just proving they need the regulation we’re fighting for. Join us in telling the Senate to give the state the power to deny exorbitant rate hikes from health insurance giants like Blue Shield.
Blue Shield isn’t the only one, though. Kaiser, the biggest HMO in California is another “not-for-profit” and supposedly “progressive” company. In fact, they’re the ones the insurance industry trots out to lobby legislators because of their liberal image.
But they’re also the ones who earned more than $10 million a day in the first three months of 2011. They’re the ones paying for a chauffeur and first class trips for their top exec — on top of nearly $8 million in compensation. They’re the ones trying to cut their own workers’ health care plans in a labor dispute.(2) They’re the ones who already spent almost $700,000 lobbying the state government this year.(3) But no, they don’t need to be regulated by state.
Thanks for your work,
Chair and Founder, Courage Campaign