Big raises for CEOs of the big Blues plans
The CEOs of several Blue Cross Blue Shield insurance companies received significant pay raises and bonuses in 2020, according to an analysis by AIS Health.
Why it matters: The not-for-profit Blue Cross Blue Shield insurers keep executive compensation more hidden than publicly traded insurers. And the data show pay increased during the pandemic, as insurers retained higher profits due to people delaying care.
By the numbers: The highest-paid CEO of a Blue Cross Blue Shield plan last year was Daniel Loepp, who made $11.5 million, but that was down almost 5% from 2019.
- Dan Hilferty ($9.9 million), now retired from Independence Blue Cross, and Maurice Smith of Health Care Service ($5.9 million) were the next highest-paid CEOs.
- Bonuses made up a vast majority of the Blues CEOs' pay.
- Craig Samitt of Blue Cross Blue Shield of Minnesota had the highest year-over-year increase (109%), making $3.4 million.