An interesting new article about big insurance company Humana whose CEO Michael McAllister is not shy about saying that they love money more than people:
It is important to note if we have to choose between achieving our membership goals and achieving profitability goals. profits will win every time. – 2003
We will not play the market share game and will continue to price our business for bottom line profitability. – 2004
McAllister has made a total of $56.9 million over the last five years and has more than $60 million in Humana stock options.
Last year Humana made $833 in profits. Nothing wrong with profits, except that they make this profit, in part, by denying the claims of their insured and sometimes causing their insured’s death because of these denials.
Former employees of Humana have said they were told that they were expected to keep a 10% denial rate and that the medical reviewer with the highest denial rate would receive a Christmas bonus.
The article also details the many times Human has been cited for violating federal contracting laws and its efforts to stifle health care reform.
The existence of this type of insurance company is a perfect example of why America needs health care reform. It has been said “the love of money is the root of all evil” and Human is another example of a large corporation who loves money and is willing to take in your premium payments but is unwilling to help you when you need it the most.
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