Just hold on-- no one is taking your money just yet.
It's not over!
Perhaps many of you thought that the collective screaming on the topic of executive compensation would be reserved for the heads of financial institutions.
But that was likely just the beginning.
By this Friday, Congress will have received detailed reports from more than 50 health insurers, who were "asked" to supply information on management salaries and packages that top $500,000 a year.
Whatever the reality, it's perception that counts. And it's true that those amounts will probably shock some citizens. No. 1 on the list, H. Edward Hanway of Cigna, takes home more than $11 million, and the perception of the public at large, caught between spiraling costs and unstable income, is that figures like that are just too much. Further, for many, the health insurance industry has always generated feelings of anger (just as it is doing now with reform debate raging in Congress and at town meetings). Plenty of people that have health coverage feel that their denied claims could well have been approved, if the funds hadn't already been set aside for the men in charge. (The percentage of premium earmarked for patient care was one of the items included in the survey.) According to a CNNMoney.com story on this subject, a PriceWaterhouseCoopers studyfound that "in the early 1990s, health insurers spent more than 90 cents of every dollar collected on patient care, but … in 2007, national publicly-traded health companies spent about 81 cents of every dollar on patient care."