Four Buffalo health insurance execs earned $1M+ in 2023 - Buffalo Business First
Eight top executives at area health insurance plans received paydays topping $1 million last year, including four in the Buffalo market and two who have retired. Eight top executives at area health insurance plans earned over $1 million in 2023, according to annual reports filed with state regulators. The top-paid executives included four Buffalo-based executives and two who have retired. All three health plans finished 2023 with deficits, with Excellus/Univera reporting a $23.2 million deficit on revenue of $6.6 billion, Highmark Western and Northeastern New York reporting a net loss of $21 million on revenue, and Independent Health reporting a deficit of $193 million. The salaries of these local executives are higher than those of national CEOs, who earned a combined $122.97 million in total compensation.
نشرت : منذ 4 أسابيع بواسطة Tracey Drury في Business Health Finance
The top-paid executives included four Buffalo-based executives and two others who have retired, according to annual reports filed with state regulators.
Eight top executives at area health insurance plans received paydays topping $1 million last year, including four in the Buffalo market and two who have retired.
That’s according to annual reports filed with regulators this spring, which revealed not only how the companies did financially in 2023 but also how their top executives were paid.
All three health plans finished 2023 with deficits. Excellus/Univera reported a $23.2 million deficit on revenue of $6.6 billion; Highmark Western and Northeastern New York finished with a net loss of $21 million on revenue of $3 billion; and Independent Health reported a deficit of $193 million on revenue of $2.3 billion.
The three health plans are all asking for increases in premiums to help balance their books. Those double-digit rate requests for 2025 for individuals and small groups range from 19.5% to 30.9%. State regulators have prior approval rights, with decisions expected in mid-August.
Here’s a look at the top 10 highest-paid executives at the region’s three major commercial health plan providers:
The listing of four local executives based in Buffalo earning $1 million or more was down from six who crossed the seven-figure list for 2022.
Univera Healthcare's highest-paid Buffalo-based executive was Arthur Wingerter, president, who received total compensation of $668,559, with base pay of $380,292.
While those salaries sound high, they pale in comparison to national health plan leaders. The CEOs of the six major national insurers earned a combined $122.97 million in total compensation in 2023, according to a Fierce Healthcare analysis of annual proxy filings with the Securities and Exchange Commission. Leading the list was UnitedHealth Group CEO Andrew Witty, who brought home about $23.5 million in compensation last year, the analysis said.
المواضيع: Insurance