Monday, March 4, 2019

Big Bucks For Blue Cross Boss

The non-profit Michigan health insurer Blue Cross Blue Shield paid CEO Daniel Loepp a salary of $1.5 million in 2018, according to this article in the Detroit Free Press. While substantial compensation for someone that doesn't face a rising fastball with men on base in the course of his work day, performance incentives raised Mr. Loepp's income by another $16.2 million and he also received $1.4 million in payment for automobile transportation and life insurance. The total of checks written to Mr. Loepp, likely to be from an account made up of premiums paid by Michigan residents worried about contracting serious diseases, comes to $19.2 million for the year.

 

It's a little difficult to imagine what, exactly, Mr. Loepp, an employee, not an owner, can be doing to earn what amounts to $9600 per hour on a normal annual basis. After all, there's nothing particularly novel in the insurance business. It's not like inventing a new treatment for cancer. 

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