Wednesday, March 2
Critics Say Insurance Chief’s $11M Departure Deal Erodes Confidence
The state's largest health insurer is under fire for a roughly $11 million compensation package given to its former chief executive. According to documents filed with the state, former Blue Cross Blue Shield of Massachusetts CEO Cleve Killingsworth – who resigned last year – collected $1.4 million in severance and $7.4 million in additional compensation last year. He's scheduled to receive nearly $3 million more over the next two years. Critics like Dierdre Cummings, legislative director of the Massachusetts Public Interest Research Group, say this kind of action undermines the credibility of insurers who say they’re serious about bringing down costs – especially at a time when rising healthcare costs are one of the state’s most pressing issues. Cummings joins us to discuss.