Empty Suits

And he’s worth every penny!

UnitedHealth Group CEO Stephen Hemsley made $102 million in compensation and exercised stock options last year, up 976 percent from the $9.47 million he made the year before.

The Minnetonka, Minn.-based health insurance company is the parent of UnitedHealthcare, which employs about 4,000 people in Connecticut, including 2,300 in Hartford.

Much of Hemsley’s pay increase was value realized on exercised stock options — $98.6 million last year compared with $6.2 million in 2008, according to the company’s proxy filed Wednesday with the U.S. Securities and Exchange Commission. His $1.3 million salary was unchanged from 2008 to 2009.

Hemsley’s compensation also included a $1.95 million bonus and $86,916 in other compensation. Separately, he received long-term performance awards valued at a total of $5.57 million.

Health insurers were grilled last year and early this year about rate hikes by the Obama administration leading up Congress passing health-care-reform legislation. Health insurers have maintained that premium increases simply mirror the rising cost of medical expenses.

The amount of revenue from premiums that UnitedHealth Group paid to cover medical expenses for its customers continued to rise slightly — 80.6 percent in 2007, 82 percent in 2008 and 82.3 percent last year.

2 thoughts on “Empty Suits

  1. Should’a had Single Payer and cut these greedy bastards out of the loop. It may eventually come to that, but these weasels will only walk away laughing all the way to the bank.

  2. My neighbor works for UHC. They were bombarded with emails against the Public Option/HCR, saying it would take their jobs away.
    She believed them, no matter what I said.

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