BURLINGTON, Vt. (WCAX) – Vermont’s health care regulators say executive compensation of the state’s health insurance providers is out of line with health care reform goals and the law.
According to Vermont State Statute 18 VSA § 9371, health care costs must be contained, and growth in health care spending in Vermont must balance the health care needs of the population with the ability to pay for such care.
After reviewing Blue Cross Blue Shield’s and MVP’s proposals for rate increases, Green Mountain Care Board Chair Owen Foster says executive salary spending is not making Vermont’s health care more affordable.
“State goals are to contain health care costs and to reduce unnecessary expenditures and to ensure an affordable health care system, and as the board reviewed the basis for the executive compensation decisions, it didn’t look like those were adequately considered awards,” said Foster.
This doesn’t mean that the insurers are breaking the law. The statute doesn’t single out insurance executive compensation.
In 2024, Blue Cross Blue Shield Vermont’s CEO made $943,890 with $66,215 in other compensation. The non-profit has been saying they are at risk of insolvency for over a year.
MVP’s CEO made $1,035,000 with over $1.2 million in bonuses and other compensation.
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