BURLINGTON, Vt. (WCAX) – Vermont\u2019s health care regulators say executive compensation of the state\u2019s health insurance providers is out of line with health care reform goals and the law.<\/p>\n
According to Vermont State Statute 18 VSA \u00a7 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. <\/p>\n
After reviewing Blue Cross Blue Shield\u2019s and MVP\u2019s proposals for rate increases, Green Mountain Care Board Chair Owen Foster says executive salary spending is not making Vermont\u2019s health care more affordable. <\/p>\n
\u201cState 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\u2019t look like those were adequately considered awards,\u201d said Foster.<\/p>\n
This doesn\u2019t mean that the insurers are breaking the law. The statute doesn\u2019t single out insurance executive compensation. <\/p>\n
In 2024, Blue Cross Blue Shield Vermont\u2019s 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. <\/p>\n
MVP\u2019s CEO made $1,035,000 with over $1.2 million in bonuses and other compensation. <\/p>\n
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