$0Milwaukee – “We will not sacrifice profitability for membership.” That was a statement by WellPoint CEO and President Angela Braly on a WellPoint Earnings conference call in 2008. Braly, who received a total compensation valued at $8.7 million for 2008 is making true her promise.$0
$0Union members are outraged over double digit increases from WellPoint Insurance. WellPoint Inc, which is the nation’s largest health insurer by membership, is now planning to increase some individual health plans 17.2% in Wisconsin. $0
$0These increases come after WellPoint’s profits jumped 727 percent last year, even as its membership dropped. WellPoint Inc. earned $2.7 billion, or $5.95 a share, for the final three months last year, compared with net income of $331.4 million, or 65 cents a share, for the same period the previous year. The percent of premium dollars that are spent on medical care—dropped in 2009 compared to 2008, from 83.6 percent to 82.6 percent.$0
$0“The picture is clear, insurance companies are spending less and increasing premiums, while the CEO makes millions,” complained Maria Sada. Maria is a downtown Janitor in Milwaukee who is concerned over the increase cost of her healthcare. “I hope my elected officials take a close look at this.”$0
$0WellPoint has led the opposition to healthcare reform, spending $4.7 million on lobbying in 2009, the largest in the industry. On top of money on lobbying, WellPoint funneled over $1 million to the Chamber of Commerce to fund negative health care attack ads.$0
$0“Without reform that guarantees quality affordable health insurance, companies such as WellPoint will continue to exploit working families in Wisconsin,” stated Mike Thomas, President of SEIU Wisconsin State Council. “This is a reminder that we must renew our struggle for national health care reform.”$0