Legislative hearings are being called to look into compensation packages for executives for the state's biggest health insurance provider, a report on APP.com said. New Jersey Senate President Stephen Sweeney asked for the hearings after a report in the Asbury Park Press suggested that the chief executive officer of Horizon Blue Cross Blue Shield of New Jersey, William Marino,...
Horizon Blue Cross and Blue Shield of New Jersey Legislative hearings are being called to look into compensation packages for executives for the state's biggest health insurance provider, a report on APP.com said.
New Jersey Senate President Stephen Sweeney asked for the hearings after a report in the Asbury Park Press suggested that the chief executive officer of Horizon Blue Cross Blue Shield of New Jersey, William Marino, received $8.7 million in 2009, which was 59 percent more than the previous year. Critics said the compensation amounts from the top nine executives, totalling $24 million, seems "obscene" according to Sweeney in the face of rising premiums and smaller doctor reimbursements for a "supposed not-for-profit organization," according to the report. But Horizon officials said the reports are misleading, saying Marino only technically made $4.8 million in 2009, and about $3.9 million of the $8.7 million was deferred from previous years.