Expenses are on the rise for health insurers and that could affect how much you pay for insurance. A report in this week's Business First looks at where dollars go when health care premiums rise. Business First analyzed state filings for health insurers in New York.
80 cents of the premium dollar must go toward health care. The report says the three local insurers are usually closer to 90 cents. The remainder goes into general administrative, which includes IT expenses that add up to millions to meet federal health reform, along with building maintenance, advertising and more. Salaries for insurance provides are also in that category and take a substantial chunk of the money.
The report includes a list of top paid executives at health insurers. David Klein,
president and CEO, of Excellus Health Plan and Univera Healthcare earns more than $5.2 million. He is not located in the Buffalo office. Art Wingerter is the president of Univera at about $358,000.
Alphonso Oneil-White, head of HealthNow New York, Blue Cross Blue Shied of WNY, earns 1.6 million.
While Michael Cropp of Independent Health is at $2.3 million.
Those figures include salaries and bonuses. The complete list is in this week's Business First.