After working for Blue Cross Blue Shield of Massachusetts for six years, Cleve Killingsworth resigned last March.
But we're just learning now what a rich resignation it was. $8.6 million when he left – $1.8 million more this year – and another $925,000 next year.
Total: $11.3 million.
At a time when health insurance bills are breaking budgets, and families, and everybody is trying to contain costs, doesn't $11.3 million sound crazy?
But Killingsworth told the Globe, "The payment I got was consistent with my contract – no more, no less."
Question: where can you get a contract like that?
And Blue Cross Blue Shield is one of the last places you should find one, because they're supposed to be a non-profit.
Their website proudly proclaims "our highest priority is to make quality care affordable," but paying $11 million to someone on the way out is not affordable.
And, now, they apparently agree. Their new CEO makes 25% less than Killingsworth, and his severance is 60 percent less.
But the damage has been done: "I've spoken with the current CEO and he tells me they are doing things differently…"
"They" get platinum parachutes; "we" get higher premiums and co-pays.
"They" explain; "we" lose trust.
You don't need a second opinion to know
Blue Cross Blue Shield has widened the gap between "us" and "them."
I'm Andy Hiller, and that's my instinct.
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