Private Insurance Company Rips Off Consumer
Keith Olbermann investigates United Health Group on Countdown and “In a victory that same month, the American Medical Association and others reached a $350 million settlement with UnitedHealth Group, the nations second largest insurer, over what the AMA charged were unfairly low out-of-network payments. That dovetailed with another agreement New York Attorney General Andrew Cuomo reached with UnitedHealth to help fund a new independent means of determining appropriate payment rates for out-of-network care.” (http://www.msnbc.msn.com/id/32484021/ns/health-health_care/) CEO: Stephen Hemsley – UnitedHealth Group Total Compensation: $3241042 — Following on the heels of an $895 million class-action suit settlement over stock-option back-dating, UnitedHealth Group has now agreed to settle charges that it violated a myriad of securities laws, though it managed to obtain the settlement without admitting or denying the allegations, or without paying a monetary penalty. UHG didn’t pay anything out because it showed “extraordinary cooperation” in the investigation, the agency said. (For that kind of get-out-of-fines-free card, UHG execs must have done the limbo and offered up their first born.)
Read more: http://www.fiercehealthfinance.com/story/unitedhealth-settles-sec-charges-no-fines-involved/2008-12-24#ixzz0PRPzBOSq
Sen. Jay Rockefeller, D-W.Va., held hearings on the practice in March and April, during which he said inadequate payments by insurers constitute outright fraud.
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