“The question is disappointing to me,” Margolin said. “We work so hard to do the right thing every day.”
WellPoint executives said they plan to go ahead with rate hikes in May, once an independent actuarial review is completed. “We are advocating these are appropriate rates,” said James Oatman, vice president and general manager of WellPoint’s individual business.
The insurer estimates a profit margin of 2% to 3% on individual California business this year. Some 250,000 Californians are expected to exit individual plans, with about the same amount expected to sign up, Oatman said.
Margolin refused to state her annual salary and bonus, or compensation for the top 10 executives at the Woodland Hills, Calif.-based insurer. Anthem had $1.3 billion in excess reserves last year, and paid $1 billion in dividends to WellPoint over the past two years.
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