Cigna CEO:Prepared To Adapt To Health-Care Overhaul Proposals
By Dinah Wisenberg Brin, Of DOW JONES NEWSWIRES
Cigna Corp. (CI) is prepared to adapt to any of the health-care overhaul
proposals that the U.S. Congress is now considering, although the insurer
believes those receiving the most attention would have negative, unintended
consequences, Chairman and Chief Executive H. Edward Hanway said Friday.
"We are well-positioned to adapt as necessary and to compete effectively and
profitably in the reform scenarios under consideration at the present," Hanway
said at the company's annual investor day, being webcast from New York.
Policy makers' goal of expanding access to health coverage is worthy, yet
lawmakers can't achieve reform without also tackling issues of cost and quality
of care, he said.
"Most of the proposals in play at the moment clearly don't do that," Hanway
said. Those being discussed "would have the serious, unintended consequence" of
raising costs, including adding new taxes and fees, and would lower benefits to
seniors in Medicare plans, he said.
Cigna supports guaranteed coverage and strong financial incentives for all
individuals to maintain health insurance, Hanway said, reflecting industry
positions. Health policy should include wellness and prevention programs that
provide incentives to maintain good health, he said, explaining that chronic
disease prevention could save $16 billion annually in health costs in five
years.
Cigna's "highly diversified portfolio" gives it less exposure than competitors
to government health-care and the possible adverse effects to insurers of
changes in health laws, Hanway said.
-By Dinah Wisenberg Brin, Dow Jones Newswires; 215-656-8285; dinah.brin@
dowjones.com
(END) Dow Jones Newswires
11-20-091030ET
Copyright (c) 2009 Dow Jones & Company, Inc.
|