In a few weeks, Blue Cross Blue Shield of Michigan is expected to give its annual report on a big number: the compensation package of its top executive. This disclosure happens every year in early March, and typically generates loud news headlines and snide comments on social media. It's coming at an awkward time this year for new Blue Cross CEO Tricia Keith, even though the pay package number getting revealed — potentially $15 million or more — won't be hers, but rather that earned last year by her predecessor, Daniel Loepp, who retired Dec. 31 after nearly 20 years in the top job. Blue Cross recently raised premiums on many group plans by 11.5% for 2025 — the biggest price jump in years — and gave voluntary buyout offers to its nonunionized workforce in an effort to cut $285 million in costs this year, or $600 million total over "several" years. On the coverage front, Blue Cross on Jan. 1 stopped covering the popular and highly effective class of GLP-1 weight-loss drugs, including Mounjaro and Wegovy, for patients who only use them to lose weight. (Coverage for diabetes patients continues.) The insurer cited the drugs' high cost as part of the reason for this decision.
