Updated: Friday, July 31st, 2009

A newly released report on the compensation health insurers Highmark and Independence Blue Cross (IBC) offer their executive management teams may encourage new talent eager to pursue business careers in the field.

The document was prepared and published by the Pennsylvania Insurance Department and found that the compensation of Highmark CEO Ken Melani was $3.6 million in 2007, the fifth highest among all Blue plan CEOs. Meanwhile, IBC's Joseph Frick was rewarded with a package worth $2.6 million in that same year, the ninth highest among Blue CEOs.

"In addition to demonstrating the comparability of compensation among the Blue Cross and Blue Shield insurers nationwide, the report offers a wealth of information on executive compensation practices across the health care sector," says insurance commissioner Joel Ario.

"Our focus was on comparability because that is the legal standard and it also is what drives competition for executive talent," he adds.

Lucrative compensation packages for health insurance executives may persuade young people to consider this type of business career and enroll in an accredited MBA program to obtain the proper skills and boost their credentials.

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