Group wants WellPoint to revert to non-profit

INDIANAPOLIS (WISH) - A group of angry shareholders have launched a campaign against Indianapolis-based WellPoint. The small coalition of groups gathered Wednesday. They say WellPoint’s "lust for profits" is the problem and they want the company to go "non-profit."

But the underlying issue for the group is more reform. Specifically, they feel the health care reforms just signed into law don't go far enough.

"We're paying higher health care costs, we're seeing stagnant wages, while the folks here behind us at WellPoint are on a gravy train that's going to bankrupt this country," said Julia Vaughn of the Citizens Action Coalition.

Coalition leaders united against WellPoint are calling for change.

"The company is driven by its Wall Street investors, it's driven to create profit and not necessarily to help take care of people," said Dr. Rob Stone of Hoosiers for a Common sense Health Plan.

They say a shareholder resolution aims to return WellPoint to the non-profit status of its Blue Cross days. Shareholders will vote on the move at their upcoming annual meeting in Indy.

"We're not done yet with health care reform. We got to keep going because they're going be too many Hoosiers left uncovered even when this bill finally takes effect," said Stone.

The group says WellPoint posted profits in the first quarter of nearly three billion dollars. They add that was after rate increases in various states, including Indiana, of nearly 40 percent.

They also cite the pay of WellPoint CEO Angela Braly, which they say jumped 51 percent to more than $13 million a year.

"We're saying let's start a discussion today about how to achieve universal health coverage without the parasitic leeches, insurance companies like Wellpoint," said Vaughn.

Meantime, WellPoint sent 24-Hour News 8 a statement saying, "This proposal does not present any factual information to support the view that converting to non-profit status would benefit WellPoint or its shareholders, employees, customers and members. For-profit plans are also often the government's largest partners in programs that serve low-income and high-risk populations. WellPoint is committed to investing in innovative programs aimed at containing escalating medical costs. We also continue to advocate for sustainable, responsible health care reform."

Shareholders vote on the resolution on Tuesday, May 18 at 8 a.m.

Supporters do not expect it to pass, but say it's just the beginning of their fight.