Hating employer-based insurance, Chelsea Clinton-style by Michael Millenson

Chelsea Clinton is complaining about her health insurance. As a self-employed consultant, I almost felt sympathetic, until I saw she works for an asset management firm, Avenue Capital Group, that manages just over $20 billion worldwide. They are able to accomplish this with just 350 employees spread out over (take a breath): New York, London, Beijing, Bangkok, Hong Kong, Jakarta, Luxembourg, Manila, Munich, New Delhi, Singapore, and Shanghai.

The company’s Web site says the core team has been together for many years, so I strongly suspect the pay and benefits are actually quite, quite nice. Chelsea told CNBC she is “not happy” with her health insurance, but she didn’t offer enough detail to determine why her health benefits are so markedly inferior to the ones her Mom enjoys as a senator and that she’d like all Americans to be able to access.

Avenue Capital is more colloquially described as a hedge fund specializing in the debt and equity of “distressed companies.” I thought only Republicans did that kind of work, but it turns out her boss is a big Democratic donor. Poor Chelsea — first Stanford, then Oxford, then McKinsey & Co., and now this, stuck with “job lock” in a career that pays an ambitious 27-year-old just a few hundred thousand dollars or so annually on her way to a dreary low-seven-figure compensation. Who knows what hardship her health plan forces her to endure?

Call me cynical, but for that kind of money, you don’t need to buy into your senator’s health plan — you can buy the whole senator!

Editors Note: It’s worth mentioning that although Michael is a general purpose cynic he’s also a declared supporter of Obama for President.

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8 replies »

  1. Michael Millenson . . what about
    The New World Order, The Global Elite, The Illuminati, The Bilderberg Group, The Trilateral Commission, The Council of Foreign Relations, Eugenics, Chemtrails, Tainted Vaccines, Genetically Modified Organisms in Foods, Aspartame Danger, Water Fluoridation Danger, False Flag Attacks, 9/11 Being An Inside Job, Operation Northwoods, FEMA, CIA, MI6
    Obama is a puppet of the New World Order. But . . whatever . . .

  2. Although she hates the Health Insurance, she must love the Family Leave program. Has she been to work in the last few months? Now off to Hawaii for 3 days to assist poor Mum with her ill campaign. Hope she stays well in Hawaii. I don’t believe Avenue Capitol has any physicians in their Doctor Network in Hawaii.

  3. “There has to be a way to mazimize health care coverage for all people. It is a right.”
    Really? On which planet?

  4. I love cynics because when it comes to health care coverage, I am a cynic. Too many companies have stopped providing health care coverage for their employees. The issue here is that the average person cannot afford invididual coverage, and if you have a spouse and kids, you have to take out personal loans to cover the plan. There has to be a way to mazimize health care coverage for all people. It is a right. And, the only 2 candidates who had anything specific to say on this were Edwards and Clinton.

  5. Chelsea probably has no idea that she has the Cadillac version of health insurance. The rest of us get the Geo Metro version. It’s hard to relate to someone when they have no idea what they are talking about.

  6. Comments like this make me wonder whether she is talking about her insurance or her medical care. It seems to me that folks often confuse one with the other. And in my opinion, when many people refer to healthcare reform, while they think “insurance”, they really should be thinking “health CARE reform”.
    Of course the real reason she mentions this has nothing to do with how she really feels about her own coverage, its just an excuse to campaign for mom.

  7. After getting McKinsey’s health benefits, Chelsea would be hard-pressed to find something else similarly cushy. As an alum from the Firm, the 5 minute visit at Kaiser ($30–pre-deductible) is much worse than the free executive physical I used to get (>$1000, waived deductible).
    Of course, saving ~$400/ month in health insurance premium now that I pay for my own care as an entrepreneur seems makes a lot of that pain go away…
    Why Uncle Sam tosses in 30% in waived payroll expenditures for the well-paid (but only if paid via an employer plan) is a bit of a question for me…