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Sierra Health Services Announces Continued Participation in 2008 Medicare Programs

Posted on: Monday, 1 October 2007, 15:00 CDT

Sierra Health Services, Inc. (NYSE:SIE) announced today that its wholly owned subsidiaries, Sierra Health and Life Insurance Company, Inc. (SHL) and Health Plan of Nevada, Inc. (HPN), have again been selected by the Centers for Medicare & Medicaid Services (CMS) to offer an array of plans to Medicare beneficiaries. Plans include stand-alone Medicare Part D prescription drug plans (PDP), Medicare Advantage HMO plans, local and regional PPO plans, and Medicare Advantage Private Fee-For-Service (PFFS) plans.

SHL will continue two stand-alone PDP plans: SierraRx and SierraRx Basic. SierraRx offers access to a variety of prescription drugs, with co-payments but no deductibles. This product will be offered in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. SierraRx Basic is a Medicare defined standard PDP plan that includes a deductible and coinsurance in the initial coverage period. This product will be offered in Alabama, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and the District of Columbia. Neither of these plans offers prescription drugs through the coverage gap.

The SierraRx Plus plan, which offered brand-name drugs through the coverage gap, will not be offered in 2008. CMS has approved the transition of SierraRx Plus members into the SierraRx Basic plan to ensure their continued coverage in 2008. However, these members may consider other plans for enrollment during the Annual Enrollment Period from November 15 to December 31, 2007.

In 2008 SHL will be a PDP sponsor for auto-enrolled beneficiaries in Arizona. It will no longer be a PDP sponsor for auto-enrolled beneficiaries in California, Colorado, Idaho, Nevada, Oregon, Utah and Washington as SHL did not meet the CMS benchmark in those states for 2008. As of August 31, 2007, auto-enrolled members in the states that did not meet the CMS benchmark accounted for approximately 57% of SHL's total stand-alone membership. Based on prior years' experience, the Company expects to retain a small percentage of this population through voluntary enrollment.

SHL will continue to offer both Sierra Nevada Spectrum, a regional PPO plan for Medicare beneficiaries who reside in Nevada, and Sierra Spectrum, a local PPO plan for Medicare beneficiaries who reside in Nevada and selected counties in Arizona and Utah. Both plans include prescription drug coverage.

SHL will also continue to offer Medicare Advantage PFFS plans in selected states: Sierra Optima Choice and Sierra Optima Select, as well as a new high-option plan, Sierra Optima Choice Plus. Plan states include Arizona, Idaho, Nevada, Utah and Washington.

Sierra Optima plan members will have unlimited network access to any Medicare hospital or provider that agrees to accept the plans' terms and conditions. Sierra Optima plans do not include Medicare Part D prescription drug coverage. Members will pay a monthly premium for Sierra Optima Choice and Sierra Optima Choice Plus. Members will pay co-payments and coinsurance with reasonable out-of-pocket maximum amounts. There is no premium for the Sierra Optima Select plan offered in Nevada, Utah, and Idaho and certain counties in Arizona.

HPN will continue to offer its Senior Dimensions (SD) Medicare Advantage HMO plans in Clark, Washoe, Nye, Lyon, Mineral and Esmeralda counties in Nevada. None of the 2008 SD plans require a premium beyond the Medicare Part B premium paid through Social Security. SD members' benefit plans include a comprehensive pharmacy benefit, as well as physician and hospital coverage.

HPN will also continue to offer Sierra VillageHealth, a Special Needs Plan (SNP), for people with Chronic Kidney Disease (CKD) or End Stage Renal Disease (ESRD). Sierra VillageHealth offers access to a nephrology nurse for questions or concerns. Members also have access to a pharmacist for medication-related questions and a principal care nephrologist to oversee their CKD/ESRD related-care. Sierra Village Health is available in Clark, Nye and Washoe counties in Nevada.

Marketing for all Medicare plans will begin October 1, 2007. Annual enrollment for beneficiaries runs from November 15 -- December 31, 2007.

Members will receive plan materials on or before October 31, 2007, to advise them of the plans' changes for 2008. Beneficiaries who do not desire to change plans do not need to re-enroll for 2008 coverage.

Sierra Health Services, Inc., based in Las Vegas, is a diversified healthcare services company that operates health maintenance organizations, indemnity insurers, preferred provider organizations, prescription drug plans and multi-specialty medical groups. Sierra's subsidiaries serve over 860,000 people through health benefit plans for employers, government programs and individuals. For more information, visit the Company's website at www.sierrahealth.com.

Source: Business Wire

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