Health Net Federal Services Commemorates 20 Years of Serving Military Community
Health Net Federal Services, LLC, the government operations division of Health Net, Inc. (NYSE:HNT) will ring The Closing Bell® of the New York Stock Exchange (NYSE) today as a tribute to its dedicated service to military families since 1988. On Jan. 19, 1988, Health Net Federal Services, then Foundation Health, was awarded the Department of Defense’s first managed care demonstration contract under the Civilian Health and Medical Program of the Uniformed Services (CHAMPUS) Reform Initiative (CRI) in California and Hawaii. The CRI demonstration program ultimately led to the establishment of the military health care program, TRICARE. Today, the program extends across the United States and abroad to serve more than 9.1 million beneficiaries.
“We are honored that the New York Stock Exchange included us in its celebration of 20 years of TRICARE,” commented Jay Gellert, president and chief executive officer of Health Net, Inc. “It is a privilege for us to serve TRICARE beneficiaries in partnership with our valued customer, the Department of Defense.”
“It is with pride that Health Net has been able to partner with the Department of Defense to enhance and expand the military health care system since 1988,” said Steve Tough, president, Health Net Federal Services. “It is an honor to continue to serve the TRICARE North Region today and provide customer solutions that exceed government health care standards, providing our military families with quality health care.”
As a way to give back to those Health Net has been honored to serve, Health Net Federal Services has established a scholarship program to be administered through National Military Families Association (NMFA) designating $150,000 to be awarded to military spouses in the TRICARE North Region. In 2008, $100,000 of the contribution will be awarded to deserving TRICARE North spouses that apply for the grant. The remainder of the donation will be endowed by NMFA for future scholarship opportunities.
The establishment of Health Net’s scholarship reflects the culture of Health Net Federal Services and its associates’ unwavering desire to continue to find meaningful ways to serve and support military families. Veterans, retired service members and spouses of active duty service members make up an important part of Health Net Federal Services’ workforce, cultivating loyalty to our beneficiaries and an understanding of their unique life experiences and needs.
For more information on Health Net Federal Services, please visit www.healthnetfederalservices.com.
About Health Net
Health Net, Inc. is among the nation’s largest publicly traded managed health care companies. Its mission is to help people be healthy, secure and comfortable. The company’s health plans and government contracts subsidiaries provide health benefits to approximately 6.7Â million individuals across the country through group, individual, Medicare, Medicaid and TRICARE and Veterans Affairs programs. Health Net’s behavioral health subsidiary, MHN, provides mental health benefits to approximately 7.0 million individuals in all 50 states. The company’s subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.
For more information on Health Net, Inc., please visit the company’s Web site at www.healthnet.com.
Cautionary Statements
Health Net, Inc. and its representatives may from time to time make written and oral forward-looking statements, including statements contained in news releases, in Health Net’s filings with the Securities and Exchange Commission, in the company’s reports to shareholders and in meetings with investors and analysts, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words “believes,”"anticipates,”"plans,”"expects,”"may,”"should,”"could,”"estimate,”"intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, rising health care costs, negative prior period claims reserve developments, trends in medical care ratios, issues relating to provider contracts, litigation costs, regulatory issues, operational issues, health care reform and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release.