CORRECTING and REPLACING Health Net Expands Medicare Plan Offerings; Nearly 100 New Plans Key To Company's Cost-Effective Prescription Drug Coverage
Posted on: Friday, 23 September 2005, 18:00 CDT
Please replace the release with the following corrected version, which has a revised seventh graph.
The corrected release reads:
HEALTH NET EXPANDS MEDICARE PLAN OFFERINGS; NEARLY 100 NEW PLANS KEY TO COMPANY'S COST-EFFECTIVE PRESCRIPTION DRUG COVERAGE
Health Net, Inc. (NYSE:HNT) today unveiled a major expansion of the company's Medicare health plans, including participation in the new "Part D" stand-alone drug benefit that includes entry into five new states. All told, the company will offer 98 new plans.
Health Net currently is the nation's fifth-largest Medicare Advantage contractor based on its approximately 171,000 members in five states. The Part D prescription drug program, regional and local PPOs, and the Special Needs plans were created as part of the Medicare Prescription Drug, Improvement and Modernization Act passed by Congress and signed by the President in December 2003.
"As one of the largest Medicare health plans, we are very excited to be participating in this most significant expansion of Medicare since the program's 1965 launch," said Jay Gellert, president and chief executive officer of Health Net, Inc. "It is gratifying to know that many more seniors will now have access to affordable drug coverage through our efforts in partnership with the Centers for Medicare and Medicaid Services."
The new plans focus on simplicity so members can sign up and use the new drug benefit with no paperwork, and coverage that starts immediately upon enrollment. Health Net will be offering one of the most cost-effective, stand-alone prescription drug plans with premiums in all of its 10 states below the national average cost.
"Health Net takes its role in improving the health of seniors very seriously," added Gellert. "We're committed to helping seniors understand all the changes taking place in Medicare today - and we've made changes to help make our plans easier to understand. We are working with one goal in mind - to make sure there is no uncertainty and prepare seniors to make confident health care decisions."
The new plans extend the company's participation in Medicare Advantage by adding new service areas and increasing participation in regional and local PPOs. Health Net will expand into two new California counties and five new Connecticut counties. It will offer a regional PPO in Arizona and the new prescription-drug-coverage-only plans in five new states: Massachusetts, New Jersey, Rhode Island, Vermont and Washington.
Health Net also is adding prescription drug coverage in five states where it already offers Medicare services - Arizona, California, Connecticut, New York and Oregon.
Both plan types will be open for enrollment starting November 15, 2005, with coverage starting on January 1, 2006.
Health Net also is participating as a Special Needs plan provider in Arizona, California, Connecticut and New York. Special Needs plans are designed to ensure that Medicare beneficiaries with limited financial means and disabled Medicare beneficiaries have additional health care and prescription drug coverage. Health Net's plan targets beneficiaries who are eligible for both Medicare and Medicaid in these four states and beneficiaries with chronic obstructive pulmonary disease (COPD) and congestive heart failure (CHF) in two California counties.
"We expect this approach of simplifying our benefit information will not only bring growth to Health Net in the markets we serve, but it is the right thing to do to increase our members' understanding of their benefits," added Gellert.
U.S. citizens who are at least 65 years old, or who are disabled, or who are dual eligible members on both Medicare and Medicaid, can enroll in Health Net's Part D coverage plans on November 15, 2005.
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 HMO, POS, insured PPO and government contracts subsidiaries provide health benefits to approximately 6.4 million individuals in 27 states and the District of Columbia through group, individual, Medicare, Medicaid and TRICARE programs. Health Net's behavioral health services subsidiary, MHN, provides behavioral health, substance abuse and employee assistance programs (EAPs) to approximately 7.4 million individuals in various states, including the company's own health plan members. 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
Certain matters discussed in this release contain forward-looking statements 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, 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 filed with the SEC and the risks discussed in the company's other periodic filings 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.
Source: Business Wire
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