State Farm, Humana Pairing on Medicare Drug Plan
Posted on: Monday, 3 October 2005, 21:00 CDT
By Anita Szoke, Journal Star, Peoria, Ill.
Oct. 4--PEORIA -- State Farm is pairing with Humana Inc. to offer Humana's Medicare Part D prescription drug plan beginning next month.
The strategic alliance will allow State Farm's more than 17,000 agents to offer the new benefit option to their 7.5 million Medicare-eligible customers, said Stefen Brueckner, Humana's vice president of senior products.
Enrollment in the new Part D drug benefit, created as part of the 2003 Medicare Modernization Act, will begin Nov. 15, with plans becoming effective Jan. 1, 2006, Brueckner said.
Humana received approval from The Centers for Medicare and Medicaid Services to offer the Medicare Part D prescription drug plan to the millions of Medicare-eligible beneficiaries living in 46 states, including Illinois, and the District of Columbia, representing all of the states for which Humana applied.
"This is a win-win relationship for both companies and will offer us a tremendous distribution channel to the millions of people who qualify for Medicare and who will be eligible to enroll in the Medicare Part D drug benefit in November," Brueckner said.
"State Farm is proud to team up with Humana," said Susan D. Waring, State Farm's executive vice president. "This new alliance fills a major need for our customers." This is the first time the two companies have teamed up in such a venture, a State Farm spokesman said. State Farm and Humana will work together to educate State Farm customers about the new Medicare prescription drug plan, Waring said. To enroll in the plan, State Farm customers and other Medicare beneficiaries may contact a State Farm agent.
Humana, based in Louisville, Ky.,is one of the nation's largest publicly traded health benefits companies, with about seven million medical members.
The company offers health insurance products and related services, through traditional and consumer-choice plans, to employer groups, government-sponsored plans and individuals.
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Source: Journal Star
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