Insurance News

Humana wins Medicare approval for 2011 plans

Posted on: September 19, 2010

Health insurance giant Humana Inc. has won federal approval for its 2011 Medicare Advantage and Prescription Drug Plan offerings, according to a filing with the U.S. Securities and Exchange Commission.

Although specific details about the plans will not be released until Oct. 1, Humana released the following statements about its planned Medicare offerings:

• Statewide prescription drug plans will be offered in 50 states, the District of Columbia and Puerto Rico and include a nationwide PDP co-branded with Wal-Mart Stores Inc. (NYSE: WMT);

• HMO plans will be offered in 352 counties in 26 states and Puerto Rico;

• Local PPO plans will be offered in 1,278 counties in 39 states and Puerto Rico;

• Regional PPO plans will be offered in 23 states in 14 Medicare Advantage regions;

• Full-network Private Fee-for-Service (PFFS) plans will be offered in 851 counties in 34 states;

• Partial-network PFFS plans (networked for ancillary services only) will be offered in 966 counties in 28 states;

• Non-network PFFS plans will be offered in 18 counties in two states.

Enrollment for 2011 Medicare plans will begin Nov. 15, the filing said.

Humana had 3.4 million commercial segment members at the end of 2009, compared with 3.6 million members at the end of 2008. The company blamed the decline on the impact of the recession and increased unemployment among customers.

As Business First previously reported, Humana had about 10.3 million medical members at the end of 2009, compared with 11.6 million at the end of 2008. Its specialty-benefit membership increased to 7.2 million from 6.7 million a year earlier.

Membership in its Medicare Advantage plans for seniors was 1.5 million at the end of 2009, up from 1.4 million a year earlier. Membership in the company’s stand-alone Medicare prescription drug plans was 1.9 million, compared with 3.1 million a year earlier.

For full-year 2009, Humana’s net income increased 61 percent, to $1 billion, or $6.15 per share, from $647.2 million, or $3.83 per share, in 2008. Full-year revenue increased 7 percent, to $31 billion from $28.9 billion.

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