Universal American Expands Private Fee-for-Service Coverage to 47 States in 2008.New co-branded plans extend product line and build strategic partnerships with healthcare providers and community pharmacists RYE BROOK, N.Y. -- Universal American Financial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : UHCO) today announced the expansion of its Medicare Advantage Private Fee-for-Service ("PFFS PFFS Private Fee-For-Service ") coverage to 47 states in 2008, up from 35 states in 2007. By expanding the coverage area for its successful Today's Options[R] plans and introducing new co-branded products through strategic relationships with several leading healthcare organizations, the company plans to continue growing the number of members served by its affordable, patient-focused PFFS plans. Universal American's flagship PFFS brand, Today's Options[R], is one of the nation's leading PFFS plans because it offers annual out-of-pocket spending limits, low premiums and deductibles, and a comprehensive approach to keeping patients healthy through annual health assessments, voluntary coaching, and other complementary health and wellness services. Medicare beneficiaries will have more plan choices than ever this year when Universal American introduces its new Basic and Basic Plus plans with comprehensive benefits and lower monthly premiums than the well-established Value and Premier plans. "This is an ambitious year for us in terms of product development," said Richard A. Barasch, Chief Executive Officer of Universal American. "We've added new and even more affordable plans to our standard line-up, and we've joined with outstanding healthcare organizations to launch our first co-brand products. The co-branding relationships further our commitment to working directly with the providers and pharmacists who care for our members, and they give us an ongoing platform for exploring new ways to improve the total healthcare experience for our members whose needs are first and foremost in everything we do." Today's Options[R] powered by CCRx(SM) is a co-branded product developed in conjunction with the creators of Community CCRx, the National Community Pharmacists Association (NCPA NCPA National Center for Policy Analysis NCPA National Community Pharmacists Association (formerly National Association of Retail Druggists) NCPA Northern California Power Agency NCPA National Child Protection Authority ) and MemberHealth LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Recognized as one of the nation's most successful Medicare Part D plans, Community CCRx offers a large network of more than 63,000 pharmacies and an innovative service delivery model that enlists community pharmacists in the role of trusted healthcare advisor to members. Today's Options powered by CCRx brings together the Today's Options and Community CCRx brands into one new and convenient PFFS product - with one monthly premium, one member ID card, and one customer service team. The new product also presents an opportunity for many of Universal American's trained and fully-licensed agents and brokers to reach potential new customers through retail pharmacy as they conduct education and enrollment sessions in stores across the country this fall. MemberHealth, the original sponsor of Community CCRx, became a subsidiary of Universal American on September 21, 2007. The company will also provide Pharmacy Benefit Management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. (PBM PBM - play by mail. See play by electronic mail. ) services for all Universal American PFFS plans in 2008. A second co-branded PFFS plan, Avera Advantage(TM), will be offered in select counties in South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). and Nebraska. Through a strategic relationship with Avera Health Plans, members will have access to Avera's highly regarded facilities and physicians, as well as comprehensive medical and pharmacy benefits. Members will also have the opportunity to save money by utilizing an Avera network hospital for inpatient hospital stays. This pilot network model is a unique approach designed to deliver enhanced services to Medicare beneficiaries in rural areas. Universal American's PFFS plans are underwritten by three of its insurance subsidiaries: American Progressive Life and Health Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ("American Progressive"), Pyramid Life Insurance Company ("Pyramid") and Marquette National Life Insurance Company ("Marquette"). Medicare beneficiaries may obtain more information about Universal American's Today's Options products by calling 1-800-996-8867 (TTY (TeleTYpewriter) See teletypewriter and TDD/TTY. (hardware) tty - /tit'ee/ (ITS pronunciation, but some Unix people say it this way as well; this pronunciation is not considered to have sexual undertones), /T T Y/ 1. teletypewriter. 2. users call 1-800-777-9083) between 8AM - 11PM, EST EST electroshock therapy. EST abbr. electroshock therapy , 7 days a week, or by visiting http://www.todaysoptions.com. About Universal American Financial Corp. Through its family of companies, Universal American offers a broad array of health insurance and managed care products and services, primarily to the growing senior population. Universal American is included in the NASDAQ Financial-100 Index, the Russell 2000 Index Russell 2000 Index An index measuring the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. and the Russell 3000 Index The Russell 3000 Index is a stock market index of US stocks. The ticker is "RUA" or similar. See Russell Indexes page for main discussion. See also the iShares Russell 3000. . For more information on Universal American, please visit our website at www.universalamerican.com. About MemberHealth LLC. MemberHealth, LLC, part of the Universal American family of companies, is a leading national Prescription Benefits Manager (PBM) for government and commercial health plans. The company administers coverage in all 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Puerto Rico and the U.S. Virgin Islands and offers its clients' members access to more than 63,000 network pharmacies nationwide. MemberHealth established its reputation as a visionary PBM for insured and self-insured groups and discount prescription programs across the country by focusing on strengthening the relationships between patients, their pharmacists and physicians. By enhancing these valuable relationships, MemberHealth can ensure that people take medicines with confidence and save money. For more information about MemberHealth, please visit www.mhrx.com or for information about Community CCRx visit www.CommunityCCRx.com. About Avera and Avera Health Plans, Inc. Avera, the health ministry of the Benedictine and Presentation Sisters, is the region's largest health care system providing excellent care at 230 locations and 84 communities. Avera is a nationally recognized industry quality leader. Avera Health Plans, Inc. is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Avera Health and has obtained a Certificate of Authority to operate as a health maintenance organization (HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, ) in the states of South Dakota, Iowa and Nebraska. Avera Health Plans offers AveraSELECT Medicare Supplement insurance programs for Medicare enrollees. The AveraSELECT program was first offered in approved counties in eastern South Dakota in December 1998. The program now provides Medicare supplemental coverage to more than 8,500 policyholders in eastern South Dakota and northwestern Iowa through a dedicated staff of Medicare supplement specialists with offices in Sioux Falls, Aberdeen and Mitchell. For more information: www.AveraHealthPlans.com. Certain matters discussed in this news release and oral statements made from time to time by representatives of Universal American (including, but not limited to, statements regarding our expectations of Universal American's operating plans and strategies generally; statements regarding our expectations of the performance of our Medicare Supplement and Medicare Advantage businesses and other lines of business, including the prediction of loss ratios and lapsation; the adequacy of reserves; our ability to institute future rate increases; expectations regarding our Part D program, including our estimates of membership, costs and revenues; future operating results and references to the estimate of the accretion from recent acquisitions) may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and the Federal securities laws. Although Universal American believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Universal American's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Universal American and the statements contained in this news release can be found in Universal American's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q Form 10-Q See 10-Q. , current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . For forward-looking statements in this news release, Universal American claims the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Universal American assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. |
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