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Medicare Contracts and 2006 Medicare Strategy plans from Coventry Health Care; approved by CMS

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Medicare Contracts and 2006 Medicare Strategy plans from Coventry Health Care; approved by CMS

Medicare Contracts and 2006 Medicare Strategy plans from Coventry Health Care; approved by CMS

Coventry Health Care, Inc. has obtained approval from the Centers for Medicare and Medical Services (CMS) for its freshly launched Medicare Part D filed products and 2006 Medicare Advantage.

Medicare Advantage:

Coventry has introduced Medicare Advantage products to its existing markets of West Virginia, Kansas City, West Pennsylvania and St. Louis. Besides, the merchant, marketed as Advantage (R) has also commenced Medicare Advantage to three new markets of Central Pennsylvania, Iowa and Wichita, Kansas. Whether new or existing; Coventry has offered a wide array of HMO, PPO products as well as $0 premium products that add in benefit of Part D drug in all the markets.

Medicare Prescription Drug Coverage:

Coventry has got the authorization to proffer its PDP or Part D Prescription Drug Plans in 34 regions of the country. The company has also received approval in all those 13 regions where it wanted to partake in the auto assignment for low-income beneficiaries. The PDP plans from Coventry are equipped with different choices with first dollar coverage (devoid of deductible). These plans get marketed under the brands of First Health (R) Premier and AdvantraRx. The AdvantraRx Value product is available for reasonable monthly premium of from $18.24 to $25.19. The amount of premium varies according to the geographic area where the respective customer actually lives. Moreover, AdvantraRx Premier Plans also offer enhanced advantages and options of low co-payment. For these plans; the premium amounts range from under $30 to $50.48 and again the amount of premium varies according to the geographic area where the respective customer actually lives. With a motto to provide every beneficiary an easy access to the prescription drugs; approximately 60,000 retail pharmacies have already participated with Coventry.

The Part D Program took effect from January 1, 2006. The program was created as a part of Medicare Modernization Act of 2003. Coventry's Medicare Part D prescription drug plans have been offered, nationally. According to the CMS guidelines, Coventry has started promoting these products from October 1, 2005, onwards. The products are endorsed by Coventry Health and Life Insurance Company, Cambridge Life Insurance Company and First Health Life and Health Insurance Company.

Coventry is partnered with leading brokerage channels and Medicare Supplement Insurance Carriers of the nation to let the Medicare beneficiaries take advantages of Medicare Part D prescription drug products. The merchant has already signed distribution contracts with Continental Life Insurance Company, Conseco Inc. (Conseco Insurance Group and Bankers Life and Casualty Company), Ceres Group, Inc., New Era Life Insurance Company along with its affiliates; New Era Life Insurance Company of the Midwest and Philadelphia American Life Insurance Company), United Teacher Associates Insurance Company (an affiliate of Great American Life Insurance Company), United Teacher Associates Insurance Company (an affiliate of Great American Life Insurance Company) and Mutual of Omaha Insurance Company.

According to the Chief Executive Officer of Coventry, these companies are extremely well-performed in products distribution as well as providing helpful services to the senior citizens. And, that is why Coventry has partnered with them to offer prescription medication plans to the Medicare beneficiaries. He added that Coventry is happy to have partnerships with these companies. He also added that Coventry's distribution partnerships with these companies along with other marketing efforts such as non-exclusive dealer arrangements and non-exclusive partnership with Rite Aid Corp. have helped the merchant a lot in operating a successful business.

Below the list of regions where Coventry is qualified for auto assignees:

  • Northern New England (New Hampshire, Maine)
  • Pennsylvania / West Virginia
  • Indiana / Kentucky
  • Nevada
  • Ohio
  • South Carolina
  • Virginia
  • Alabama / Tennessee
  • Mid-Atlantic States (Maryland, Delaware, District of Columbia)
  • New Jersey
  • Missouri
  • Michigan
  • New York

Forward-looking speeches included in this press release are made according to the sage harbor provisions of Private Securities Litigation Reform Act of 1995. These speeches regarding the company's future events and future economical status are sheer personal views of the respective officials. The actual status may considerably differ from those statements; depending upon risks and uncertainties that are illustrated in Coventry's Annual Report.

Bethesda, Maryland-based Coventry Health Care is a managed health care company that drives nationwide business of operating health plans, worker's services companies, insurance companies and network rental / managed care services companies. The merchant offers a wide array of fee-based managed care services and products containing Medicare Advantage, POS, Medicare Prescription Drug Plans, PPO, HMO, Worker's Compensation and Network Rental to employers, government agencies, insurance carriers & administrators an government-funded groups; throughout the country along with Puerto Rico and District of Columbia. Coventry is traded on New York Stock Exchange as CVH.

For more information regarding products and services offered by the merchant; customers can log on to www.firstealth.com and www.cvty.com.

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