MINNETONKA, Minn. - Sept. 30, 2010 - UnitedHealthcare today announced it has entered into an agreement to renew medical insurance coverage for The Principal Financial Group's (The Principal®) medical plan customers as The Principal completes its plans to exit the medical insurance business. The Principal will continue to offer life insurance, dental, disability, vision and wellness programs.
The Principal selected UnitedHealthcare to provide an easy and attractive transition option for its customers to renew their health plans. The Principal currently covers customers in 31 markets nationwide, predominantly throughout the Central United States, where UnitedHealthcare offers an extensive network of physicians, hospitals and other health care providers.
"UnitedHealthcare provides a broad range of coverage options to meet customers' needs. By working with UnitedHealthcare, a proven leader and long-term player in the business with an extensive local and national network, we will ensure a smooth transition for customers and brokers," said Dan Houston, president, Retirement, Insurance and Financial Services at The Principal.
"We are grateful for the opportunity to serve the health and well-being needs of The Principal's customers with a broad range of high-quality, affordable health care products from traditional plans to innovative consumer-driven services," said Kathryn Sullivan, CEO, UnitedHealthcare's Central Region. "Through UnitedHealthcare, The Principal's customers will have one of the largest local and national care provider networks in the country, highly integrated clinical programs, proactive care management and wellness tools, and technology that simplifies health care delivery."
As The Principal's medical insurance customers reach their medical plan renewal dates, UnitedHealthcare will work to enroll them in a comparable UnitedHealthcare plan. Until plan participants are enrolled in a replacement plan, their current benefits remain in effect under their existing contract. The Principal is committed to ensuring continued service, medical coverage and payments for its customers during the transition period.
Customer Contact Information
The Principal customers who have questions about this announcement can contact UnitedHealthcare at 1-800-809-9831 for additional information.
About the Principal Financial Group
The Principal Financial Group is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG.
UnitedHealthcare provides a full spectrum of consumer-oriented health benefit plans and services to individuals, public sector employers and businesses of all sizes, including more than half of the Fortune 100 companies. The company organizes access to quality, affordable health care services on behalf of more than 25 million individual consumers, contracting directly with more than 600,000 physicians and care professionals and 5,000 hospitals to offer them broad, convenient access to services nationwide. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified Fortune 50 health and well-being company.