Medicare Supplement Plans Help Consumers Manage out-of-Pocket Expenses and Unexpected Costs Associated with Medicare Deductibles and Coinsurances
TIGARD, Ore.--(BUSINESS WIRE)-- Health Net Health Plan of Oregon, Inc. (Health Net of Oregon), a health plan subsidiary of Health Net, Inc. (NYSE: HNT), today announced that it has re-entered the Medicare Supplement market in Oregon with a new portfolio.
“We are pleased to offer seniors an array of Medicare Supplement plans that can help pay for the many out-of-pocket medical expenses not covered by original Medicare, such as deductibles and coinsurance,” said Chris Ellertson, president of Health Net of Oregon. “This helps to allow them to have more predictable costs and help pay for the coverage gaps.”
Health plans can offer up to 10 Medicare Supplement, also known as Medigap, policies, all with standardized benefits set by National Association of Insurance Commissioners (NAIC). Health Net of Oregon will offer five key Medigap plans in all 36 counties in Oregon.
“While the benefits are standardized, Health Net will compete on price and on the quality of the service we provide our members and brokers,” said Arthur Kummer, vice president, Medicare Programs for Health Net, Inc.
“Strategically, our Medicare Supplement line of business addresses two sales objectives,” said Ellertson. “Health Net can now provide additional coverage options to Medicare beneficiaries in all Oregon counties as a way to help cover unexpected costs from Medicare’s deductibles and coinsurances. Secondly, Medicare Supplement plans are sold year round, so Medicare beneficiaries can choose to apply for this option at any time.”
“The potential market is significant,” said Kummer. “The current Medicare Supplement market counts more than 300,000 lives in Oregon. It would be a privilege for us to provide them with Medigap coverage.”
In order to apply for a Health Net of Oregon Medicare Supplement insurance policy, individuals must be a resident of Oregon at the time of purchase and enrolled in Medicare Parts A and B. For more information about Health Net Medicare Supplement Plans, call 877-741-8016.
About Health Net Health Plan of Oregon
Health Net Health Plan of Oregon, Inc. is a subsidiary of Health Net, Inc. Together with Health Net Life Insurance Company, Health Net Health Plan of Oregon serves approximately 130,000 members in Oregon and Washington and contracts with approximately 31,000 physicians and other medical professionals and 143 hospitals, giving its members choice and convenient access to care.
Health Net Health Plan of Oregon has deep roots in the communities it serves. Those roots date back to 1938, when a group of Clackamas County physicians joined with local millworkers and employees to seek innovative ways to provide quality health care at an affordable price.
Its mission is to help people be healthy, secure and comfortable, while providing the highest level of friendly, knowledgeable and courteous customer service. The company provides health care coverage for group, individual and Medicare members. It also offers complementary care (chiropractic, acupuncture, naturopathic medicine and massage therapy) as well as group prescription drug, vision and dental coverage. Dental and vision coverage also are available for members on individual and family plans. For more information about Health Net, visit www.healthnet.com.
All statements in this press release, other than statements of historical information provided herein, may be deemed to be forward-looking statements and as such are subject to a number of risks and uncertainties. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, statements including the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, health care reform, including the ultimate impact of the Affordable Care Act, which could materially adversely affect Health Net’s financial condition, results of operations and cash flows through, among other things, reduced revenues, new taxes, expanded liability, and increased costs (including medical, administrative, technology or other costs), or require changes to the ways in which Health Net does business; rising health care costs; continued slow economic growth or a further decline in the economy; negative prior period claims reserve developments; trends in medical care ratios; membership declines; unexpected utilization patterns or unexpectedly severe or widespread illnesses; rate cuts affecting Health Net’s Medicare or Medicaid businesses; costs, fees and expenses related to the post-closing administrative services provided under the administrative services agreements entered into in connection with the sale of Health Net’s Northeast business; potential termination of the administrative services agreements by the service recipients should Health Net breach such agreements or fail to perform all or a material part of the services required thereunder; any liabilities of the Northeast business that were incurred prior to the closing of its sale as well as those liabilities incurred through the winding-up and running-out period of the Northeast business; litigation costs; regulatory issues with agencies such as the California Department of Managed Health Care, the Centers for Medicare and Medicaid Services and state departments of insurance, including the continued suspension of the marketing of and enrollment into Health Net’s Medicare products for a significant period of time, which could have a material adverse impact on Health Net’s Medicare business; operational issues; noncompliance by Health Net or Health Net’s business associates with any privacy laws or any security breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; investment portfolio impairment charges; volatility in the financial markets; and general business and market conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within Health Net’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and the risks discussed in Health Net’s subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Health Net undertakes no obligation to publicly revise any of its forward-looking statements to reflect events or circumstances that arise after the date of this release.
KEYWORDS: United States North America Oregon
INDUSTRY KEYWORDS: Health Professional Services Insurance General Health Managed Care