2012-10-04 22:03:59 -
TAMPA, Fla. (October 4, 2012) - WellCare Health Plans, Inc. (NYSE: WCG) today
announced that the Kentucky Cabinet for Health and Family Services has selected
WellCare of Kentucky, Inc. to serve the Medicaid program in the commonwealth's
Region 3, including Louisville and 15 surrounding counties. As a result,
WellCare will serve the Kentucky Medicaid program statewide.
WellCare is one of four health plans selected to manage care for approximately
175,000 beneficiaries in Region 3. Services for these members are expected to
begin January 1, 2013. As of June 30, 2012, WellCare served approximately
154,000 Kentucky Medicaid members.
In addition, beginning January 1, 2013, WellCare will offer Medicare Advantage
plans for the first time in Boone, Bourbon, Campbell, Clark, Fayette, Grant,
Jefferson, Kenton, Pendleton, and Scott counties in Kentucky. WellCare has
Prescription Drug Plans in the commonwealth since 2006, and
served approximately 15,000 Kentucky residents in this program as of June
"We are privileged to have the opportunity to expand our services into Region
3, and we are pleased to continue our collaboration and partnership with the
commonwealth," said Alec Cunningham, WellCare's CEO. "This expansion, combined
with our new Medicare Advantage plans in Kentucky, enables us to offer the full
spectrum of government-sponsored health care programs to our members in
With this new award, WellCare will coordinate medical, behavioral and dental
health for eligible Medicaid recipients in the Temporary Assistance for Needy
Families, Children's Health Insurance Program and Aged, Blind and Disabled
programs. WellCare will focus on improving health care outcomes and care
coordination, promoting wellness and healthier lifestyles, and lowering the cost
of health care.
About WellCare Health Plans, Inc.
WellCare Health Plans, Inc. provides managed care services targeted to
government-sponsored health care programs, focusing on Medicaid and Medicare.
Headquartered in Tampa, Florida, WellCare offers a variety of health plans for
families, children, and the aged, blind, and disabled, as well as prescription
drug plans. The company serves approximately 2.6 million members nationwide as
of June 30, 2012. For more information about WellCare, please visit the
company's website at www.wellcare.com
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking" statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Statements that are predictive in nature, that depend upon or refer to
future events or conditions, or that include words such as "expects,"
"anticipates," "intends," "plans," "believes,"
"estimates," and similar
expressions are forward-looking statements. The company's statements regarding
lowering the cost of health care and the anticipated start date of the program
are forward-looking statements. Forward-looking statements involve known and
unknown risks and uncertainties that may cause WellCare's actual future results
to differ materially from those projected or contemplated in the forward-looking
statements. These risks and uncertainties include, but are not limited to,
future changes in health care law, WellCare's ability to estimate and manage
medical benefits expense, WellCare's ability to effectively manage growth,
WellCare's ability to build and maintain cost-effective contracts with
providers, the demographic mix of members, and WellCare's progress on top
priorities such as improving health care quality and access, ensuring a
competitive cost position, and delivering prudent, profitable growth.
Additional information concerning these and other important risks and
uncertainties can be found under the captions "Forward-Looking Statements" and
"Risk Factors" in the company's Annual Report on Form 10-K for the year ended
December 31, 2011, the company's Quarterly Report on Form 10-Q for the period
ended June 30, 2012 and other subsequent filings by WellCare with the U.S.
Securities and Exchange Commission, which contain discussions of WellCare's
business and the various factors that may affect it. WellCare undertakes no duty
to update these forward-looking statements to reflect any future events,
developments, or otherwise.
WellCare Selected To Expand Kentucky Medicaid Service Area:
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Source: WellCare Health Plans, Inc. via Thomson Reuters ONE