Humana announces intent to participate in Medicare Part D Drug Benefit Program and regional PPOs
New Medicare prescription drug plan will provide beneficiaries with prescription drug benefit option, convenient access to pharmacies
LOUISVILLE, KY - Mar 23, 2005 - Humana Inc. (NYSE: HUM) announced today that it has filed applications with the Centers for Medicare & Medicaid Services (CMS) to participate in the Part D Drug Benefit Program which becomes effective January 1, 2006. This filing represents the next step in a series of procedures before the CMS-approved plans take effect next January.
The new Part D drug benefit will allow Medicare beneficiaries access to prescription drug benefits regardless of the health benefits option they have chosen. Medicare beneficiaries can choose to stay enrolled in traditional Medicare and sign up for the new Part D prescription drug plan, or join (or continue in) a Medicare Advantage HMO, PPO or private fee-for-service plan that already provides pharmacy benefits. Humana will offer a stand-alone Part D drug benefit plan in up to 31 of the program's 34 regions throughout the United States.
In addition, the company announced that it will also participate as a provider for the newly created Medicare Advantage regional PPO plan in up to 16 of that program’s 26 regions.
Both the Part D prescription drug program and regional PPOs were created as part of the Medicare Modernization Act of 2003. "As an experienced provider of health benefits for America's seniors, Humana is pleased to commit to being part of this exciting next step in meeting the health needs of this growing population," said Steve Brueckner, Humana's vice president for senior products.
Humana will offer the new Medicare Part D drug benefit as part of its ongoing commitment to providing an array of health benefit solutions designed to meet the diverse needs of America's 42 million Medicare beneficiaries. Enrollment for the new prescription drug plans will begin this November.
Humana offers Medicare Advantage HMO, PPO, and Private Fee-for-Service (PFFS) plans in 19 states. More than 427,000 Medicare beneficiaries are currently enrolled in a Humana Medicare Advantage plan. This type of health plan is an alternative to original Medicare and is a direct result of the Balanced Budget Act of 1997 and the Medicare Modernization Act of 2003. Humana Medicare Advantage plans may include a prescription drug benefit, limits on out-of-pocket expenses, and worldwide coverage for emergency care and urgently needed care.
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