| Insurer Wants Regulatory Change
The war of words heated up this week between Florida's insurance commissioner and Universal Health Care Insurance Co., whose Any, Any, Any Medicare insurance plan has been declared financially "impaired" by the state. In a letter Wednesday to Florida Senate President Ken Pruitt and other legislative leaders, Insurance Commissioner Kevin McCarty said Universal was attempting "to circumvent Florida law by lowering the statutory financial standards after filing an insolvent financial statement." McCarty was referring to reported discussions between Universal officials and various state legislators about amending Florida statutes regarding required cash reserves for insurance companies. The state declared Universal's Any, Any, Any plan to be insolvent in March but later amended that to "impaired," meaning the company had a cash surplus but not enough to fulfill statutory requirements.
Blue Chip News: WellCare Health Plans, Inc. is Added to Watch List
WellCare Health Plans provides managed care administrative services to government-funded health care programs that provide health care benefits via Medicaid, Medicare, and various State Children's Health Insurance Programs (SCHIPS). WellCare Health Plans provides its claims processing and other services under various brands such as Staywell in Florida, WellCare in New York and Louisiana, Harmony Health in Illinois and Missouri, and PreferredOne in Connecticut. The company's Medicare prescription drug plan, available nationwide, accounts for about 40% of WellCare's 2,258,000 members. Chairman Neal Moszkowski has control over 13% of the company. Shares were down 4% on downgrade. BellwetherReport.com is a leading online research firm for international investors looking to get an edge over their portfolio.
bellwetherreport.com: Afternoon Alert for Humana Inc.
Humana is counting on Medicare to make it a national player in the health insurance game. The company provides Medicare Advantage health plans and prescription drug coverage to more than 4 million members in all 50 states and Puerto Rico. It also administers managed care plans for other government programs, including Medicaid plans in Florida and Puerto Rico and TRICARE (a program for military personnel) in 10 southern states. Additionally, Humana offers health plans and some specialty products (group life and disability insurance, for example) to commercial employers and individuals, primarily in 18 southern and midwestern states. All told, it covers more than 13 million members in the US. Shares were down 3% as Q1 profit falls. BellwetherReport.com is a leading online research firm for international investors looking to get an edge over their portfolio.
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