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Humana: Humana Medicare Advantage
built 605 days ago
Humana reported its third quarter profits more than doubled increasing to $159.2 million up 64% per share compared to $46.8 million a year ago. The country's second largest provider of Medicare D plans said revenues from the third quarter 2006 rose 48% to $5.65 billion from $3.82 billion in the third quarter of 2005. "These increases were primarily the result of higher enrollment in the company's Medicare Advantage plans and new 2006 revenues from stand-alone Prescription Drug Plans (PDPs) for Medicare beneficiaries," noted Humana.
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Upon passage of the Medicare Prescription Drug, Improvement, and Modernization Act in the U. S. Congress, Humana aggressively launched an education campaign to market Medicare Advantage (MA) and Prescription Drug Plans (PDP) nationwide to Medicare eligible consumers in 2006. A cross country RV tour and strategic alliance with State Farm and Wal-Mart, the campaign signed up approximately 5 million consumers and catapulted Humana to #2 in industry market share for senior products. Humana ... launched RightSource, a national mail-order retail pharmacy business in 2006.
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BusinessWeek has a story today questioning the Medicare Part D enrollment strategy at Humana. The company faces criticism for its high-pressure "enroll and migrate" tactic, which seeks to use low cost drug plans as a recruitment tool to attract members to other plans. Rep. Pete Stark (D-CA) claims the company's practice of offering higher commissions for Medicare Advantage sign-ups is a violation of federal law. Humana responded by saying its practices are consistent with CMS …
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The bottom figure demonstrates that the majority of Humana's revenue from government programs originates with Medicare. It ... suggests that the growth in government sponsored membership came from the introduction of Medicare Part D and growth in Medicare Advantage. Revenues in these divisions both grew strongly while the other programs experienced no growth at all.
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State insurance regulators have criticized Humana and other insurers, saying they often mislead elderly people into signing up for plans that aren't right for them. Senator Ron Wyden, an Oregon Democrat, likened the Medicare Advantage marketplace to the lawless Wild West.
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