Comments on: WellCare Shares Plunge as Insurer Seeks New Funding http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/ News and Information affecting Senior Market Insurance Agents. Wed, 08 Feb 2012 20:29:30 +0000 hourly 1 http://wordpress.com/ By: Ken http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/comment-page-1/#comment-715 Sun, 16 Nov 2008 19:57:58 +0000 http://ritterim.wordpress.com/?p=1017#comment-715 On October 24, 2007 FBI agents raided the Tampa headquarters of WellCare. The FBI siezed boxes of records and computer systems. CMS reported that 40% of WellCare’s clients were denied coverage for legitimate claims, and WellCare failed to respond to appeals from clients that were denied coverage. Now we have this extremely bad financial report about WellCare. Do you really want to risk your reputation by placing new business with this carrier?

]]> By: Brenda Jo http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/comment-page-1/#comment-707 Sun, 16 Nov 2008 16:24:14 +0000 http://ritterim.wordpress.com/?p=1017#comment-707 Not sure on Wellcare. They should be give a chance to bounce back, but the writing seems to be on the wall that they will either tank and ask for bail-out or get bought out by another carrier. As a licensed professional, I think you need to always guage whether or not the company is viable enough to have support to process claims, etc. Your E&O and your State Insurance Department would want this to be part of a professional review. Looks like their comps are higher than H’s. Sure wish we had comp info from the markets that are viable in our area this year. Has anyone received compensation information from all of their carriers yet?

]]> By: Wiser Fool http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/comment-page-1/#comment-705 Sun, 16 Nov 2008 14:07:25 +0000 http://ritterim.wordpress.com/?p=1017#comment-705 Wellcare has attractive PDP this year. Need I be worried putting clients into them?

Anyone?

I am no longer doing any PDP analysis for new people.
Takes too much time to run the medicare rx. program not enough compensation and so many nasty and unappreciative people. PDP only for new medicare beneficiaries buying medigap from me. Where is the original agent that got them their PDP?
He/she doesn’t want to be bothered /no money! And if it was a captive Humana agent we all know the story!
I am no longer going to be a non-paid social worker.
And yes, there will be more churn then ever.

]]> By: All of us http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/comment-page-1/#comment-699 Sun, 16 Nov 2008 02:09:33 +0000 http://ritterim.wordpress.com/?p=1017#comment-699 Boycot Humana!! Don’t sell it!!

]]> By: Joe B http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/comment-page-1/#comment-662 Fri, 14 Nov 2008 22:55:27 +0000 http://ritterim.wordpress.com/?p=1017#comment-662 Sorry I missed that short. There’a still Toyota.

]]> By: Brenda Jo http://blog.ritterim.com/2008/11/14/wellcare-shares-plunge-as-insurer-seeks-new-funding/comment-page-1/#comment-657 Fri, 14 Nov 2008 21:31:35 +0000 http://ritterim.wordpress.com/?p=1017#comment-657 Craig — Thanks for that news. We were looking for current info to see how they are faring since the investigation and rather large fine, etc. If you hear anything else please pass it on. Thanks again.

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