Ritter Insurance Marketing, Craig Ritter

WellCare to Buy Universal American for $800 Million

Today, WellCare Health Plans announced their intentions to buy Universal American for $800 million, including the assumption of $200 million in Universal debt. The Tampa-based company will gain thousands of members through the acquisition of its smaller rival. The deal will add 65,000 members in Houston, Texas, and 14,000 members in the northeast, primarily in New York….

17 Nov 16
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WellCare to Expand Arizona Presence

Consolidation has been a major theme in the health insurance industry. And it looks like we could see more of it next year. Pending regulatory approvals, a new deal will allow WellCare to expand its business in Arizona. WellCare Health Plans Inc. recently announced that it plans to buy two subsidiaries of Care1st Health Plan, an affiliate of…

6 Oct 16
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WellCare to Acquire Munich RE US Medicare Health Insurance Operation

Here is a link to the story from NASDAQ.  Products included are the Sterling Life Medicare Supplement and the Windsor Medicare Advantage book of business.  Generally, these deals take 6 or more months to close, so don’t look for any changes this AEP.  

5 Sep 13
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Wellcare completes Acquisition of United Healthcare’s SC Medicaid Business

Here is the story for the Tampa Bay Business Journal.

5 Feb 13
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Wellcare Health Plans has settled their dispute around their Medicaid business in Florida and some other states.

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29 Jun 10
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WellCare Posts a loss in Q1 2009

Wellcare posted a $36.9 million loss for the first quarter of 2009.  The loss was due to higher Medical Expenses, one time charges and lower investment income. Last week Wellcare announced that they would be exiting the Private Fee for Service Medicare Advantage Marketing in 2010.  Although management doesn’t segment out PFFS versus Networked MA versus…

12 May 09
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Wellcare Announces That it will Exit the Medicare Advantage Private Fee for Service Market at the End of 2009

Here is an article which covers the story. Wellcare currently has approximately 110,000 members in its Private Fee for Service plans.  Wellcare will continue to cover these members through December 31st, 2009.  These members will have the option of electing another Medicare Advantage plan in their area during the Annual Election Period which runs…

5 May 09
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CMS Letter to Wellcare

I had a large number of agents ask me for the “official” letter from CMS to Wellcare, so here it is:  cms_letter_to_wellcare

25 Feb 09
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Wellcare Ordered by CMS to Halt New Enrollments in Medicare Advantage and Part D for Marketing Violations; Medicare Chief Notes Forged Enrollments, Misleading Materials and Member Complaints; Stock falls 30% in After Hours

Wellcare, which is currently under investigation by the FBI and Florida authorities for Medicaid Fraud, we ordered to stop enrolling new members in it’s Medicare Plans (HMO and PFFS) as well as Part D plans.  Abby Block, Medicare’s chief notes, “. . .Wellcare was one of the worst overall performers of all plans”. Allegations of…

19 Feb 09
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WellCare Shares Plunge as Insurer Seeks New Funding

Yesterday’s 50%+ drop in stock price seems to revolve around a myriad of issues:

  • Debt is coming due in 6 months as they are in default on $153.2 million loan facility.  Company is working with Goldman-Sachs to raise capital.  This is problem is compounded by #’s 2, 3, 4 and 5 below which may create difficulty…

    14 Nov 08
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