Ritter Insurance Marketing, Craig Ritter

Posts Categorized: Wellcare

WellCare Posts a loss in Q1 2009

Posted by & filed under Wellcare.

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…

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

Posted by & filed under 2009 MA Plans, Insurance Companies, Medicare Advantage, News, Wellcare.

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…

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

Posted by & filed under CMS, Wellcare.

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…

WellCare Shares Plunge as Insurer Seeks New Funding

Posted by & filed under Insurance Companies, Wellcare.

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…

  • Coming Soon for Agent Use Only: View Availability and Premiums for ALL 2009 Medicare Advantage (HMO, PPO, PFFS, MSA and SNP) and ALL 2009 Medicare Prescription Drug Plans (PDP) in the United States (50 states plus Washington DC)

    Posted by & filed under 2009 MA Plans, Aetna, Alabama, American Progressive, Arizona, Arkansas, Bravo, California, Cigna, Colorado, Connecticut, Coventry, Delaware, Florida, Georgia, Hawaii, Health America, Humana, Idaho, Illinois, Indiana, Insurance Companies, Iowa, Kansas, Kentucky, Louisana, Maine, Maryland, Medicare Advantage, Medicare Quote Engine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, News, North Carolina, North Dakota, Ohio, Oklahoma, Optima Health, Oregon, Pennsylvania, Pyramid Life, Rhode Island, South Carolina, South Dakota, States, Tennessee, Texas, Unicare, Unison, United Health Care, Universal American Companies, Utah, Virginia, Washington, Washington DC, Wellcare, Wellpoint, West Virginia, Wisconsin, Wyoming.

    We are EXTREMELY PLEASED to announce that Medicare Quote Engine (www.MedicareQuoteEngine.com) has been updated with ALL 2009 Medicare Advantage Plan data.  We are in the testing phase at this point, so please be patient! This means, that for 2009, we will have:

    • 113,005 Medicare Advantage County/Plan combinations,
    • 12,581 Special Needs Plan County/Plan combinations and

    WellCare to pay $35.2 million in Medicaid fraud investigation

    Posted by & filed under Insurance Companies, Medicare Advantage, News, Wellcare.

    Bloomberg (8/18, Pollack, Olmos) reported, “WellCare Health Plans Inc. will pay $35.2 million in an agreement with U.S. prosecutors in a Medicaid fraud investigation, the company said in a filing” with the Securities and Exchange Commission. But, WellCare said that the agreement does not “settle the case or limit the U.S. government…


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