Ritter Insurance Marketing, Craig Ritter

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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  • 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)

    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
    • 30 Sep 08
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    WellCare to pay $35.2 million in Medicaid fraud investigation

    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…

    19 Aug 08
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    WellCare restates earnings, under investigation for overbilling government programs

    In continuing coverage from the July 22 edition of NAHU Newswire, Bloomberg (7/22, Goldstein) reported, “WellCare Health Plans Inc., the U.S. managed-care provider being investigated over possible fraud, gained the most ever in New York trading after the company restated its earnings since 2004.”

    23 Jul 08
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    My Best Guess for 2009 Medicare Advantage (MA) Benefits – Cigna, Aetna, Coventry, Humana, Today’s Options, Wellcare

    This post is for INSURANCE AGENT USE ONLY and is just my opinion on the 2009 market. First, I’ve been getting questions every day, “what do the ’09 plans look like??”  For some reason, the carriers seem to be tight lipped about what they plan to do for 09.  Specifics will begin to leak out…

    27 Jun 08
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