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Capital One announces final results of North Fork stockholders elections

MCLEAN, Va., Dec. 1 /PRNewswire-FirstCall/ — Capital One Financial (NYSE: COF) today announced that it has completed its acquisition of North Fork Bancorporation, Inc. As a result of the $13.2 billion stock and cash transaction, Capital One is the 11th largest bank in the United States, based on deposits, and the third-largest retail depository institution in the metro New York region.

North Fork, headquartered in New York, provides a broad range of deposit and lending services for consumer, commercial, and small business customers.

“The combination of Capital One and North Fork brings together the strengths of national lending and local banking,” said Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One. “I am particularly pleased to welcome John Kanas, along with North Fork’s experienced management team and talented associates, to Capital One. John and his team have a proven ability to compete and win in the New York banking market, and they have a great track record of serving their customers and communities. With our national lending businesses, our strong banking franchises in Louisiana and Texas, and our new partners at North Fork, we are well-positioned to win in each of our markets, and to deliver profitable growth and enduring shareholder value.”

Kanas will be the president of Capital One’s banking business and join Capital One’s Board of Directors. Kanas previously served as North Fork’s Chairman, President and CEO.

“This transaction is about maintaining the continuity of the great business model and customer relationships that North Fork has built,” said Kanas. “With Capital One, we are building an even stronger bank that will benefit our customers and our communities. Our customers will continue to enjoy the same personalized service and experienced local bankers they trust, along with a broader range of products and services to meet their financial needs.”

Capital One and North Fork announced their intention to merge in March 2006.

Final Merger Consideration

Based on final election results and applying the proration provisions set forth in the merger agreement, North Fork stockholders will receive the following merger consideration:

North Fork stockholders who made valid cash elections will receive $28.144 for each share covered by such election;

North Fork stockholders who made valid stock elections will receive 0.3692 of a share of Capital One common stock per share of North Fork common stock for which they made such an election; and

North Fork stockholders who did not make a valid election will receive 0.3692 of a share of Capital One common stock per share of North Fork common stock for approximately 4.6% of the shares for which they did not make an election and $28.144 per share in cash for the remaining shares of North Fork common stock for which they did not make an election.

Under the merger agreement, fractional shares of Capital One common stock will not be issued. Instead, North Fork stockholders will receive cash based on the average closing price of Capital One common stock of $76.238 for the five-day period ending November 30, 2006.

Of the 466,346,295 shares of North Fork common stock outstanding immediately prior to the closing of the merger, approximately:

125,478,630 shares, or 26.9%, elected to receive cash;

278,714,675 shares, or 59.8%, elected to receive Capital One common stock; and

62,152,990 shares, or 13.3%, did not make a valid election.

The total consideration paid by Capital One of approximately $13.2 billion was comprised of the following:

approximately $7.9 billion in value from 104.0 million shares of common stock valued for accounting purposes at $76.238 per share,

$5.2 billion in cash, and

the exchange of North Fork stock options for Capital One stock options fair valued for accounting purposes at approximately $0.1 billion. About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with more than 693 locations in New York, New Jersey, Connecticut, Texas and Louisiana that offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. As of September 30, 2006, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., and Capital One, N.A. collectively had $112.2 billion in managed loans and $47.6 billion in deposits. Its newly acquired subsidiary, North Fork Bank, had $40.9 billion in managed loans and $36.5 billion in deposits. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

Forward-looking statements

The company cautions that statements in this press release regarding, among other things, the benefits of the business combination transaction involving Capital One and North Fork and the company’s plans, objectives, expectations and intentions are forward-looking statements and speak only as of the date of this report. Various factors could cause actual results to differ materially from those contemplated by these forward-looking statements, including: the risk that the company’s acquired businesses will not be integrated successfully and that the cost savings and other synergies from such acquisitions may not be fully realized; disruption from the North Fork transaction making it more difficult to maintain relationships with customers, employees or suppliers; continued intense competition from numerous providers of products and services which compete with the company’s businesses; changes in our aggregate accounts and balances, and the growth rate and composition thereof; the company’s ability to diversify its assets; general economic conditions affecting interest rates and consumer income, spending, and savings, which may affect consumer bankruptcies, defaults, and charge-offs and deposit activity; and the company’s ability to execute on its strategic and operational plans. A discussion of these and other factors can be found in Capital One’s annual report and other reports filed with the Securities and Exchange Commission, including, but not limited to, Capital One’s report on Form 10-K for the fiscal year ended December 31, 2005.

SOURCE Capital One Financial
CONTACT: Investor Relations: Mike Rowen, +1-703-720-2455, or Media
Relations: Tatiana Stead, +1-703-720-2352, or Julie Rakes, +1-804-284-5800,
all for Capital One Financial
Web site: http://www.capitalone.com
(COF) 

Estimates predict that generic versions of Zocor will lower the price by 80 percent over the next six-to-eight months

BOISE – Two popular prescription drugs are now available as generics, and both are expected to reap significant savings on prescription drug costs for consumers and employers who purchase health plans.

The first new generic drug, called simvastatin, is available at pharmacies as a generic equivalent for Zocor, a brand name statin drug used to reduce cholesterol levels and thus reduce the risk of coronary heart disease and stroke. Zocor’s patent expired in June, clearing the way for the introduction of the generic. The generic equivalent of the antidepressant Zoloft is also available at pharmacies.

“Prescription medications are a key driver of escalating health care costs, so the availability of these drugs is great news for consumers,” said Terrance Killilea, Pharm. D, director of Pharmacy Services for Regence. “These generic drugs offer the same safety as the brand drug, while saving people money on their prescription drug costs.”

As required by the Food and Drug Administration, generic versions of brand-name drugs must have quality, strength, purity and stability equal to the brand-name drugs. It is estimated that the generic versions of Zocor scheduled for release will lower the price by 80 percent over the next six-to-eight months.

The introduction of the generic versions of Zocor in particular could potentially save members in Regence’s four-state service area more than $60 million annually. The company insures people in Idaho, Oregon, Utah and Washington.

Regence has several programs that help members save on their prescriptions, and more programs are being added that will further enhance the savings of switching to generic drugs. Among these is RegenceRx, the company’s in-house Pharmacy Benefit Management program (PBM). The program goes far beyond the FDA’s review of new medications in order to provide consumers with safe, cost-effective and clinically sound medication options.

Additionally, Regence members can now access pharmacy-related information on the Regence Engine (myregence.com), an interactive environment that can advise, navigate and reward members in all their health care decisions. Members who access the Engine have the opportunity to become more motivated to take accountability for their health because they can quickly and easily perform health care tasks, explore events and rewards for healthy living, and plan ahead for annual health care needs.

About Regence BlueShield of Idaho
Regence BlueShield of Idaho has more than 700 employees statewide and is headquartered in Lewiston and maintains offices in Boise, Coeur d’Alene, Pocatello and Twin Falls. It is an independent licensee of the Blue Cross and Blue Shield Association, an association of 38 independent, locally operated Blue Shield and/or Blue Cross companies that collectively provide coverage to 88.8 million people – nearly one in three Americans. It is an affiliate of Regence, which consists of four Blue Shield and/or Blue Cross plans located in four states, including Idaho, Oregon, Utah and Washington. For more information, visit our Web site at www.id.regence.com.

Regence News Release
For Immediate Release August 18, 2006
Contact Georganne Benjamin (208) 395-7723 – office (208) 867-6888 - cell
georganne.benjamin@regence.com

New option provides cost-effective coverage to help people maintain good oral health, which can help prevent more serious health problems

Portland, OR (Oct. 3, 2006) – Regence Life and Health Insurance Company has launched a new benefit known as Voluntary Dental, which may help some of the 117,000 children in Oregon who are without health insurance prevent more than just cavities.

Tooth decay and pain from untreated dental disease impairs children’s ability to do simple things like eat and sleep and lowers their self-esteem. It can also affect their ability to learn and impair their quality of life as they grow older. Current research indicates that dental hygiene is linked to cardiovascular disease, low birth-weight babies, diabetes complications and stroke, suggesting that good oral hygiene can help keep people healthy and lower their risk of developing these medical conditions. Still, approximately 45 percent of the population is without dental insurance, often due to lack of affordability.

Regence Life and Health’s new Voluntary Dental coverage offers a potential solution for employers seeking ways to balance health care costs with employees’ health care needs and that of their families. Voluntary means that the employee pays for the majority of the premium, but they pay the less expensive, pre-tax group rates, making such plans more affordable for both employers and their employees.

“As health care costs rise for consumers, even people who have insurance often don’t have dental insurance. Regence’s Voluntary Dental Coverage gives consumers and their families a chance to help children build healthy oral habits now, which can help them stay healthy as they grow older,” said George Ross, vice president of Regence Life and Health.

Regence’s new Voluntary Dental product features two benefit maximum options, both of which cover standard preventive services such as cleanings, x-rays and fluoride treatments for children. The product is available now for a coverage effective date of October 1, 2006. Employers may contact their local agent or broker or Regence Life and Health’s customer service team at 1 (800) 794-5390 for more information.

For more than 20 years, Regence Life and Health has offered quality life and disability products and health plans. As a subsidiary of member Plans of Regence, the company is associated with the financial strength and brand recognition of the largest health insurer in the Northwest/Mountain State Region, which operates Blue Shield/Blue Cross plans in Idaho, Oregon, Utah and Washington. Collectively, these not-for-profit Plans serve
nearly three million people.

For Immediate Release – October 3, 2006
Contact: Samantha Meese
(503) 225-5332

(Salt Lake City) – When enrollment opens for Medicare Part D on Nov. 15, Regence BlueCross BlueShield of Utah and its subsidiary, Regence Life and Health, will offer two of the prescription drug options available in Utah.

The new Medicare Part D plans are expected to help alleviate the pressure of high prescription drug costs on people who are eligible for Medicare and typically living on fixed incomes. The plans are effective Jan. 1, 2006.

“Through our award-winning pharmacy program, Regence has proven that consumers can receive safe and effective medications at a reasonable cost,” said David Clark, vice president of Pharmacy Services. “Medicare Part D brings these savings to those in our communities who often have the greatest need for pharmacy services.”

Regence members who enroll in the new prescription drug plan will receive all the benefits mandated by the federal legislation, plus several features unique to the Regence plan. These include access to special network prices and low co-pays for generic and preferred brand-name drugs available at 2,500 contracted Medicare pharmacies across Washington, Oregon, Idaho and Utah.

In addition, members have direct access to hospital ratings, doctors’ profiles and cost breakdowns as well as health-related news and details on community events through the Regence Engine, a members-only Web site (www.myregence.com). And, they are eligible for discounts on health club memberships, vision and hearing aids through the Regence Advantages program.

“Pharmacy coverage has been at the top of the wish list for our Medicare members for years,” said Scott Ideson, Regence BlueCross BlueShield of Utah president. “We are very pleased to bring even more value to our members by participating in the new Part D program. We encourage Medicare-eligible consumers to learn more about the new pharmacy coverage by attending an educational seminar or reading about the options online.”

Both the Centers for Medicare and Medicaid (CMS) and health plans are offering seminars and have posted information on their Web sites. Regence BlueCross BlueShield of Utah is offering seminars in communities around Utah in October. Details are available at www.ut.regence.com/needCoverage/medicare/seminar.html.

In Utah, Regence is offering both a stand-alone prescription drug plan (PDP) and a Medicare Advantage Prescription Drug Plan (MA-PD).

· Stand-alone PDP: Regence Life and Health Medicare Script TM - Monthly premium: $27.03 - Annual deductible: $250 - $5 co-pay for generic medications - $18 co-pay for preferred brand-name medications - The plan is offered through Regence Life and Health, a Regence subsidiary, and is available to Utah and Idaho residents.

· MA-PD: Regence MedAdvantage + Rx - The plan adds prescription drug coverage to Regence MedAdvantage, a Regence BlueCross BlueShield of Utah PPO plan for Medicare-eligible consumers. - Monthly premium: $72* - Annual pharmacy deductible: $250 - $5 co-pay for generic medications - $18 co-pay for preferred brand-name medications - $5 co-pay for most in-network medical services - Available in the following counties: Davis, Salt Lake, Summit, Utah and Weber.

Along with Medicare Part D, Regence BlueCross BlueShield of Utah offers a suite of other Medicare supplement plans. For detailed information on these plans, please visit www.ut.regence.com/needCoverage/medicare/index.html or call 1 (800) 633-4227. * Compared to $50 for Regence MedAdvantage without pharmacy coverage.

Regence BlueCross BlueShield of Utah, established in 1942 as Utah’s first health insurance carrier, provides benefits to more than 400,000 Utahns. The company is a member of The Regence Group, an affiliation of four BlueCross BlueShield companies in Utah, Idaho, Oregon and Washington. Together, Regence companies ensure more than 3 million members and are the largest health insurance carriers in the Intermountain West and the Northwest.

For Immediate Release October 10, 2005

Contact: J. Kevin Bischoff (801) 333-5285 kbischoff@regence.com

Potential is high because Premera members use generics more frequently than national average

Mountlake Terrace, WA. (June 23, 2006) – If consumers continue their past generic drug switch-over patterns, Premera Blue Cross said today consumers moving from the two leading cholesterol drugs to the new generic formulation of Zocor could reduce area employer and consumer healthcare costs by up to $5 million annually.

“If pharmaceutical industry projections of consumers switching from cholesterol category leader Lipitor and #2 Zocor are close, we could see up to $5 million in savings for employers, consumers and the healthcare system,” said Ed Wong, Pharm. D., Premera Blue Cross Pharmacy Director. “Our members already use generics more frequently than the national average. Therefore, we are confident they will do the same with their cholesterol medication.”

The cholesterol drug category has one of the highest costs for prescribed medications. Zocor ranks second only to Lipitor in cholesterol prescriptions written. A leading pharmaceutical market research firm estimates that about half of the physicians surveyed would switch their patients to the generic. This was especially true for the physicians’ lower-risk patients.

With direct-to-consumer advertising and pharmaceutical rep “detailing” – the practice of giving away free samples to physicians pushing drug costs up in recent years, Premera began in September 2003 a campaign called “Generics – Yes!” to demonstrate to employers, members and providers how they could have an impact on healthcare costs just by switching to generics. Efforts by key clinics, such as The Everett Clinic, to prohibit the practice of “detailing” have also had an impact locally on increasing generic usage.

Premera has learned from its campaign that for every one percent increase in the generics prescribed results in a 1.4 percent savings, which annually achieves a multi-million dollar overall pharmacy cost savings. Premera currently provides prescription drug coverage to more than one million members. Pharmacy costs are projected by the federal government to exceed 11.5 percent of all U.S. healthcare expenditures.

“Employers, who entice their employees with financial incentives to switch to generics, can lower their drug bills by the same rate,” said Dr. Wong. “Of course, consumers have already seen how they can save on their co-pays by asking for generics.”

About Premera Blue Cross
Our mission is to provide peace of mind to our members about their health-care coverage. We provide health insurance and related services to more than 1.3 million people. Premera Blue Cross has operated in Washington since 1933, and Alaska since 1957. Premera Blue Cross is an independent licensee of the Blue Cross Blue Shield Association.

Premera Blue Cross is a member of a family of companies based in Mountlake Terrace, Washington, that provide health, life, vision, dental, and long-term care insurance, and other related services.

CONTACT:
Mark W. Stuart
Phone: 425-918-3297
Cell: 425-931-7379
mark.stuart@premera.com

Premera Announces Novel Springboard™ Program – Insurer will Subsidize Up to Two Years of Employers’ Program Cost for Employees’ Personal Health Assessments and Personal Health Coaching

Premera Introduces Health Risk Management Program at 10 a.m. on June 14 at News Conference being held at the Edgewater Hotel in Seattle

MOUNTLAKE TERRACE, WA – (June 14, 2006) – To help employers assist their employees in preventing poor health conditions that result from unhealthy lifestyles, Premera Blue Cross announced today encouraging results by Washington state employers adopting health risk management (HRM) programs — and introduced a new program, Springboard™, designed to dramatically accelerate the rate at which employers can build a culture of wellness in their workplace and inspire their employees to adopt healthier habits.

“Employers increasingly are considering HRM programs to address declining workplace health and rising healthcare costs,” said Gubby Barlow, CEO of Premera Blue Cross. “We’re launching Springboard™ to enhance support for our members at every stage of health. This is part of a larger effort aimed at twin goals of better health and more sustainable costs for our members.”

With Washington state health officials, prominent employers and consultants, Premera announced the Springboard™ program, which will subsidize up to two years of HRM program costs — including annual confidential personal health assessments and personal health coaching — for mid-size and larger employer groups in every state the company serves, as a way to jump-start efforts to improve employee wellness in the Northwest.

“The health challenges facing Washington residents have never been greater,” said Maxine Hayes, MD, Washington State Health Officer. “Increased rates of obesity, diabetes and other preventable conditions combined with decreased amounts of physical activity are putting more people at risk for fast declining health later in life.”

Premera’s analysis, involving results from three major Washington corporations, shows a clear opposite, positive trend. The first year HRM results from these employer groups demonstrate that every employer saw significant improvement in a single year for employees identified as high risk, while keeping moderate to low risk groups from moving into the high risk category.

“Personal health assessments and personal health coaching work. These results, in context with longer term studies, are exceptionally encouraging,” said Dave Johnson, MD, regional medical director for Premera Blue Cross. “We’re seeing a dramatic improvement in wellness in a short period of time.”

Other studies show a strong correlation between improved wellness scores and fewer sick days, increased productivity and reduced health-care costs for the employer, Dr. Johnson noted.

“We are hopeful these employer groups will take a similar track,” Dr. Johnson said.

“Our employer groups using HRM programs in the past have already begun seeing the benefits of a healthier employee population,” said Barlow. “We expect that Springboard™ will allow more employers to take the important first step to building a culture of wellness in their workplace.”

For employers interested in a more intensive HRM program including components such as on-site biometric testing and participation in a multi-employer trust, ClearAdvantage (a Premera program) is offered through ClearPoint, LLC. The trust is expected to be formed by Fall 2006.

Premera will be holding a news conference to discuss the results and the new Springboard™ program. The conference will be held at the Edgewater Hotel in Seattle, WA (2411 Alaskan Way, Pier 67) beginning at 10 a.m. Members of the media may also listen to the news conference on the web at www.pugetsoundvideo.net. After entering the site, click on the Premera Blue Cross tab on the left. When the Premera logo appears at the top, click on it and that will open a windows media player showing the meeting live.

About Premera Blue Cross
Our mission is to provide peace of mind to our members about their health-care coverage. We provide health insurance and related services to more than 1.3 million people. Premera Blue Cross has operated in Washington since 1933, and Alaska since 1957. Premera Blue Cross is an independent licensee of the Blue Cross Blue Shield Association.

Premera Blue Cross is a member of a family of companies based in Mountlake Terrace, Washington, that provide health, life, vision, dental, and long-term care insurance, and other related services.

CONTACT:
Mark W. Stuart
Media Relations Manager
Phone: 425-918-3297
Cell: 425-931-7379
mark.stuart@premera.com

OR
Scott Forslund
Communications Director
Phone: 425-918-5070
Cell: 425-280-1653
scott.forslund@premera.com

(NEWARK, NJ – November 13, 2006) – The Institute of Medicine has reported that prescription medication mistakes injure more than 1.5 million Americans every year.  The Institute strongly recommended one way to reduce the number of prescription errors would be to have all prescriptions written electronically by 2010.

In response, Horizon Blue Cross Blue Shield of New Jersey, the state’s largest insurer, and Atlantic Health, one of the leading healthcare systems in the state, announced they have teamed up to promote greater use of electronic prescribing.  Horizon BCBSNJ will provide a two-year software license for Allscripts’ award-winning TouchWorks RX+™ e-prescribing software.  Additionally, Horizon BCBSNJ, if needed, will provide wireless network service, handheld Hewlett Packard Pocket PC devices, and high-speed Internet connection.

“Horizon Blue Cross Blue Shield of New Jersey is committed to increasing safety for our members and one way we are doing so is by increasing the use of electronic prescribing,” said Dr. Richard Popiel, vice president and chief medical officer for Horizon BCBSNJ.  “We appreciate Atlantic Health’s commitment to quality care for their patients and their decision to work with us to expand the use of electronic prescribing in their facilities.”

Atlantic Health physicians will be able to quickly create and send prescriptions from the exam room directly to the patient’s pharmacy using a laptop, desktop computer or wireless Pocket PC or Table PC device.  Electronic prescribing offers physicians the ability to reduce medical errors by providing drug information at the point of care. Allscripts software automatically checks for drug allergies, drug interactions, and safe dosing ranges. The goal is to increase patient safety, reduce errors, limit the need for time-consuming pharmacy callbacks to physicians, and improve office efficiency. 

“This E-prescribing initiative is another part of Atlantic Health’s ongoing clinical computing program,” said Linda Reed, vice president, information services/chief information officer. “Partnering with Horizon on e-prescribing is one way to automate patient care collaboration while improving safety, effectiveness and efficiency in medication management for our patients.”

Atlantic Health physicians and their staff will be able to access TouchWorks from any personal computer.  This will allow physicians to have secure access to their patients’ prescription medication history and also the ability to generate prescriptions anytime and anywhere.

“Patients are beginning to demand that their physicians use electronic prescribing, as study after study indicates the technology is far safer than a pen and pad prescribing,” said Glen Tullman, chief executive officer of Allscripts.  “Physicians who want to stay ahead of the curve and build an easy on-ramp to a full Electronic Health Record can now take advantage of our joint offering with Horizon Blue Cross Blue Shield of New Jersey and Atlantic Health.”

CONTACT:  Horizon Blue Cross Blue Shield of New Jersey
Thomas Rubino, 973-466-8755
Thomas_Rubino@HorizonBlue.com

The Horizon Foundation for New Jersey Launches Health Center Initiative to Improve Access to Health Care for Uninsured and Underinsured in New Jersey

(Newark, NJ – September 12, 2006) - The Horizon Foundation for New Jersey today announced a new grant initiative designed to provide greater access to health care for thousands of uninsured and underinsured individuals throughout New Jersey.  The Horizon Foundation for New Jersey Health Center Initiative is a $5 million, five-year grant program aimed at providing needed resources to the Federally Qualified Health Centers and independent health centers throughout the state of New Jersey.

“The Horizon Foundation for New Jersey is committed to providing resources to improve access to health care and make a positive impact in the lives of people throughout New Jersey,” said William J. Marino, Chairman of the Board of Directors of The Horizon Foundation for New Jersey. “Our Health Center initiative is the Foundation’s largest grant to date and will provide needed resources for health centers that provide care for the more than 1.2 million individuals who are uninsured in New Jersey.”

Grants will range from $25,000 to $100,000 annually with the maximum award to an individual center of $500,000 over five years.  Grant funds may be used for one or a variety of uses such as staff development or new staff positions, mental health and substance abuse services, purchase of office equipment or medical equipment (i.e., computers, x-ray machines), renovations (i.e., construction of an additional examining room), marketing and promotional outreach efforts, development of a specialty provider network, medication and lab fees, or translation services.

Federally Qualified Health Centers and independent health centers can apply for funding. Health centers applying for a grant must be an eligible tax exempt 501(c) (3) nonprofit organization serving New Jersey.   The deadline for applications is October 17, 2006.  

To apply for a grant please visit www.HorizonBlue.com/Foundation/HCI. For additional information please contact Susan G. Austin (susan_austin@HorizonBlue.com or 973-466-8332) or Jonathan Pearson (jonathan_pearson@horizonblue.com or 973-466-7698) of The Horizon Foundation for New Jersey .

CONTACT:  Horizon Blue Cross Blue Shield of New Jersey
Thomas Rubino, 973-466-8755
Thomas_Rubino@HorizonBlue.com

“Next generation” consumer-driven health products to provide the information and incentives needed to improve health

New York, NY (Aug. 22, 2006) – Empire Blue Cross Blue Shield will soon offer enhanced health plan options for employers that will continue to change the way consumers think about health care, helping them to lead healthier lives while also helping them gain control over the rising cost of care. 

Empire Blue Cross Blue Shield will offer these “next generation” core products through the consumer-driven portfolio developed by Lumenos®, a pioneer in the field of consumer plans acquired by WellPoint, Inc., Empire Blue Cross Blue Shield parent company, in 2005. These enhanced consumer-driven health plans and services will be available throughout the WellPoint plans starting January 1, 2007 (subject to regulatory approval):
 
  Lumenos Health Reimbursement Account
 
  Lumenos Health Savings Account
 
  Lumenos Health Incentive Account
 
  Lumenos Health Incentive Account Plus 

This new suite of Lumenos products – which will be available to large and small businesses – will empower consumers with industry-leading health information, support tools, incentives and financial accounts to help them improve and maintain their health and wellness and better manage their health care costs, according to Empire Blue Cross Blue Shield.

“Our goal with these “next generation” consumer-driven health plans (CDHP) and services is to continue improving the health of our members, which will also improve the efficiency of the health care system,” said Jason Gorevic, president of Empire Blue Cross Blue Shield. “This puts consumers in control of their health care dollars and gives them an incentive to spend wisely and demand better health care quality and value. Our commitment to this consumer movement, which is sweeping through all parts of the health care industry, represents our ongoing dedication to improving our interactions with our customers and to empowering their healthcare experience.”

Empire currently offers a CDHP plan in the New York market, Empire Total BlueSM, providing members with the incentive and power to make cost effective healthcare decisions. Empire Total Blue, launched on January 1, 2005, was the model on which these next generation CDHP products were built. “The pilot plan between our New York plan and Lumenos served as the foundation for scaling this offering throughout WellPoint,” said Gorevic. “The products being utilized are the most modern generation to date, providing more information and consumer-friendly tools.” 

Empire Blue Cross Blue Shield’s “next generation” consumer-driven health plan options will combine an employee- and/or employer-funded health account with traditional PPO health coverage. Each is paired with powerful online decision support tools and personal health coaching that consumers can use to learn more about their health care treatment and cost options. 

For example, when members complete an online health assessment, enroll in a program with a health coach, successfully complete a smoking cessation program or make other healthy lifestyle choices, they will receive tangible incentives and rewards under these health plans. These unique features, combined with Empire Blue Cross Blue Shield’s network strength, innovative provider partnerships, local presence and powerful brand name will provide unparalleled value to consumers.

Research indicates consumers have a limited understanding of the cost of medical care. Six out of ten people, surveyed by Harris Interactive, who had received treatment for a serious health issue in the last two years did not know the cost until after treatment was received. 

Empire Blue Cross Blue Shield’s “next generation” consumer-driven products will make quality and cost data more accessible in order to create millions of better informed, more engaged health care consumers,” said Gorevic. 

New benefits will include more robust tools and incentive programs for members, offerings to different group sizes in the network area, updated plan designs and payment plans and improved transparency provided in web tools for our members. 

WellPoint is committed to continually finding health solutions that help consumers take a more active role in their health and health care. CDHPs are an important part of that commitment. Having a single brand name and consistent strategy for all of our CDHP products help us to provide our clients and consumers with a clear, consistent message and a more robust consumer experience.

Empire Blue Cross Blue Shield, the largest health insurer in New York State based on PPO and HMO membership, is a subsidiary of WellPoint, Inc. WellPoint’s mission is to improve the lives of the people it serves and the health of its communities. WellPoint, Inc. is the largest health benefits company in terms of commercial membership in the United States. Through its nationwide networks, the company delivers a number of leading health benefit solutions through a broad portfolio of integrated health care plans and related services, along with a wide range of specialty products such as life and disability insurance benefits, pharmacy benefit management, dental, vision, behavioral health benefit services, as well as long term care insurance and flexible spending accounts. Headquartered in Indianapolis, Indiana, WellPoint is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as Blue Cross Blue Shield in 10 New York City metropolitan and surrounding counties and as Blue Cross or Blue Cross Blue Shield in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), Wisconsin; and through UniCare. Additional information about WellPoint is available at www.wellpoint.com

New American Express HealthPay PlusSM Solution Complements Empire Total Blue product by providing Card access to HSA funds, optional credit line

New York, NY (November 30, 2005) – Empire Blue Cross Blue Shield will offer the new American Express HealthPay PlusSM healthcare payment solution in conjunction with the Empire Total Blue consumer directed healthcare product, enabling integrated claims processing and easier access to health savings account (HSA) funds. 

The Empire Total Blue product is a high-deductible health plan that qualifies members to open an integrated HSA, which is typically funded through pre-tax payroll deductions and often with contributions from the employer. The American Express HealthPay Plus HSA from American Express Bank, FSB, may be accessed by Empire Total Blue members with the new American Express healthcare payment card. Members will be able to swipe their card at participating providers’ offices after receiving qualified services, and leave the rest of the payment and claims adjudication process to Empire and American Express. 

“Empire Total Blue has been a very successful addition to our product portfolio, meeting the needs of large and small employers alike,” said Jason Gorevic, chief sales and marketing officer of Empire. “The addition of the American Express HealthPay Plus Card brings an innovative new dimension to this market leading product.” 

Empire Total Blue gives consumers the tools and resources to help manage their healthcare decisions and finances more effectively than traditional managed healthcare plans. Eligible Empire Total Blue members who apply and are approved for the optional HealthPay Plus credit line can use funds from it to pay deductibles and other expenses before the HSA is fully funded or to help cover costs that may exceed the balance in their HSA. Members can also choose to pay with funds from their credit line and save their HSA funds for future medical expenses. Healthcare providers will benefit from this funding approach, which will substantially reduce the burden borne by physicians and hospitals of collecting funds from consumers when there is member responsibility for deductible or co-insurance. 

“Employers who offer HSAs to their workforce will find that the American Express HealthPay Plus makes Empire Total Blue an even more attractive choice for employees,” Gorevic said. “The new American Express card will enable Empire Total Blue members to more easily manage their annual deductible, and save for future medical expenses at the same time.” 

The American Express HealthPay Plus HSA is a product of American Express Bank, FSB, Member FDIC. Employees will own and control the funds in their HSAs and may use the funds, and the HealthPay Plus Card, only for medical needs, including prescription drugs, medical office visits, deductibles, co-insurance payments and other qualified expenses. 

Empire and American Express plan to offer the healthcare payment solution to corporations beginning in early 2006.  
 
Empire Blue Cross Blue Shield is the largest health insurer in New York State, based on PPO and HMO membership. Empire HealthChoice Assurance, Inc., d/b/a/ Empire Blue Cross Blue Shield, and Empire HealthChoice HMO, Inc., d/b/a Empire Blue Cross Blue Shield HMO, are licensees of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield plans, and have the exclusive right to use the Blue Cross and Blue Shield names and marks throughout 10 downstate New York counties and one or both of these names and marks in select upstate counties. For more information visit www.empireblue.com.