INScompanies Blog

BETHESDA, Md.–(BUSINESS WIRE)–Sept. 23, 2005–Coventry Health Care, Inc. (NYSE:CVH) announced today that its 2006 Medicare Advantage and Medicare Part D filed products have been approved by the Centers for Medicare and Medicaid Services (CMS).

Medicare Advantage

Coventry, marketed as Advantra(R), will continue to offer Medicare Advantage products in its Western Pennsylvania, West Virginia, St. Louis and Kansas City markets where Coventry currently serves approximately 74,000 members. Coventry will also offer Medicare Advantage products in three new markets introduced in 2005: Iowa, Central Pennsylvania and Wichita, Kansas. Coventry will offer a broad range of HMO and PPO products including $0 premium products that incorporate the Part D drug benefit in all markets.

Medicare Prescription Drug Coverage

Coventry has received approval to offer its Part D Prescription Drug Plans (PDP) in all 34 regions. Coventry also qualified in all 13 regions where it sought to participate in the auto assignment of low income beneficiaries. The PDP plans will be marketed under the brand names of AdvantraRx and First Health(R) Premier and include options with first dollar coverage (no deductible). The AdvantraRx Value product provides affordable monthly premiums ranging from $18.24 to $25.19 depending upon the geographic region where the individual resides. In addition, Advantra Rx Premier plans offer enriched benefits and low co-pay options with monthly premiums ranging from below $30.00 to $50.48, again depending upon the geographical region where the individual resides. Nearly 60,000 of the nation’s retail pharmacies are participating with Coventry providing beneficiaries convenient access to prescription medications.

The Part D program, created as part of the government’s Medicare Modernization Act of 2003, will take effect January 1, 2006. Coventry will offer Medicare Part D prescription drug plans on a nationwide basis. In accordance with CMS guidelines, Coventry will begin marketing these products beginning October 1, 2005. Products will be underwritten by Coventry Health and Life Insurance Company, First Health Life and Health Insurance Company and Cambridge Life Insurance Company.

Coventry has established partnerships with Medicare Supplement insurance carriers and brokerage channels nationwide to provide Medicare Part D prescription drug products to Medicare beneficiaries. To date, exclusive distribution agreements have been signed with Mutual of Omaha Insurance Company, Conseco Inc. (Conseco Insurance Group and Bankers Life and Casualty Company), Ceres Group, Inc., Continental Life Insurance Company, New Era Life Insurance Company and its affiliates (New Era Life Insurance Company of the Midwest and Philadelphia American Life Insurance Company), and United Teacher Associates Insurance Company (an affiliate of Great American Life Insurance Company).

“These companies have a demonstrated track record of success in distributing products and services to seniors and we are pleased to partner with them to offer prescription drug plans to Medicare beneficiaries,” said Dale B. Wolf, Chief Executive Officer of Coventry. “While our ultimate enrollment in our Part D offering through these partnerships is uncertain, these carriers represent more than one million Medicare Supplement policies in force today. Distribution partnerships such as these, along with our other marketing efforts, including other non-exclusive broker distribution arrangements and our previously announced non-exclusive relationship with Rite Aid Corp., should position us well for 2006 and beyond.”

Regions in which Coventry is eligible for auto-assignees:

Northern New England (New Hampshire, Maine)
New York
New Jersey
Mid-Atlantic States (Maryland, Delaware, District of Columbia)
Pennsylvania / West Virginia
Virginia
South Carolina
Alabama / Tennessee
Michigan
Ohio
Indiana / Kentucky
Missouri
Nevada

This press release may contain forward-looking statements, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, relating to future events or future financial performance. Actual performance may be significantly impacted by certain risks and uncertainties, including those described in Coventry’s Annual Report on Form 10-K for the year ended December 31, 2004.

Coventry Health Care is a national managed health care company based in Bethesda, Maryland operating health plans, insurance companies, network rental / managed care services companies, and workers’ compensation services companies. Coventry provides a full range of risk and fee-based managed care products and services, including HMO, PPO, POS, Medicare Advantage, Medicare Prescription Drug Plans, Medicaid, Workers’ Compensation and Network Rental to a broad cross section of employer and government-funded groups, government agencies, and other insurance carriers and administrators in all 50 states as well as the District of Columbia and Puerto Rico. More information is available on the Internet at www.cvty.com and www.firsthealth.com.
CONTACT: Coventry Health Care, Inc., Bethesda
Shawn M. Guertin, 301-581-5701
or
Drew Asher, 301-581-5717

SOURCE: Coventry Health Care, Inc.

BETHESDA, Md.–(BUSINESS WIRE)–June 16, 2005–Coventry Health Care, Inc. (NYSE:CVH) today announced it intends to enter into a strategic relationship with Rite Aid Corporation (NYSE, PCX:RAD), the third largest drugstore chain in the U.S., to help serve members under the new “Part D of Medicare.”

The Part D program, created as part of Title I Medicare Modernization Act, will take effect January 1, 2006. Coventry has proposed to the Centers for Medicare and Medicaid Services (CMS) to offer various Medicare Part D plans on a nationwide basis, in accordance with guidelines put forth by the agency.

Under the arrangement, Coventry and Rite Aid would jointly coordinate various community outreach and educational activities for Medicare Beneficiaries seeking to learn more about their Part D choices, beginning in the fourth quarter of 2005. There are also plans to have in-store experts available to help Rite Aid customers understand their Part D options.

“Coventry looks forward to serving Medicare beneficiaries under the Part D program,” said Dale B. Wolf, Coventry’s chief executive officer. “We have a large, national pharmacy network and we already serve Medicare Beneficiaries with a variety of programs in a number of regions, including pharmacy programs for low-income seniors. We are pleased to now add to that background a partnership with Rite Aid and its thousands of associates who are actively involved in their communities.”

“Rite Aid is looking forward to working with Coventry to help seniors benefit from the new Medicare prescription drug plan,” said Mary Sammons, Rite Aid president and CEO. “We know seniors will have a lot of questions about the benefit and many will ask our pharmacists for help in determining what plan is best for them. They also need clear information on the use of their prescriptions as well as other medications they take. We are pleased to see that Coventry is making education a central part of its prescription drug program offerings.”

Coventry is a national managed health care company based in Bethesda, Maryland operating health plans, insurance companies, network rental services companies, and workers’ compensation services companies. Coventry provides a full range of risk and fee-based managed care products and services, including HMO, PPO, POS, Medicare Advantage, Medicaid, Workers’ Compensation and Network Rental to a broad cross section of employer and government-funded groups, government agencies, and other insurance carriers and administrators in all 50 states as well as the District of Columbia and Puerto Rico. More information is available on the Internet at www.cvty.com.

Rite Aid is one of the nation’s leading drugstore chains with annual revenues $16.8 billion and approximately 3,400 stores in 28 states and the District of Columbia. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.

This press release may contain forward-looking statements, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, relating to future events or future financial performance. Actual performance may be significantly impacted by certain risks and uncertainties, including those described in Coventry’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC.

CONTACT: Coventry Health Care. Inc., Bethesda
Shawn M. Guertin, 301-581-5701
or
Rite Aid Corporation
Karen Rugen, 717-730-7766

SOURCE: Coventry Health Care. Inc.

CHICAGO and BETHESDA, Md., Oct. 30 /PRNewswire/ — Bankers Life and Casualty Company and Coventry Health Care today announced the expansion of their strategic alliance under which Bankers Life will offer Coventry’s Advantra Freedom Plans to its policyholders and consumers.

Advantra Freedom is a new Medicare Advantage Private-Fee-For-Service plan designed to provide seniors with more choices and better coverage at lower cost than original Medicare and Medicare Advantage plans offered through HMOs.

“We are pleased to be expanding the successful partnership with Coventry Health Care that we launched last year with the rollout of the Coventry Medicare Part D prescription drug plan,” said Scott Perry, Executive Vice President and Chief Operating Officer of Bankers Life. “Adding Advantra Freedom to Bankers Life’s portfolio of Medicare supplement plans, standalone Medicare prescription drug plans, and long-term care insurance plans, provides our customers with a range of products to address their health-related concerns.”

“Coventry is excited to further develop its partnership with Bankers Life, which has already proven successful through the Medicare Part D Program,” said Fran Soistman, Executive Vice President of Coventry Health Care. “The proprietary sales force of Bankers Life represents a premier distribution channel with a history of success in the senior market and will prove to be an effective vehicle to offer the Advantra Freedom product to Medicare beneficiaries.”

With Advantra Freedom Private-Fee-For-Service plans, there are no provider restrictions — policyholders may go to any licensed doctor or hospital in the United States that is willing to provide care and accepts the plan’s terms of payment. Under most Advantra Freedom Plans, the policyholder pays no additional premium beyond the Medicare Part B premium. There are no, or limited, copays for most doctor visits, tests and hospitalization.

Many preventive care extras, such as allowances for eyewear and hearing aids, are included in Advantra Freedom plans, and no physical examination is required to enroll — even if an applicant has pre-existing conditions.

Eligible individuals may enroll in Private-Fee-For-Service plans, where available, beginning Nov. 15, 2007. Plans are currently available in 43 states and 75% of counties within those states.

Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the financial security needs of the mature market. The nationwide company, a subsidiary of Conseco, Inc., offers a broad portfolio of health and life insurance and retirement savings products designed especially for seniors. Visit us online at http://www.bankers.com/ .

Coventry Health Care is a national managed health care company based in Bethesda, Maryland operating health plans, insurance companies, network rental/managed care and workers’ compensation services companies. Coventry provides a full range of risk and fee-based managed care products and services, including HMO, PPO, POS, Medicare Advantage, Medicare Prescription Drug Plans, Medicaid, Workers’ Compensation services and Network Rental to a broad cross section of individuals, employer and government-funded groups, government agencies, and other insurance carriers and administrators in all 50 states as well as the District of Columbia and Puerto Rico. More information is available on the Internet at http://www.cvty.com/ .

SOURCE: Bankers Life and Casualty Company; Coventry Health Care

CONTACT: Barbara Ciesemier of Bankers Life and Casualty Company,
+1-312-396-7461, b.ciesemier@banklife.com ; or Drew Asher of Coventry Health
Care, Inc., +1-301-581-5717

Web site: http://www.conseco.com/
http://www.cvty.com/