- Enhance Products in Existing Areas -
- Evaluating Expansion Into Other Counties -
TRUMBULL, Conn., Jan. 19 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) will be enhancing benefits offered through its current Oxford
Medicare Advantage (OMA) health plans as a result of the revised 2004 payment
rates for Medicare+Choice (M+C) announced by the Centers for Medicare &
Medicaid Services last week.
"This marks the first of many positive steps toward providing Medicare
beneficiaries with enhanced benefits in a more stable and predictable manner,"
said Charles Berg, president and chief executive officer of Oxford. "We are
committed to the Medicare population and will use additional government
funding to give our current and future OMA members richer benefits, reduced
cost-sharing and reduced premiums."
In addition, the increased funding for M+C plans will enable Oxford to
consider re-entering counties in the greater New York metropolitan area where
it had previously discontinued offering its M+C plans.
"Oxford is carefully evaluating which counties it may re-enter and will
announce its plans more specifically over the next several months" said Peter
Haytaian, vice president government programs and specialty businesses. "With
a more predictable and stable pricing environment, we believe we can fulfill
the promise we made to our Medicare members and their friends -- to provide
greater choice and flexibility in accessing the healthcare system."
By January 30, 2004, Oxford will seek approval to include enhanced benefit
adjustments to its current OMA plans. Oxford currently provides service to
approximately 71,000 M+C members in a total of seven counties in New York
(Bronx, Kings, New York, Queens and Richmond counties), New Jersey (Hudson
County) and Connecticut (New Haven County).
"For more than three years, we have worked with Medicare beneficiaries
throughout the country to get the healthcare benefits we seniors deserve,"
said Pasquale and Elsie Forino, ages 75 and 71, respectively, members of the
OMA Ambassador program, a group of more than 300 senior volunteers advocating
for Medicare reform. "Through this legislation, we can be more comfortable
knowing that we will continue to have greater choice and flexibility in
managing our health."
Eligible Medicare beneficiaries interested in enrolling in OMA plans can
call 800-303-6720. For additional information, eligible Medicare
beneficiaries also can visit Oxford's OMA web site
(http://www.oxfordhealth.com/oxford_medicare_advantage), which provides
information about healthcare coverage options, including OMA plans, as well as
related information concerning Medigap and traditional Medicare. The site
will be updated regularly as Oxford receives CMS approval on program changes.
Oxford offers members a host of health promotion programs and benefits
including exercise classes, walking clubs, diabetes and lung disease
workshops, nutrition consultations, and podiatry, vision and hearing benefits,
through its various plans. OMA members also receive access to Oxford's
extensive OMA network of providers and specialists, and access to Oxford's
credentialed network of complementary and alternative medicine practitioners.
Founded in 1984, Oxford Health Plans, Inc. provides health plans to
employers and individuals in New York, New Jersey and Connecticut, through its
direct sales force, independent insurance agents and brokers. Oxford's
services include traditional health maintenance organizations (HMOs),
point-of-service (POS) plans, preferred provider organization (PPO) plans,
third-party administration of employer-funded benefits and Medicare+Choice
plans.
Oxford Health Plans, Inc. - Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain comments that are considered forward-
looking statements within the meaning of applicable federal securities laws,
which are subject to a number of risks and uncertainties that could cause
actual results to materially differ from those anticipated. A discussion of
those risks and uncertainties is included in the discussion under the caption
"Cautionary Statement Regarding Forward-Looking Statements" in Part I, Item 1,
of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2002 and Part I, Item 2, of the Company's Quarterly
Report on Form 10-Q for the period ended September 30, 2003.
SOURCE Oxford Health Plans, Inc.
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Related links:
http://www.oxfordhealth.com
Company News On-Call:
http://www.prnewswire.com/comp/104612.html
CONTACT:
Maria Gordon Shydlo of Oxford Health Plans,
Inc., +1-203-459-7674, or mshydlo@oxfordhealth.com
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