TRUMBULL, Conn., Feb. 2 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) announced that it has made several enhancements to its
current Oxford Medicare Advantage(SM) (OMA) health plans as a result of the
revised 2004 payment rates for Medicare+Choice (M+C), by enriching benefits,
and reducing cost sharing and premiums. These plan design changes will go
into effect on March 1, 2004, pending approval by the Centers for Medicare &
Medicaid Services (CMS).
Approximately 71,000 M+C members in New York (Bronx, Kings, New York,
Queens and Richmond counties), New Jersey (Hudson County) and Connecticut (New
Haven County) are currently OMA members and will begin receiving these
benefits enhancements, where offered. In addition, eligible Medicare
beneficiaries in these counties may also enroll in Oxford's enhanced M+C
plans.
"These actions to expand coverage to eligible Medicare beneficiaries are
consistent with Congress' goal when they passed Medicare reform to provide
expanded coverage and more choices for beneficiaries," said Charles Berg,
president and chief executive officer of Oxford. "We believe that a continued
more stable and predictable pricing environment will enable us to support
Medicare beneficiaries for years to come."
In the five boroughs of New York City, Oxford offers eligible Medicare
beneficiaries a choice of four OMA plan designs, each designed to address the
specific health and financial needs of New York City's seniors and other
Medicare beneficiaries. Oxford has made some significant changes to its New
York City OMA products.
Pending CMS approval, Oxford will significantly increase its brand name
drug benefit in the zero-premium OMA Signature(SM) and OMA Balance(SM) plans
(from a $250 cap to $1,200 for OMA Signature and from a $500 cap to $1,200 on
OMA Balance) and eliminate the need for referrals for the OMA Balance plan.
In addition, Oxford is reducing certain member cost sharing, such as physician
and inpatient hospital co-payments, and decreasing the monthly premium on its
point-of-service (POS) plan, OMA Plus(SM).
In Hudson County, N.J., Oxford will be adding a drug benefit and reducing
cost sharing, while maintaining a zero premium; and in New Haven, Conn.,
reducing cost sharing while also maintaining a zero premium.
"After reviewing the revised reimbursement rates for our current service
area, we were convinced we could make meaningful changes to our plan designs
here, fulfilling our promise to provide greater choice and flexibility for
eligible Medicare beneficiaries to access the healthcare system," said Peter
Haytaian, vice president government programs and specialty businesses.
Any beneficiary who is eligible to receive Medicare and wants to find out
more about these M+C plans can call 800-303-6720. For additional information,
eligible Medicare beneficiaries can also 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
commercial insured products and services include traditional health
maintenance organizations (HMOs), preferred and exclusive provider
organizations (PPOs and EPOs, respectively) plans, preferred provider
organization (PPO) plans and consumer-directed health plans. The company also
offers Medicare+Choice plans and third-party administration of employer-funded
benefits.
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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