- Oxford Announces Oxford MyPlan(SM) -
TRUMBULL, Conn., Feb. 10 /PRNewswire/ -- Oxford Health Plans, Inc.
(NYSE: OHP) is now offering Oxford MyPlan(SM), a consumer-driven health plan
designed specifically to address the needs of small and mid-sized businesses
in New York, New Jersey and Connecticut.
"Tri-state employers are searching for ways to reduce health insurance
premiums and practical, easy-to-administer, consumer-driven health plans will
be part of that solution," said Kevin Hill, executive vice president of sales
and business development at Oxford. "While many consumer-driven health plans
are complicated alternatives to more traditional plan designs, we worked
closely with brokers and employers to design a product that is simple to
implement and utilize."
Oxford MyPlan combines a high-deductible, non-gatekeeper preferred
provider organization (PPO) plan and an employer-funded healthcare
reimbursement arrangement (HRA). Oxford will also provide these plan members
with multiple consumer-oriented healthcare education tools and resources to
assist them in utilizing Oxford MyPlan.
Through Oxford MyPlan, employer groups can choose from a series of plan
design options with a variety of copayment, deductible and coinsurance levels.
Employer groups will have access to tools that will enable them to determine
cost savings associated with various plan design options. Oxford MyPlan is
available with either Oxford's Freedom or Liberty network, where available
Oxford MyPlan members will use their HRA accounts to fund out-of-pocket
expenses, including deductibles, coinsurance and eligible out-of-network
costs. If members spend all the funds in their HRAs, they will be responsible
for any expenses that fall under their deductibles and coinsurance up to an
out-of-pocket maximum.
"Consumers are not in a position to unilaterally resolve the long-term
affordability challenges facing employers today, and simply passing on
increased healthcare costs does little to address the underlying issues," said
Chuck Berg, president and chief executive officer of Oxford. "These new
products are an opportunity to engage our members in a meaningful dialogue
about what is driving healthcare quality and costs.
"That is why we often refer to these types of plans as 'consumer engaged
health plans' and why providing resources and information will be so
critical," Berg continued. "We cannot expect consumers to be active
participants in the healthcare system if we do not give them access to
relevant health and financial information. A major component of Oxford MyPlan
is a suite of online tools, data and resources that members can utilize to
make good healthcare decisions."
Specifically, Oxford MyPlan Special Services will feature a dedicated
customer service unit and online decision support tools to help members use
their HRAs wisely. Members can search our web site (http://www.oxfordhealth.com) for
prescription cost data, drug interaction and hospital quality data, in
addition to other medical information.
Oxford MyPlan members will receive "The Common Sense Guide to Healthcare,"
which will help members access Oxford's value-added programs, including Oxford
On-Call(R), Oxford's 24-hour healthcare guidance line; Active Partner(R)
Education & Outreach for members with chronic conditions; Healthy Bonus(R)
discount program; and its complementary and alternative medicine program. In
addition, wellness visits, immunizations, health screenings and other
preventive services are covered 100 percent.
This past fall, Oxford also launched several new plans and enhanced
several existing products and electronic tools. The company introduced the
Oxford Exclusive Plan(SM) for large and small employer groups, marking
Oxford's entry into the exclusive provider organization (EPO) category.
Oxford added new benefit choices to its Freedom Plan(R) Metro(SM), Freedom
Plan(R) Classic(SM), Freedom Plan(R) Access(SM) and Freedom Plan(R) Direct(SM)
product lines.
The company expanded its IDEA Management System(SM) to include online
quoting for small business. Oxford Consumer Options Suite(SM), a platform for
providing a broad choice of Oxford products, now includes Oxford MyPlan
options, enabling employers to offer consumer-driven health plans to employees
who want them.
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, 2003.
CONTACT: Maria Gordon Shydlo
Oxford Health Plans, Inc.
(203)459-7674
mshydlo@oxfordhealth.com
SOURCE Oxford Health Plans, Inc.
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