Exclusive strategic alliance expands Humana's ability to offer Medicare
beneficiaries new drug benefit for 2006
LOUISVILLE, Ky., Sept. 30 /PRNewswire-FirstCall/ -- Humana Inc.
(NYSE: HUM) and State Farm(R), the nation's largest property and casualty
insurer, announced today that they have entered into a strategic alliance
whereby State Farm agents will be able to offer Humana's Medicare Part D
prescription drug plan (PDP) to their 7.5 million Medicare-eligible customers.
State Farm's more than 17,000 agents are located throughout the United States
allowing people with Medicare easy access to an agent who can assist them in
understanding and enrolling in this new benefit option.
Terms of the transaction were not disclosed.
Enrollment in the new Part D drug benefit -- created as part of the 2003
Medicare Modernization Act -- will begin in November, with plans becoming
effective Jan. 1, 2006. Humana has received approval from The Centers for
Medicare & Medicaid Services (CMS) to offer the Medicare Part D prescription
drug plan (PDP) to the millions of Medicare-eligible beneficiaries residing in
46 states and the District of Columbia, representing all of the states for
which Humana applied.
"State Farm's philosophy of being a good neighbor to their members is
consistent with Humana's consumer-focused, guidance approach to health
benefits," said Stefen Brueckner, Humana's Vice President of Senior Products.
"This is a win-win relationship for both companies, and will offer us a
tremendous distribution channel to the millions of people who qualify for
Medicare and who will be eligible to enroll in the Medicare Part D drug
benefit in November."
"State Farm is proud to team up with Humana," said Susan D. Waring,
Executive Vice President and CAO of State Farm Life and Vice President of
State Farm Health. "Their consumer focus and long-standing commitment to
customer service are exemplary. This new alliance fills a major need for our
customers."
Humana and State Farm will be working closely together to educate State
Farm customers about the new Medicare prescription drug plan. State Farm
customers and other Medicare beneficiaries may contact a State Farm agent to
enroll in the PDP. State Farm agents will begin selling Humana's PDP plans on
Nov. 15.
About Humana
Humana Inc., headquartered in Louisville, Kentucky, is one of the nation's
largest publicly traded health benefits companies, with approximately 7
million medical members. Humana offers a diversified portfolio of health
insurance products and related services -- through
traditional and consumer-choice plans -- to employer groups, government-
sponsored plans, and individuals.
Over its 44-year history, Humana has consistently seized opportunities to
meet changing customer needs. Today, the company is a leader in consumer
engagement, providing guidance that leads to lower costs and a better health
plan experience throughout its diversified customer portfolio.
More information regarding Humana is available to investors via the
Investor Relations page of the company's web site at http://www.humana.com,
including copies of:
- Annual report to stockholders;
- Securities and Exchange Commission filings;
- Most recent investor conference presentation;
- Quarterly earnings news releases;
- Replays of most recent earnings release conference call;
- Calendar of events (includes upcoming earnings conference call dates,
times, and access number, as well as planned interaction with
institutional investors);
- Corporate Governance Information.
About State Farm
State Farm(R) insures more cars than any other insurer in North America
and is the leading U.S. home insurer. State Farm's 17,000 agents and 69,000
employees serve nearly 73 million auto, fire, life and health policies in the
United States and Canada. State Farm also offers financial services products
through State Farm Bank(R). State Farm Mutual Automobile Insurance Company is
the parent of the State Farm family of companies. State Farm is ranked No. 19
on the Fortune 500 list of largest companies. For more information, please
visit statefarm.com(R) or in Canada statefarm.ca(TM).
SOURCE Humana Inc.
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Related links:
http://www.humana.com
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NewsCom:
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Company News On-Call:
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CONTACT:
Mia Jazo-Harris of State Farm(R) Corporate
Communications, +1-309-766-5242, or
mia.jazo-harris.sfdx@statefarm.com ; or Mary Sellers of Humana
Corporate Communications, +1-502-580-3689, or
msellers1@humana.com
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