Health Net Selected to Participate in Covered California Health Insurance Exchange
Individuals will be able to enroll in Health Net's health plans when the new exchange opens for business
LOS ANGELES--(BUSINESS WIRE)-- Health Net of California, Inc., a wholly owned subsidiary of Health Net, Inc. (NYS: HNT) , today announced that it has been selected as a Covered California health plan in the Covered California individual health insurance exchange.
The selection means Health Net health plans for individuals and their family members will be offered in many areas of the state when Covered California enrollment begins. Covered California is expected to begin enrolling beneficiaries on Oct. 1, 2013, and benefits are expected to become effective Jan. 1, 2014.
"California consumers will be able to choose Health Net health plans that are cost-effective and provide access to medical groups, physicians, specialists and hospitals that we believe share our commitment to integrated, coordinated, high-quality care and service," said Steve Sell, president of Health Net's Western Region Health Plan.
In Los Angeles, Orange, San Bernardino, San Diego and Riverside counties, Health Net expects to offer its new tailored-network HMO exchange product, CommunityCare, which will be built around local health care providers that have formed the backbone of its tailored-network strategy.
"Health Net helped to pioneer tailored-network HMO products and has developed Latino outreach programs in California for both small and large employer groups," Sell said. "With our CommunityCare network, we are bringing similar levels of affordability, quality coverage and cultural competency to individuals."
Sell said that Health Net will work to ensure that the medical groups, individual physicians and hospitals that make up the CommunityCare network are committed to comprehensive care coordination in their local communities and offer Health Net members freedom of choice in selecting their eligible in-network primary care physicians.
"We believe these medical groups, individual physicians and hospitals share our commitment to providing products and services that are affordable, simple, dependable and local," said Sell.
In the Northern California counties of Contra Costa, Kern, Marin, Mariposa, Merced, Monterey, Napa, San Benito, San Joaquin, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus and Tulare, Health Net of California's wholly owned subsidiary, Health Net Life Insurance Company, expects to offer individuals PPO exchange products.
Collectively, Health Net and Health Net Life bid to be Covered California health plans in 13 of Covered California's 19 regions, and were accepted in all 13.
About Health Net
Health Net, Inc. is a publicly traded managed care organization that delivers managed health care services through health plans and government-sponsored managed care plans. Its mission is to help people be healthy, secure and comfortable. Health Net provides and administers health benefits to approximately 5.4 million individuals across the country through group, individual, Medicare (including the Medicare prescription drug benefit commonly referred to as "Part D"), Medicaid, U.S. Department of Defense, including TRICARE, and Veterans Affairs programs. Through its subsidiaries, Health Net also offers behavioral health, substance abuse and employee assistance programs, managed health care products related to prescription drugs, managed health care product coordination for multi-region employers, and administrative services for medical groups and self-funded benefits programs.
For more information on Health Net, Inc., please visit Health Net's website at www.healthnet.com.
Health Net, Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act ("PSLRA") of 1995, including statements in this and other press releases, in presentations, filings with the Securities and Exchange Commission ("SEC"), reports to stockholders and in meetings with investors and analysts. All statements in this press release, other than statements of historical information provided herein, may be deemed to be forward-looking statements and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by PSLRA. These statements are based on management's analysis, judgment, belief and expectation only as of the date hereof, and are subject to changes in circumstances and a number of risks and uncertainties. Without limiting the foregoing, statements including the words "believes," "anticipates," "plans," "expects," "may," "should," "could," "estimate," "intend," "feels," "will," "projects" and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied or projected by the forward-looking information and statements due to, among other things, health care reform and other increased government participation in and regulation of health benefits and managed care operations, including the ultimate impact of the Affordable Care Act, which could materially adversely affect Health Net's financial condition, results of operations and cash flows through, among other things, reduced revenues, new taxes, expanded liability, and increased costs (including medical, administrative, technology or other costs), or require changes to the ways in which Health Net does business; rising health care costs; continued slow economic growth or a further decline in the economy; negative prior period claims reserve developments; trends in medical care ratios; membership declines; unexpected utilization patterns or unexpectedly severe or widespread illnesses; rate cuts and other risks and uncertainties affecting Health Net's Medicare or Medicaid businesses; Health Net's ability to successfully participate in California's Coordinated Care Initiative or Arizona's Medicaid program; litigation costs; regulatory issues with federal and state agencies including, but not limited to, the California Department of Managed Health Care, the Centers for Medicare & Medicaid Services, the Office of Civil Rights of the U.S. Department of Health and Human Services and state departments of insurance; operational issues; failure to effectively oversee our third-party vendors; noncompliance by Health Net or Health Net's business associates with any privacy laws or any security breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; liabilities incurred in connection with Health Net's divested operations; impairment of Health Net's goodwill or other intangible assets; investment portfolio impairment charges; volatility in the financial markets; and general business and market conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the "Risk Factors" section included within Health Net's most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form 10-Q filed with the SEC, and the other risks discussed in Health Net's filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by law, Health Net undertakes no obligation to address or publicly update any forward-looking statements to reflect events or circumstances that arise after the date of this press release.
This release contains links to other sites that are not owned or controlled by Health Net. Please be aware that Health Net is not responsible for the contents linked or referred to from this release. Links to other websites are provided for the user's convenience. Health Net does not express an opinion on the content or the properties of such linked websites and disclaims any liability in connection therewith.
KEYWORDS: United States North America California
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