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wellcare health plans inc (UWQ) Snapshot

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06/11/14 - €56.80
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wellcare health plans inc (UWQ) Details

WellCare Health Plans, Inc. provides managed care services for government-sponsored health care programs in the United States. It operates in three segments: Medicaid, MA, and PDP. The company offers Medicaid plans, including plans for beneficiaries of Temporary Assistance for Needy Families (TANF) programs; Supplemental Security Income (SSI) programs; and Aged Blind and Disabled (ABD) programs; and other state-based programs, such as Children’s Health Insurance Program and Family Health Plus programs for qualifying families who are not eligible for Medicaid. The TANF program provides assistance to low-income families with children; and ABD and SSI programs provide assistance to low-income aged, blind, or disabled individuals. It also provides Medicare, a federal health insurance program; Medicare Advantage, a Medicare’s managed care alternative to original Medicare that provides individuals standard Medicare benefits directly through Centers for Medicare & Medicaid Services; and coordinated care plans, which are administered through health maintenance organizations and require members to seek health care services and select a primary care physician from a network of health care providers. In addition, the company provides prescription drug plans comprising Medicare Part D program that offers national in-network prescription drug coverage to Medicare-eligible beneficiaries. As of December 31, 2013, it served approximately 2.8 million members. WellCare Health Plans, Inc. was founded in 1985 and is headquartered in Tampa, Florida.

5,200 Employees
Last Reported Date: 02/14/14
Founded in 1985

wellcare health plans inc (UWQ) Top Compensated Officers

Chairman of The Board and Chief Executive Off...
Total Annual Compensation: $246.2K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $500.0K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $396.2K
Chief Strategy & Development Officer and Seni...
Total Annual Compensation: $396.2K
Chief Human Resources Officer and Senior Vice...
Total Annual Compensation: $321.2K
Compensation as of Fiscal Year 2013.

wellcare health plans inc (UWQ) Key Developments

WellCare Health Plans, Inc. Amends and Restates its Existing Senior Unsecured Credit Agreement

On September 25, 2014, WellCare Health Plans, Inc. amended and restated its existing senior unsecured credit agreement to provide for an additional $300,000,000 term loan among the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., MUFG Union Bank, N.A. and U.S. Bank National Association as co-documentation agents and J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC as joint bookrunners and joint lead arrangers. The Term Loan matures in full on September 25, 2016, with no amortization payments or prepayment penalties. The company is not able to reborrow amounts repaid under the Term Loan.

WellCare Health Plans, Inc. Receives Contracts

On September 10, 2014, WellCare Health Plans, Inc. received the executed Second Amendment to its Amended Managed Care Contract between the Commonwealth of Kentucky, Finance and Administration Cabinet, on behalf of its Department for Medicaid Services and WellCare Health Insurance Company of Kentucky, Inc. d/b/a WellCare of Kentucky, Inc., a wholly-owned subsidiary of WellCare. The Kentucky Medicaid Contract applies to Kentucky Medicaid Managed Care Regions 1, 2, 4, 5, 6, 7 and 8. WCKY serves Kentucky Medicaid Managed Care Region 3 under a separate contract. The Amendment revises the capitation rates payable to WCKY effective April 1, 2014, in order to fund an increase in payments to certain teaching hospitals and similar providers as contemplated by Section 29.10 of the Kentucky Medicaid Contract. WellCare anticipates that the revisions to the capitation rates contained in the Amendment will be approximately equal to the revisions that result from the Amendment to WCKY's medical benefits expenses. WCKY understands that the Amendment has not yet been approved by the Centers for Medicare & Medicaid Services. On September 10, 2014, WellCare also received Contract S5967 between the Centers for Medicare & Medicaid Services and WellCare Prescription Insurance, Inc., a wholly-owned subsidiary of WellCare, pursuant to which WPI, together with another WellCare subsidiary, provides stand-alone prescription drug plans under Medicare Part D. The 2015 PDP Contract by its terms is considered a renewal of Contract S5967 dated September 26, 2013, between CMS and WPI but its terms supersede the terms of the 2014 PDP Contract. The terms and conditions contained in the 2015 PDP Contract are equivalent to the terms and conditions contained in the 2014 PDP Contract in all material respects. Pursuant to the 2015 PDP Contract, WPI will operate Medicare PDPs in accordance with the benefit plans submitted by WPI to CMS and applicable laws and regulations, including those relating to the marketing of its plans, enrollment into its plans, utilization management and appeals and grievances. The term of the 2015 PDP Contract is from September 10, 2014 through December 31, 2015 and is renewable for additional one-year periods provided that WPI remains qualified to offer its plans and neither party has elected not to renew. Either party may terminate the 2015 PDP Contract during any term in accordance with applicable laws and regulations. The 2015 PDP Contract also includes an Employer/Union-Only Group Part D Addendum setting in the terms under which WPI would be permitted to offer employer-sponsored group PDPs to Part D eligible individuals enrolled in employment-based retiree health coverage. On September 11, 2014, WellCare received Contract H1032 between CMS and WellCare of Florida, Inc., a wholly-owned subsidiary of WellCare. The 2015 Florida MA Contract by its terms is considered a renewal of Contract H1032 dated September 26, 2013, between CMS and WCFL but its terms supersede the terms of the 2014 Florida MA Contract.

WellCare Health Plans, Inc. to Appoint Andrew Asher as Senior Vice President, Effective Aug. 29, 2014

WellCare Health Plans, Inc announced that Andrew (Drew) Asher will join the company as senior vice president, effective on August 29. The company anticipates that Asher will be appointed as Chief Financial Officer (CFO)by the board of directors effective in November after the third quarter financial reporting process is completed. Until that time, Tom Tran will remain as CFO and will assist with Asher's transition. Asher will report to Dave Gallitano, chairman of the board and CEO. Asher is presently the CFO of Aetna's Local and Regional Businesses, a position he has held since May 2013 when his former employer, Coventry Health Care, was acquired by Aetna.


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