Humana Inc. (NYSE: HUM) recently announced that it will expand its Medicare Advantage product offering in 2006 by making available a Medicare Advantage regional PPO to people with Medicare in 23 states, including Florida. Humana Floridas regional PPO features three options with premiums ranging from $0 to $39, two of which include the Medicare Part D prescription drug benefit. As with Humana Floridas current Medicare Advantage PPO, there is no referral necessary to see a provider of choice. The regional PPO will be available Jan. 1, 2006 and supplement Humana Floridas existing Medicare Advantage HMO, PPO and private fee-for-service (PFFS) product offering. This new Medicare Advantage PPO plan will afford Floridas nearly 3 million Medicare beneficiaries another affordable alternative to Original Medicare. The Humana Medicare Advantage PPO even features a $5,000 in-network cap on out of pocket expenses which up until now, was only available through a traditional Medicare plan.
“This plan represents a real breakthrough for people with Medicare supplemental insurance who desire the freedom to select their provider of choice, but also want the bundled benefits of both medical and prescription drug benefits for one low price,” said Michael A. Seltzer, CEO Humana Florida Medicare and Medicaid Products. “This plan is proving to be especially appealing for beneficiaries who travel, or just want the security of knowing that their health care wont be compromised when traveling anywhere throughout the country where Humana has an established provider network,” he added. Seltzer also cited Humanas value added services found on many of the regional PPO plan options as another advantage of Medicare Advantage plans over traditional Medicare. “What makes this plan even more attractive are the value added services that include discounts on vision and dental care options, nutritional supplements and membership in the SilverSneakers® Fitness Program at no cost to members. Imagine all of that for one low monthly premium,” Seltzer added. Medicare Advantage plans are rapidly becoming the health benefit design of choice among consumers and private employers alike. According to The Centers for Medicare & Medicaid Services (CMS), nearly half a million Medicare beneficiaries enrolled in some type of Medicare Advantage plan representing nearly a 10 percent increase in overall enrollment from approximately 5.4 to 5.9 million beneficiaries during the past 12 months.