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Humana, State Farm Join Forces to Offer Medicare
Prescription Drug Plan
Strategic alliance expands Humana's
ability to reach Medicare beneficiaries
Sept. 30, 2005 The Medicare Drug Plan (Part D) is
one of the biggest opportunities for insurance companies in years if
not ever and the big companies are all looking for a way in and an
advantage. Today, Humana Inc. and State Farm, the nation's largest
property and casualty insurer, announced 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.
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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 say they 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.
More information regarding Humana is available to
investors via the Investor Relations page of the company's web site at
http://www.humana.com/.
About State Farm
State Farm 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. 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, visit
www.statefarm.com or in Canada
www.statefarm.ca.
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