WellCare Successfully Bids to Participate in Medicare Part D Prescription Drug Plan in 2008

TAMPA, Fla. Health insurer WellCare Health Plans Inc. said Monday it successfully bid to continue participation in the national Medicare Part D prescription drug plan in 2008.

Medicare beneficiaries will have access to the company’s WellCare Signature and WellCare Classic plans, which include free generic drugs and low payments, as well as no premiums for individuals who are eligible for both Medicare and Medicaid.

WellCare is one of the largest Medicare Part D providers, with 971,000 members as of June 30. The company will continue to offer its prescription drug plans in all 50 states and the District of Columbia.

“WellCare is pleased with its successful Medicare Part D bid results, and looks forward to continue serving the prescription drug needs for Medicare recipients in [each state],” said Todd Farha, chairman and chief executive officer of WellCare. “Both of WellCare’s PDP plans offer our members $0 generic drugs - a significant benefit to our seniors. We are optimistic that even more seniors will find our plans attractive in 2008.”

WellCare shares rose $3.53, or 3.4 percent, to $108.96 in morning trading Monday.