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WellCare Health Plans, Inc. Message Board

  • funkyluckydog funkyluckydog Nov 8, 2007 10:09 PM Flag

    For 7+ Months Conn. Examining WCG & NO CHARGES

    Source: http://www.ctnewsjunkie.com/upload/2007/...

    Date of article: April 2007!

    Sh-t or get off the pot one might say.

    This sort of delay is unconscionable, and can only be done by some taxpayer-guaranteed paid bureaucrats.

    You know the same ones who are the first and loudest to moan and groan about Bush taking away Habeas Corpus protection while they, in effect, are doing the same dang thing!

    Wellcare, like anyone protected by the USA Constitution, particularly the 14th Amendment thereto, DESERVES to know the charges against one in a TIMELY MANNER.

    If Connecticut has been examining Wellcare for nearly 8 months, and has charged it with NOTHING WHATSOEVER, then, dah, there most probably is NOTHING THERE!

    These "public" sector, guaranteed paid bureaucrats must not have an iota of an idea how much damage their delay in making a decision to charge or not charge Wellcare is doing to so many people who invest their hard-earned money into this stock in their 401K.

    Oh, that's right, our "public" servants have a very nice pension thanks to, yes you know who, US the Taxpayers!

    Although everyone shorts sometimes, in this situation given the grave abuses of Constitutional Protection by government, I have nothing but contempt for the shorts who don't see the few bucks they may make are simply litter on the ever-increasingly clear road the USA is taking to a gulag-state.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Well, I won't disagree with you. But, if you believe half of what you say then you need to take a close look at Ron Paul for President. Not to divert things into politics....

    • That was a very good message, I want to compliment you. Everything you wrote is so true and I'm hoping all the other longs agree too. Good Luck Tomorrow

    • Link not working. Here is article:

      WellCare's Money Transfer Investigated By State CFO
      Tampa Tribune April 27,2007 By Carol Gentry, Tampa Tribune, Fla.

      Apr. 27--TAMPA -- Florida's chief financial officer, Alex Sink, is reviewing ties between WellCare Health Plans' Medicaid HMOs in Florida and a WellCare subsidiary in the Cayman Islands, her office confirmed on Thursday.

      Sink's review began after the relationship among the companies was described April 11 in The Tampa Tribune, said her spokeswoman, Nina Banister. Sink released a written statement to the Tribune turning down a request for an interview on the matter until she has time to review the report and allegations.

      Marc Ryan, vice president of policy at Tampa-based WellCare, said that when Sink completes her review she will find that there were no overpayments to the affiliate.

      "If you look at the Medicaid premiums paid by WellCare Florida to the reinsurer for 2006, the claim recoveries equal the payments," Ryan said.

      It is not illegal to use an affiliated reinsurance company, which provides stop-loss coverage. And other insurers have affiliates in the Cayman Islands.

      The company submitted the request to start the reinsurance company to the Office of Insurance Regulation after an independent actuary determined the appropriate rates, WellCare's Ryan said.

      Actuary Nathan Tan, with the regulatory office, reviewed the request and determined there was nothing wrong with it, spokesman Jonathon Kees said.

      He said he doesn't know who in the office ultimately signed off on it.

      The CFO's review of the WellCare arrangement comes a week after Sink rebuked Insurance Commissioner Kevin McCarty for sponsoring a fundraiser for a friend's campaign, requesting contributions from the insurance industry.

      McCarty spokesman Bob Lotane, whose wife was the candidate, resigned after disclosures that he had used a state-owned computer to work on the invitation.

      McCarty apologized, and Gov. Charlie Crist said this week that he supports the commissioner.

      Crist said the industry could be trying to darken McCarty's reputation because he is a strong advocate for consumers.

      Continued next post on Yahoo WCG Message Board

      • 1 Reply to funkyluckydog
      • Here is article: Part 2 of 2 (A bit repeated from Part 1 for Emphasis of Wellcare's apparent INNOCENCE):

        The company submitted the request to start the reinsurance company to the Office of Insurance Regulation after an independent actuary determined the appropriate rates, WellCare's Ryan said.

        Actuary Nathan Tan, with the regulatory office, reviewed the request and determined there was nothing wrong with it, spokesman Jonathon Kees said.

        He said he doesn't know who in the office ultimately signed off on it.

        The CFO's review of the WellCare arrangement comes a week after Sink rebuked Insurance Commissioner Kevin McCarty for sponsoring a fundraiser for a friend's campaign, requesting contributions from the insurance industry.

        McCarty spokesman Bob Lotane, whose wife was the candidate, resigned after disclosures that he had used a state-owned computer to work on the invitation.

        McCarty apologized, and Gov. Charlie Crist said this week that he supports the commissioner. Crist said the industry could be trying to darken McCarty's reputation because he is a strong advocate for consumers.

        The April 11 Tribune story quoted three Wall Street analysts who said WellCare's Florida HMOs sent far more money than necessary to the unregulated subsidiary, Comprehensive Reinsurance Ltd. The WellCare HMOs sent $73 million and recovered $38 million, a difference of $35 million.

        The analysts said that because the shift made no difference in the overall company income, they speculated the move was meant to keep WellCare's margins slim before the Legislature debated the Medicaid managed-care rate increase for next year. The debate is going on now.

        Ryan noted that the analysts erred by lumping the Medicaid and Medicare premiums together. Only $19 million of the shift was for Medicaid because the risk for Medicare beneficiaries was much greater. After end-of-year claims came in, the claim recoveries for Medicaid patients equaled $19 million, he said.

        The Medicare premiums and recoveries also matched up, he said. The confusion may have arisen because the reinsurer was created in late 2005. "It's a new entity," he said.

        In Florida, WellCare is by far the largest Medicaid plan, with more than 450,000 enrolled. Of the $1.7 billion the state paid HMOs last year, WellCare's two plans took in half, almost $850 million.

        WellCare operated Medicaid plans in seven states last year, and Florida was its main market. The Florida Medicaid program provided about one-third of the company's total premium revenue, according to WellCare's year-end report to the Securities and Exchange Commission.

        Wall Street researchers have been speculating for months over WellCare's astonishing growth in enrollment and stock value. That led three firms to plow through the company's April 1 Florida filings and discuss their conclusions.

        All three concluded that the state was overpaying its Medicaid HMOs and warned about political backlash that could adversely affect WellCare, AmeriGroup and other publicly traded companies that have Medicaid contracts in the state.

        Reporter Carol Gentry can be reached at cgentry@tampatrib.com or (813) 259-7624.

        -----

        Copyright (c) 2007, Tampa Tribune, Fla.

        Poster's note: Innocent until proven guilty--yeah, right.

 
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