RYE BROOK, N.Y.--(BUSINESS WIRE)--Aug. 9, 2007--Universal American
Financial Corp. (NASDAQ: UHCO) announced today that it has received
approval from the Centers for Medicare and Medicaid Services ("CMS")
to resume marketing its Medicare Advantage Private Fee-for-Service
("PFFS") plans pending training of its broker and agent force. As of
June 23, 2007, the company voluntarily suspended marketing its
individual PFFS plans while it implemented all of the new marketing
requirements that CMS had recently announced. The company has now
demonstrated to CMS that it meets these new requirements and that it
has the appropriate procedures in place for training and monitoring
the sales practices of its extensive network of career agents and
independent brokers to safeguard the interests of Medicare
beneficiaries.
In accordance with CMS guidance, all of our agents and brokers
will be re-trained and certified to market our 2007 PFFS plans. Since
the extended open enrollment period for 2007 has ended, PFFS
enrollments will be limited for the balance of 2007 to people becoming
newly eligible for Medicare and certain other limited categories. In
addition, the company will move forward with training and
certification of its agents and brokers for the 2008 open enrollment
period which begins on October 1, 2007.
Richard A. Barasch, Chairman and CEO, said, "We are gratified that
we were able to work quickly with CMS to demonstrate our compliance
with the enhanced marketing and sales requirements that will further
protect Medicare beneficiaries. PFFS has become a popular product
because it offers an affordable package of attractive benefits to
Medicare beneficiaries. We are committed to making sure that this
valuable coverage is offered in an appropriate manner."
About Universal American Financial Corp.
Universal American Financial Corp. is a specialty health and life
insurance holding company. Through our family of companies, we offer a
broad array of health insurance and managed care products and
services, primarily to the growing senior population. Universal
American is included in the NASDAQ Financial-100 Index, the Russell
2000 Index and the Russell 3000 Index. For more information on
Universal American, please visit our website at www.uafc.com.
Certain matters discussed in this news release and oral statements
made from time to time by representatives of the Company may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although Universal American believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. Forward-looking information is subject
to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Many of these
factors are beyond Universal American's ability to control or predict.
Important factors that may cause actual results to differ materially
and could impact Universal American and the statements contained in
this news release can be found in Universal American's filings with
the Securities and Exchange Commission, including quarterly reports on
Form 10-Q, current reports on Form 8-K and annual reports on Form
10-K. For forward-looking statements in this news release, Universal
American claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act
of 1995. Universal American assumes no obligation to update or
supplement any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: Universal American Financial Corp.
Robert A. Waegelein, 914-934-8820
Executive Vice President &
Chief Financial Officer
or
Investor Relations Counsel:
The Equity Group Inc.
Linda Latman, 212-836-9609
www.theequitygroup.com
SOURCE: Universal American Financial Corp.
