HealthLeaders-InterStudy, the leading provider of managed care market intelligence, reports that while Florida's HMO market remains relatively flat, the state's largest insurer -- Blue Cross Blue Shield of Florida -- has engineered one of the most successful managed care launches in history with its BlueOptions program. According to the latest Florida Health Plan Analysis, BlueOptions offers HMO-like benefits on a PPO platform with a wide range of copays and coinsurance as well as consumer-driven options.
Three-year-old BlueOptions should reach 1 million members by October 2007, according to Roy Moore, market analyst for HealthLeaders-InterStudy, and author of the report.
"The success stems from a market willing to buy a low-cost, low-frill product and a trusted healthcare name able to market it successfully," states Moore. "Premiums for catastrophic coverage run as little as $25 a month and twice that for a health savings account."
Florida is also hospitable to the individual market where Humana Inc. has seen strong sales of its HumanaOne product. Humana reports some 55,000 sales in HumanaOne in Florida, according to the report. Humana has recently retooled its individual product line with a range of coinsurance and deductibles.
The Florida managed care market could also be in for change with the entry of Coventry Health Care Inc. The nation's seventh-largest managed care plan has agreed to buy Vista Health Plans and its 295,000 members in Florida.
Blue Cross, the national plans, and Florida-based AvMed Health Plans are competing in one of the toughest, but fastest-growing markets
"Health plans have responded by retooling their plan designs to offer more competitively priced products that feature varying benefits and then aggressively marketing these offerings to employers," Moore stated.
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