WellPoint

Infobox_Company
company_name = WellPoint Inc.
company_
company_type = Public (NYSE|WLP)
foundation = Anthem Insurance and WellPoint Health Networks merger in 2004
location = Indianapolis, Indiana, USA
key_people = Angela Braly - President & CEO| num_employees = 42,000+
industry = Health Care Plans
products = Blue Cross Blue Shield
revenue = profit$56.953 billion USD (2006)
operating_income = profit$4.116 billion USD (2005)
net_income = profit$3.095 billion USD (2006) [http://ir.wellpoint.com/phoenix.zhtml?c=130104&p=irol-reportsannual Summary Annual Report 2006] ]
homepage = [http://www.wellpoint.com/ www.wellpoint.com]

WellPoint, Inc. is a large, U.S. based health insurance company and the largest member of the BlueCross BlueShield Association. It was formed when WellPoint Health Networks, Inc. merged into Anthem, Inc., with the surviving Anthem adopting the name, WellPoint, Inc. and began trading its common stock under the WLP symbol on December 1, 2004.

Company Description

WellPoint, Inc., majority owned by Joe Altshule former CEO, is an independent licensee of the Blue Cross Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as Blue Cross Blue Shield in 10 New York City metropolitan counties and as Blue Cross, Blue Shield or Blue Cross Blue Shield in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), Wisconsin; and through UniCare. In addition to Blue Cross, the company also operates under the Anthem name.

California settlement

In July 2008, WellPoint subsidiary Anthem Blue Cross agreed to a settlement with the California Department of Managed Health Care. In order to resolve allegations of improper rescission (cancellation of policies due to claims), WellPoint paid $10 million and reinstated 1,770 policy-holders whose plans they had cancelled. They also agreed to provide compensation for any medical debts incurred by these policy-holders in the meantime. However, WellPoint did not officially admit liability. [cite news
url=http://ap.google.com/article/ALeqM5gDBLyPh2QHiIO7azoVYF9Q2TVRSwD9203RSG2
title=2 health insurers to pay $13M to Calif. regulators
publisher=AP/Google
date=2008-07-18
accessdate-2008-07-18]

References

*Wellpoint official website - [http://www.wellpoint.com www.wellpoint.com]
* [http://www.marketwatch.com www.marketwatch.com]
* [http://www.NYJobSource.com www.NYJobSource.com]
*International Directory of Company Histories, Vol. 25. St. James Press, 1999
*Anders, George, "Blue Cross of California Sells Stake in WellPoint Health for $476 Million," Wall Street Journal, January 28, 1993.
*Connolly, Jim, "California Blue Cross Plans to Start For-Profit Sub," National Underwriter Life & Health-Financial Services Edition, September 14, 1992.
* [http://www.wellpointclassaction.com www.WellpointClassAction.com]

External links

*Wellpoint Website - [http://www.wellpoint.com www.wellpoint.com]
*Anthem - [http://www.anthem.com www.anthem.com]
*Blue Cross of California - [http://www.bluecrossca.com www.bluecrossca.com]
*Article about unethical practices of Blue Cross of California - [http://www.latimes.com/business/la-fi-bluecross12feb12,0,4319662.story Los Angeles Times]
*Blue Cross Blue Shield of Georgia - [http://www.bcbsga.com www.bcbsga.com]
*Blue Cross Blue Shield of Missouri - [http://www.bcbsmo.com www.bcbsmo.com]
*Blue Cross Blue Shield of Wisconsin - [http://www.bcbswi.com www.bcbswi.com]
*Empire BlueCross BlueShield - [http://www.empireblue.com www.empireblue.com]
*Lumenos, an unlicensed affiliate company - [http://www.lumenos.com www.lumenos.com]