Florida's Medicaid program has altered some rates within its managed-care contract with WellCare Health Plans, which WellCare said will likely decrease its Florida program revenue by about 4%. However, the publicly traded insurer said the rate adjustments will have little effect on its Florida Medicaid profit margins.
WellCare disclosed the amended contract Thursday to the Securities and Exchange Commission. WellCare, headquartered in Tampa, Fla., has a five-year managed-care contract to cover 962,000 beneficiaries in Florida's expanded Medicaid Managed Medical Assistance Program. The agreement, which expires at the end of 2018, pays WellCare a maximum of $11.8 billion.