Coventry Health Care
Headquarters:
6705 Rockledge Drive, Suite 900
Bethesda, MD 20817
Employees: 13,000
CEO: Dale Wolf
Stock Symbol: CVH
Website:
http://www.cvty.com
Career Site
Coventry Health Care is a national managed
health care company operating health plans, insurance companies,
network rental / managed care services companies, and workers'
compensation services companies.
Coventry provides a full range of risk
and fee-based managed care products and services, including HMO,
PPO, POS, Medicare Advantage, Medicare Prescription Drug Plans,
Medicaid, Workers' Compensation and Network Rental to a broad
cross section of employer and government-funded groups in Delaware,
Georgia, Iowa, Illinois, Kansas, Louisiana, Maryland, Missouri,
Nebraska, North Carolina, Ohio, Pennsylvania, Virginia, and West
Virginia.
The company had more than 4 million members
at the end of 2006. Over 4,700 hospitals participate with Coventry
encompassing 580,000 healthcare professionals.
In 2006, total revenues were $7.7 billion
and net income was $560 million.
Coventry was established in 1986 as a provider
of managed health care services.
Benefits
Medical
Regular employees working at least
20 hours per week are eligible for medical insurance, effective
on their first day of employment.
You will have a choice of medical plans.
Depending upon the CHC location where your office is located,
you may be offered one or more of the following types of medical
plans.
- HMO - The HMO plan is a managed care
plan that provides access to a network of physicians, hospitals
and other providers.
- EPO - The EPO plan is a managed care plan that provides access
to a network of physicians, hospitals and other providers.
- Point-of-Service (POS) The POS offers all the cost-effective
benefits of the managed care plans (HMO/EPO), plus the ability
to choose providers and hospitals outside the plan's network.
Your portion of the cost of medical care will be greater if you
choose service outside the network.
Coverage: Hospital, major medical, diagnostic and prescription
benefits are covered by all plans listed above.
Cost share: CHC and you share in the cost
of the premiums.
Dental
Regular employees working at least
20 hours per week are eligible for dental insurance, effective
on their first day of employment. Depending upon the CHC location
where your office is located, you may be offered the choice of
a managed dental plan or a preferred provider organization plan.
Cost share: CHC and you share in the cost
of the premiums.
Vision
A fully insured vision plan with
Vision Service Plan (VSP) is available to benefit-eligible employees
at all CHC locations, effective on their first day of employment.
Pre-tax benefits
All employee paid premiums for
the Medical, Dental and Vision Plans can be paid on a pre-tax
basis.
Flexible Spending Accounts
Regular employees working at least
20 hours per week are eligible to participate in the flexible
spending accounts effective on their first day of employment.
The Health Care and Dependent Care Spending Accounts provide
for reimbursement of predictable expenses (within IRS guidelines)
using pre-tax dollars.
Vacation
Vacation time begins to accrue
as of the first day of employment for all eligible employees.
Exempt - Vacation of up to three weeks
during your first calendar year of employment (depending upon
your date of hire) is provided for Exempt employees.
Nonexempt - Vacation of up to two weeks
during your first calendar year of employment (depending upon
your date of hire) is available for Nonexempt employees.
The longer you work at CHC, the more days
you accrue per month. Your benefits package will give a detailed
schedule.
Floating holidays
Up to two days of paid floating
holidays during your first calendar year of employment (depending
upon the month of your hire) is provided for both Exempt and
Nonexempt employees.
Holidays
Eight paid holidays per year are
granted to all CHC employees eligible for benefits.
Sick time
Eligible full-time employees* accrue
seven sick days per year, regardless of length of service. Eligible
part-time employees* accrue five sick days per year, regardless
of length of service.
*Regular employees working 40 hours per
week or more are classified as full-time. Regular employees working
20 hours per week or more are eligible for vacation in pro-rated
equivalents.
Basic Life Insurance
The following life and accident
insurance coverages (100% paid by CHC) are provided to eligible
employees effective on their first day of employment:
- Basic life insurance of one and one-half times earnings.
- Basic AD&D insurance of one and one-half times earnings.
- Business Travel Accident of four times earnings.
Supplemental Insurance coverage
All employees eligible for basic life and accident coverage
are given the opportunity to purchase additional coverage for
themselves and eligible dependents, including:
- Supplemental life insurance up to three times earnings.
- Dependent life insurance options are available.
- Supplemental AD&D of up to five times earnings.
Retirement Plan: All CHC employees are
eligible to participate in the 401(k) Plan effective with first
day of employment. Here's how it works:
- Employee contributions - Employees can contribute, on
a pre-tax basis, up to 15% of eligible pay each pay period.
- Matching contribution - CHC will match 100% of the first
3% of eligible pay; followed by 50% of the next 3% of pay. The
maximum match is 4.5% of eligible pay. Matching contributions
are made each pay period.
- Investment options - Participants can select between
20 funds, ranging from conservative to aggressive growth funds.
Investment changes are allowed daily.
- Loans and rollovers Participants have the ability
to take loans within plan guidelines (based on IRS rules for
qualified retirement plans). Additionally, employees can transfer
(roll over) funds from another employer's qualified savings or
pension plan to the 401(k) Plan.
- Information access Participants can facilitate
any investment transfer requests, gather information and monitor
account balance data via a website that is available around the
clock. An automated phone system and member service counselors
are also available to provide any plan information or to process
transactions.
- Vesting - Participants vest according to the following
schedule: Less than one year -- 0%, One year -- 50%, Two years
-- 100%
Updated October 10, 2007
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