RYE BROOK, N.Y.--(BUSINESS WIRE)--March 23, 2005--Universal American Financial Corp. (“Universal American”) (NASDAQ:UHCO) and PharmaCare Management Services, Inc. (“PharmaCare”), CVS Corporation’s (NYSE:CVS) pharmacy benefit management company, announced today that they have established a strategic alliance to offer Medicare Part D Prescription Drug Benefit Plans (“PDPs”). Universal American’s insurance subsidiaries have filed applications with the Centers for Medicare and Medicaid Services (“CMS”) to become a PDP sponsor in a minimum of 21 regions encompassing 29 states. PharmaCare, a leading pharmacy benefit manager, will provide comprehensive pharmacy benefit management services to the Universal American companies in these regions. The products will be sold by the Universal American field force which consists of approximately 2,000 career agents who work through the Universal American Senior Solutions(R) program, as well as approximately 29,000 independent agents who specialize in the sale of Medicare supplement products. As part of the strategic alliance, CVS will assist in marketing the products through its 5,400 CVS/pharmacy stores, subject to the CMS guidelines.
