Principal Financial Group Selects MagnaCare to Expand Network Coverage in New York and New Jersey
Oct. 5, 2006 (Des Moines, Iowa) — The Principal Financial Group®, the nation's premier provider of employee benefits, announces a new business relationship with MagnaCare to bring greater health network coverage to customers in New York and New Jersey. The agreement expands current coverage to give self-funded health customers access to a broad network of physicians and specialists in their area.
"The agreement with MagnaCare emphasizes our commitment to growing our health and wellness business in the states of New York and New Jersey. As part of this relationship, we now offer a large provider network, bringing greater access and localized service to members in this area," said Rusty Fowler regional strategy officer for the National Accounts Division of The Principal Financial Group. "Working with MagnaCare allows us to round out a fully integrated approach to health care that brings a broad range of product offerings together with a comprehensive network and significant provider discounts."
MagnaCare is available to self-funded customers of The Principal® who also have access to a variety of services including disease management, high deductible health plans and health savings accounts as well as wellness programs including worksite employee screenings.
Joseph Berardo, Jr., president of MagnaCare says, "We're pleased to welcome members of the Principal Financial Group to the MagnaCare statewide network in New York and New Jersey. Working with The Principal we're able to bring a high level of administrative and clinical services to customers, members and network partners, which will be well received in the marketplace."
About MagnaCare
MagnaCare is a leading Health Plan Management Company operating statewide in New York and New Jersey offering access to high quality, cost effective medical providers and hospitals, currently serving over 600,000 members in a wide variety of programs. MagnaCare is a privately held company.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $206 billion in assets under management2 and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products and services issued by Principal Life Insurance Company
1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of June 30, 2006.
