WellCare Announces Resolution to Government Investigation

"We are pleased to have reached this resolution," said Heath Schiesser, president and chief executive officer of WellCare. "Over the past year, the Company has developed a comprehensive compliance program that will provide a solid foundation for WellCare's future. It is an honor and a privilege to serve our country's Medicare and Medicaid population, and we remain committed to offering valuable health plan options that provide quality care for our members while easing the financial burden on the government programs we serve."

Charles G. Berg, Executive Chairman of WellCare, added, "The Company has cooperated fully in these matters and the Board of Directors is very pleased that they have been resolved. Compliance with all of the laws and regulations governing WellCare's business is a top priority, not only for our senior leadership team, but for all of our associates."

The DPA requires WellCare to retain an independent Monitor, selected by the United States Attorney's Office, for a period of 18 months. The term of the DPA is 36 months, but after a period of 18 months, the United States Attorney's Office may agree to reduce it to 24 months.

Under the DPA, WellCare will pay a total of $80 million; $35.2 million of that amount was paid by the Company in August 2008. WellCare will pay $25 million within five business days of the entry of the DPA and the remaining $19.8 million no later than December 31, 2009.

In entering into the DPA, among other things, WellCare affirmed its commitment to exemplary corporate citizenship and the highest principles of professionalism. The DPA and related materials will be posted on the Company's website at www.wellcare.com in the Investor Relations section.

WellCare is cooperating fully and engaged in resolution discussions with the Civil Division of the United States Department of Justice, the Office of Inspector General of the U.S. Department of Health and Human Services (OIG), and the U.S. Securities and Exchange Commission.

About WellCare Health Plans, Inc.

WellCare Health Plans, Inc. provides managed care services exclusively for government-sponsored healthcare programs, focusing on Medicaid and Medicare. Headquartered in Tampa, Florida, WellCare offers a variety of health plans for families, children, the aged, blind and disabled and prescription drug plans, serving approximately 2.5 million members nationwide as of March 31, 2009. For more information about WellCare, please visit the Company's website at www.wellcare.com.

Cautionary Statement Regarding Forward-Looking Statements

Except for the historical information contained herein, the matters set forth in this release, including statements related to the resolution of previously disclosed investigations by the USAO and the Florida Attorney General's Office described in this release, including the terms of the Deferred Prosecution Agreement and the ongoing resolution discussions as to matters under review with the Civil Division, the OIG and the SEC, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including that the USAO will seek dismissal with prejudice of the Information within five (5) days of the expiration of the DPA, that the term of the DPA will not be reduced by the USAO, that compliance with the terms of the DPA will be costly and divert the attention of management away from the operation of our business and other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2008 and other documents subsequently filed with or furnished to the SEC. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this release.

SOURCE: WellCare Health Plans, Inc.

WellCare Health Plans, Inc. 
Investor relations: 
Gregg Haddad, 813-865-1284 
gregg.haddad@wellcare.com 
or 
Media relations: 
Amy Knapp, 813-290-6208 
amy.knapp@wellcare.com