Pacificare Health Systems

Health insurance company.

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Headquarters:
5995 Plaza Drive
Cypress, CA 90630
Employees: 7,500
CEO: Howard Phanstiel
Stock Symbol: PHS

Website: http://www.pacificare.com

Career Site

PacifiCare Health Systems is one of the nation's largest consumer health organizations with more than 3 million health plan members and approximately 9 million specialty plan members nationwide. It serves primarily the Western United States. PacifiCare offers individuals, employers and Medicare beneficiaries a variety of consumer-driven health care and life insurance products.

PacifiCare's specialty operations include behavioral health, dental and vision, and complete pharmacy and medical management through its wholly owned subsidiary, Prescription Solutions.

Pacificare announced it would merge with UnitedHealth Group, one of the nation's largest health firms, in a deal worth about $6 billion.

In 2004, the company had revenues of $12.2 billion and net income of $303.1 million.

Benefits

Incentive plans are offered to employees in certain management and sales positions. The company may also pay cash bonuses based upon its profitability. Profit sharing results are evaluated annually after the close of the year and cash bonuses are typically paid to eligible employees in the spring.

The company also offers an employee stock purchase plan. Eligible employees can buy shares of PacifiCare stock at a discounted rate. Shares are paid for through payroll deductions and purchased every six months.

Medical Coverage: PacifiCare offers a choice of medical plans in most locations. Specific options depend on which plans are available where employees live or work and may include the PacifiCare SignatureValueSM (HMO) plan, PacifiCare SignatureOptionsSM (Catastrophic PPO) plan, and PacifiCare SignatureFreedomsSM (SDHP) plan. Coverage for vision, prescription drugs, mental health and chiropractic care is provided in all medical plan options.

Dental Coverage: PacifiCare offers a choice of dental plans in most locations. Options may include an indemnity plan or PPO dental plan and a prepaid dental plan.

401(k) plan

Employee Contributions: Employees can contribute from 1% to 50% of eligible pay on a pre-tax basis up to the IRS limits.
Matching Contributions: PacifiCare contributes one dollar for every dollar employees contribute between 1% and 6% of eligible pay.
Vesting:  All contributions are 100% vested.
Investment Education/Financial Planning: Employees have access to qualified financial planners who can help them understand the 401(k) Plan and investment options as well as give advice on other financial matters. The service is free to employees and available through a toll-free phone line.

Paid Time Off: Regular employees below grade X-14, who are scheduled to work at least 20 hours per week are eligible to receive paid time off. Employees earn paid time off based on years of service and number of hours worked. Full-time employees accrue 120 hours the first year, 160 hours for years 2-4, 200 hours for years 5-9 and 240 hours for 10 or more years.
Holidays: PacifiCare grants ten paid holidays per calendar year to eligible employees.

Updated August 31, 2005

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