SALT LAKE CITY, July 15, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced a program to provide financial assistance to underinsured patients. Beginning July 22, Myriad will offer financial assistance to reduce qualified underinsured patients' out-of-pocket cost to no more than $375. To be eligible, patients must have private insurance, meet their insurance's coverage criteria for testing, and meet low income requirements (household incomes up to 200 percent of the Federal poverty level). This expansion of Myriad's financial assistance program to underinsured patients complements the free testing Myriad currently offers for low income uninsured patients.
"We recognize that a large number of Americans are underinsured and have many expenses that raise their healthcare costs," said Peter D. Meldrum, president and CEO of Myriad. "We want to ensure that those with the greatest financial need have access to our diagnostic tests and this new component of our financial assistance program will make that possible. A lack of financial resources should not be an impediment to quality healthcare."
According to the Commonwealth Fund's 2012 Biennial Health Insurance Survey, an estimated 30 million Americans are underinsured. In 2012, 80 million skipped needed health care -- including doctor's visits and prescriptions -- in the past year due to cost.The expanded financial assistance program covers all of Myriad's diagnostic tests and builds upon the two existing programs that the company already has in place:
- For uninsured patients who meet medical society guidelines and whose household incomes fall below 200 percent of the Federal poverty level, diagnostic testing is available at no charge.
- For all patients, interest-free tailored payment plans are available to accommodate specific financial situations.