EXHIBIT 99

For Further Information:

Investor Contact:          Gary Frazier/Deborah Abraham
                           (203) 459-7331/(203) 459-6674

Media Contact:             Maria Gordon-Shydlo
                           (203) 459-7674

FOR IMMEDIATE RELEASE

                            OXFORD HEALTH PLANS, INC.
                    PRE-ANNOUNCES THIRD QUARTER 2002 RESULTS

    PRE-TAX CHARGE OF $151.3 MILLION RELATED TO 1997 SECURITIES CLASS ACTION
   LAWSUITS EXPECTED EPS OF $1.24 PER DILUTED SHARE BEFORE LITIGATION CHARGE


         TRUMBULL, CONNECTICUT, OCTOBER 22, 2002 Oxford Health Plans, Inc.
(NYSE: OHP) announced today that its results for the third quarter ended
September 30, 2002 will include a $151.3 million non-cash pretax charge, or
$0.98 per diluted share after tax, related to securities class action lawsuits
brought in 1997 following the October 27, 1997 decline in the price of the
Company's common stock. As a result of this charge, the Company expects to
report net income of approximately $0.26 per diluted share for the quarter.
Excluding the effect of the litigation charge, net income for the quarter ended
September 30, 2002 is expected to be $1.24 per diluted common share, compared to
$0.85 per diluted common share, for the same period last year. Expected third
quarter earnings for 2002 also include the benefit of approximately $0.20 per
share resulting from changes in estimates of prior period reserves related to
medical claims and NY market stabilization pools for 1999 and 2001. The Company
expects to report cash flow from operations of over $115 million for the quarter
and parent company cash balances of approximately $242 million at September 30,
2002.

         The securities class actions continue toward a trial. However, in view
of the inherent risks and uncertainties of litigation and in anticipation of a
settlement conference to be held in November 2002, the Company has communicated
to the plaintiffs and the insurance carriers its willingness to pay $161.3
million. This offer reflects the full amount of the current retention under the
insurance carriers' interpretation of the $200 million Excess Insurance policies
that the Company purchased in 1999. As a result, the Company will record a
liability and pre-tax charge of $151.3 million against earnings in the third
quarter of 2002. This $151.3 million charge represents the Company's settlement
offer, less $10 million that the Company estimates would be available and
collectible under its primary Directors and Officers insurance. At the present
time, no total settlement amount potentially payable by the Company beyond the
$161.3 million can be reasonably estimated. "We do not believe that future
funding of the Company's current offer would have a significant impact on our
capital needs or existing share repurchase program," said Kurt B. Thompson,
Chief Financial Officer.

         If a settlement is not reached, or if the Court does not approve any
such settlement, the securities class actions would continue to proceed to
trial. The Company, in the opinion of management with the advice of external
counsel, has substantial defenses to plaintiffs' claims and may ultimately
prevail at trial. Therefore, at the present time, no amount or range of loss
from an unfavorable judgment can be reasonably estimated. Accordingly, the
Company has not recorded a net liability for a potential unfavorable judgment
or settlement in excess of $151.3 million. There can be no assurance as to
the ultimate result in this litigation. A more detailed description of these
matters is contained in the Company's report on Form 8-K filed with the
Securities and Exchange Commission.

         A review of the complete results for the third quarter and management's
outlook for the remainder of 2002, together with preliminary views on 2003, will
take place during the Company's previously scheduled third quarter earnings call
on October 29 at 10 a.m.

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         Founded in 1984, Oxford Health Plans, Inc. provides health plans to
employers and individuals primarily in New York, New Jersey and Connecticut,
through its direct sales force, independent insurance agents and brokers.
Oxford's services include traditional health maintenance organizations,
point-of-service plans, third party administration of employer-funded benefits
plans and Medicare plans.

            CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

         Certain statements in this press release, including statements
concerning the Company's estimated results for the quarter ended September 30,
2002, estimated current and future potential securities class action litigation
settlement charges, the outcome of the securities class actions, future capital
needs, share repurchase program and other statements contained herein regarding
matters that are not historical facts, are forward-looking statements as defined
in the Securities Exchange Act of 1934; and because such statements involve
risks and uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not limited to:

-        Changes in Federal or State regulation relating to health care and
         health benefit plans, including proposed patient protection legislation
         and mandated benefits.

-        The state of the economy.

-        The impact of the September 11, 2001 terrorist attacks, subsequent
         cases of anthrax infection or exposure, and any future acts of
         terrorism or war.

-        Rising medical costs or higher utilization of medical services,
         including higher out-of-network utilization under point-of-service
         plans and new drugs and technologies.

-        Competitive pressure on the pricing of the Company's products,
         including acceptance of premium rate increases by the Company's
         commercial groups.

-        Higher than expected administrative costs in operating the Company's
         business and the cost and impact on service of changing technologies.

-        The ability of the Company to maintain risk transfer, risk sharing,
         incentive and other provider arrangements and the resolution of
         existing and future disputes over the reconciliations and performance
         under such arrangements.

-        Any changes in the Company's estimates of its medical costs and
         expected cost trends.

-        The impact of future developments in various litigation (including
         pending class and derivative actions filed against the Company and
         certain of its officers and directors, and other proceedings commenced
         against the Company and several employees by certain healthcare
         providers), class actions in Connecticut, New Jersey and New York and
         related litigation by the Connecticut Attorney General, regulatory
         proceedings and other governmental action (including the ongoing
         examination, investigation and review of the Company by various Federal
         and State authorities).

-        The Company's ability to renew existing members and attract new
         members.

-        The Company's ability to develop processes and systems to support its
         operations and any future growth and administer new health care benefit
         designs.

-        Those factors included in the discussion under the caption "Cautionary
         Statement Regarding Forward-Looking Statements" in Part I, Item 1, of
         the Company's Annual Report on Form 10-K for the fiscal year ended
         December 31, 2001 and Part I, Item 2, of the Company's Quarterly
         Reports on Form 10-Q for the periods ended March 31, 2002 and June 30,
         2002.

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