Forbes January 31, 2024
The Cigna Group is selling its Medicare health benefits businesses and a medical care provider services operation for $3.3 billion to Health Care Service Corp., the parent of five Blue Cross and Blue Shield plans.
Terms of the deal call for Health Care Service to acquire Cigna’s Medicare Advantage plans, Cigna supplemental benefits, Medicare Part D drug benefits and CareAllies, a business that helps medical care providers with various administrative services and contracting. Health Care Service operates Blue Cross and Blue Shield health insurance plans in Illinois, Texas, Oklahoma and New Mexico, with more than 18 million health plan enrollees across the country, and is looking to expand its Medicare Advantage product offerings to a bigger geographic market.
But neither...
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