STAT January 31, 2024
Cigna is officially exiting the Medicare business, agreeing to sell all of its Medicare insurance plans to Health Care Service Corp., a large Blue Cross Blue Shield insurer, for $3.3 billion.
The deal includes Cigna’s 600,000 Medicare Advantage plan members, as well as all Medicare beneficiaries who have a Medicare prescription drug plan and Medigap plan through Cigna.
The sale marks the end of a tumultuous run for Cigna’s troubled business that insured older adults and people with disabilities. The health insurance giant primarily derives its revenue from selling health insurance and administrative services to employers, especially large ones, as well as its pharmacy benefit manager. But in 2012, it bought HealthSpring, a large Medicare Advantage plan, for $3.8 billion...
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