Becker's Healthcare January 31, 2024
The Cigna Group reached a deal to sell its Medicare business to Health Care Service Corp. for $3.3 billion.
According to a Jan. 31 news release from Cigna, the sale includes Cigna’s Medicare Advantage, supplemental benefits, Medicare Part D offerings, and CareAllies, a value-based care management subsidiary.
The deal will free up $400 million in financial reserves for Cigna, making the total value of the deal $3.7 billion, The Wall Street Journal reported.
The sale will nearly quadruple HCSC’s Medicare Advantage membership, according to data from Baltimore Health Analytics. HCSC — which operates Blue Cross Blue Shield affiliates in Illinois, Texas, New Mexico, Oklahoma and Montana — had 217,623 Medicare Advantage members in January 2024.
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