Leading health insurer Anthem is all set to expand its members base with the acquisition of InnovaCare’s subsidiaries in Puerto Rico. While the company has not made public how much it cost to buy Medicaid and Medicare Advantage health plans, the deal will add over 305,000 Medicaid and over 267,000 Medicare Advantage members. The acquisition of MMM is projected to complete by the second quarter of 2021, said Anthem, adding that MMM is Puerto Rico’s second-largest Medicaid plan and ninth-largest Medicare Advantage plan.
- Anthem, which provides Blue Cross and Blue Shield health plans across 14 states, has been focussing on strengthening its successful government health insurance businesses.
- Gail Boudreaux, Anthem president and chief executive, said: “We are pleased to expand Anthem’s commitment to serve Medicare and Medicaid-eligible individuals and consumers to Puerto Rico… We remain focused on providing services that drive greater value while giving members access to care and services that meet their diverse needs, enhance their experience, and help them lead healthier lives.”
- The popularity of Medicare Advantage among seniors has attracted Anthem to such coverage plans. Despite a cut-throat competition, Medicare Advantage has seen a considerable growth. This assumes significance given a record number of health plans are participating in a program that offers seniors the same benefits as traditional Medicare plus extras.
- With new rules allowing Medicare Advantage to offer more benefits to seniors, insurers are selling one of their richest benefit packages for Medicare Advantage. MA plans may soon offer more services to seniors, including disease management, nurse help hotlines, vision-dental care and wellness programs.