Elevance Health closed its acquisition of Indiana University Health Plans, adding to its growing … [+]
Elevance Health closed its acquisition of Indiana University Health Plans, adding to its growing portfolio of Anthem Blue Cross and Blue Shield operations.
The company Tuesday said IU Health is “known for its local brand awareness, community involvement, high-touch customer service, and extensive product offerings.” Financial terms of the deal weren’t disclosed.
The bulk of the IU Health Plans business is in the company’s Medicare Advantage plans with 19,000 seniors in 36 Indiana counties enrolled. Another 9,600 health plan members are in “fully-insured commercial plans for employers,” Elevance health said.
Elevance Health operates an array of health insurance plans including Anthem brand Blue Cross and Blue Shield operations in 14 states, including Indiana where the company’s headquarters sits in Indianapolis.
IU Health is primarily an operator of hospitals and other healthcare providers that is exiting the business of running an insurance company like many other hospital systems have already done across the country.
With more than half of the nation’s eligible seniors enrolled in Medicare Advantage plans, competition has been fierce offering seniors more lucrative benefits and more choices while insurers navigate new rules and regulations from the federal government amid complaints from seniors and some in Congress.
Medicare Advantage plans contract with the federal government to provide traditional coverage available in traditional Medicare plus extra benefits and services to seniors, such as disease management and nurse help hotlines with some also offering vision, dental care and wellness programs.
But health insurers that own Medicare Advantage plans have been subject to more rigorous ratings from the Centers for Medicare & Medicaid Services. Elevance Health Tuesday indicated IU Health Plans has high scores for its businesses.
“It has continued to earn high-quality scores in its operating region and is committed to community health, well-being and high-quality care for each of its members,” Elevance Health said Tuesday of IU Health. “The acquisition of IU Health Plans supports Anthem Blue Cross and Blue Shield parent company’s whole-health strategy and will continue to support members, families, and communities across the entire care journey – connecting them to the care, support, and resources they need to lead healthier lives.”
