On Sept. 11, Insurance Commissioner Michael Yaworsky signed a consent order approving the indirect acquisition of Cigna’s HealthSpring of Florida by HCSC, the parent company of five Blue Cross Blue Shield plans.
The Cigna Group reached a deal in January to sell its Medicare business to HCSC for $3.3 billion. The pending sale includes Cigna’s Medicare Advantage, supplemental benefits, Medicare Part D offerings, and CareAllies, a value-based care management subsidiary.
The deal will nearly quadruple HCSC’s Medicare Advantage membership. In January 2024, HCSC had 217,623 Medicare Advantage members. Cigna has 596,977 Medicare Advantage members, a small share of its 19 million insurance members. The company also has 450,000 Medicare supplement members and 2.5 million in Part D plans.
