The Cigna Group Finalizes Sale of Medicare Businesses to HCSC

Story BySaloni Tyagi

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3 months ago

The Cigna Group Finalizes Sale of Medicare Businesses to HCSC

The Cigna Group will continue offering pharmacy benefit services and other solutions to Medicare businesses through Evernorth Health Services under a service agreement with HCSC for a specified period.

The Cigna Group, a global health company, has recently announced the sale of Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D, and CareAllies businesses to Health Care Service Corporation (HCSC).

This divestment aims to streamline The Cigna Group’s portfolio and supports its focus on further innovation for customers.

Following the sale, The Cigna Group will continue offering pharmacy benefit services and other solutions to Medicare businesses through Evernorth Health Services under a service agreement with HCSC for a specified period.

“This transaction is fully aligned with our mission of expanding access to quality health care by adding capabilities and deepening our geographic presence across the United States,” said Maurice Smith, HCSC’s CEO, President, and Vice Chairperson.

According to the company, the transaction does not impact the coverage or services provided to customers, clients, providers, or brokers of the Medicare or CareAllies businesses.

Further, coverage will remain unchanged, ensuring continuity of patient care.

Recently, The Cigna Group announced leadership changes with Brian Evanko becoming President and COO, overseeing all business lines. Ann Dennison is named the CFO, handling financial operations.

Nicole Jones added Enterprise Marketing to her responsibilities, and Eric Palmer, CEO of Evernorth Health Services, departs in April after a 25-year tenure.

The Cigna Group is a global health company with products and services marketed under Cigna Healthcare, Evernorth Health Services or its subsidiaries. The company maintains sales capabilities in more than 30 markets with approximately 182 million customer relationships around the world.

US-based Health Care Service Corporation (HCSC) serves over 26 million individuals nationwide. It offers coverage for businesses of all sizes, individuals, families, as well as Medicare and Medicaid plans. Additionally, HCSC provides pharmacy solutions, life and dental insurance, and health technology services through its affiliates and subsidiaries.