Health Net Acquires Universal Care Health Plans
Woodland Hills-based Health Net on Monday announced that it has completed the acquisition of Universal Care's health plan assets, which will add more than 100,000 new members to its rolls, the Los Angeles Daily News reports (Hopkins, Los Angeles Daily News, 4/4). Terms of the deal were not disclosed.
Health Net officials said the acquisition added 17,000 Medi-Cal and Healthy Families beneficiaries to the current 692,000 beneficiaries for which the insurer currently administers benefits. The deal also added 8,000 Medicare Advantage beneficiaries and 86,000 commercial members to the company's membership, officials said (Leitch, Dow Jones, 4/4).
The Department of Managed Health Care approved the deal under the condition that commercial members' health insurance plan benefits would not be changed for at least 18 months.
Health Net said that it expects to fully integrate new members into its plans within the next three months but that most members will not see any differences in coverage (Los Angeles Daily News, 4/4).