Health Net Inc. has agreed to buy the health plan assets of Universal Care Inc. for a price that was not disclosed.
Health Net, Los Angeles, provides health coverage for 700,000 Medicaid and family health program members in California and a total of 6.4 million people throughout the United States.
Universal Care, Long Beach, Calif., provides health care and also runs a health plan that provides health coverage for 5,000 Medicare beneficiaries, 40,000 members of Medicaid and family health programs, and 75,000 commercial health plan members.
Universal Care will continue to provide health care for members of Health Net plans and other managed care plans after the deal is completed, and it will continue to run a highly regarded program for Medicare members who suffer from serious, persistent illness, Health Net says.
Health Net and Universal Care hope to complete their deal by June 30.