The board of Universal American Corp. has agreed to spend up to $50 million more on buying back the company’s common stock.

Universal American, Rye Brook, N.Y., set aside $50 million for stock repurchases in February.

Universal American now has used up all but $4.5 million of the earlier stock repurchase allocation, the company says.

The market capitalization of Universal American’s common stock is about $833 million.