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February 26, 2020 at 03:36 PM
Essence Healthcare says it has reached an agreement to acquire Medicare Advantage operations from Mutual of Omaha.
Essence Healthcare would end up owning Mutual of Omaha Medicare Advantage Company and Medicare Advantage Company of Omaha.
Resources
- Government reports on Medicare Advantage plan enrollment numbers are available here.
- An article about the early years of Essence and Lumeris is available here.
The two Mutual of Omaha Medicare Advantage subsidiaries are offering Medicare Advantage plans in Cincinnati; Dallas; Denver; El Paso, Texas; and San Antonio.
The deal would not affect Mutual of Omaha’s other businesses, such as its Medicare supplement insurance business or its Medicare Part D prescription drug plan business.
The companies are not saying how much Essence Healthcare is paying for the Medicare Advantage plan business.
They hope to complete the deal by the middle of this year, according to Essence Healthcare.
Representatives from Mutual of Omaha were not immediately available to comment on the deal announcement.
The Companies
Essence Healthcare is the St. Louis-based sister company of Lumeris.
Essence Healthcare was founded in 2004. It now runs Medicare Advantage plans that provide coverage for about 64,000 people in Missouri and Illinois.
Lumeris manages health plans. It also offers systems and services that help health care providers assume care-related financial risk, rather than depending on insurers and public health programs to absorb all of the risk.
