Cigna explores selling Medicare Advantage business

November 7, 2023- Cigna Group is considering the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older. The business decision would reverse the insurer’s expansion in the sector.

Cigna began involvement in the Medicare Advantage business with its $3.8 billion acquisition of HealthSpring in 2011. The U.S. government is currently revising and changing policies on reimbursing health insurers for their services. Cigna is currently working with an investment bank to evaluate options for its Medicare Advantage business, according to Reuters. The discussions and plans are ongoing, and Cigna may decide to keep the business, but selling may gain the company billions of dollars in potential investment.

Cigna’s Medicare Advantage business generated 4.4% of the company’s $179.4 billion in revenue from external customers in 2022. Those eligible must already be covered by Medicare.

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