This week we are reading about ManhattanLife acquiring Standard Life and Casualty, the potential to see Medicare Advantage payments drop in 2021, the top 10 Medicare Advantage plans, and GoHealth filing to go public.
ManhattanLife to Acquire Standard Life and Casualty Insurance Company | InsuranceNewsNet | June 23, 2020
David Harris, CEO of ManhattanLife, announced t the acquisition of Standard Life and Casualty Insurance Company, expanding the company’s growing national footprint and complementing their already robust product offerings.
Incorporated in 1946, Standard Life and Casualty offers a diverse portfolio of high-quality products, including Specialty Life, Health, Accident and Disability. Standard Life has been owned and managed by John Piercey, his son Brad Piercey and the Piercey family for more than 41 years. John is Chairman and Brad is CEO and President. Brad Piercey will continue in his role as President.
“This acquisition significantly broadens our multi-channel product platform and allows us access into markets that we’ve been eager to enter,” Harris said. “Further, we have had a decade-long presence in the Senior Market and this partnership greatly enhances our product portfolio in that space.”
Medicare Advantage plans could see payments drop in 2021 due to COVID-19, analysis finds | Healthcare Dive | June 23, 2020
The COVID-19 outbreak appears to have impacted claims patterns for Medicare Advantage enrollees, according to a new analysis by Avalere Health. Even though seniors are historically the most vulnerable population health-wise, their claims were down dramatically during the month of April.
The survey suggests it could impact risk score factors for MA plans in 2021, driving them down by at least several percentage points. As a result, some MA health plans could wind up getting paid less for their enrollees than projected in 2021, which could impact their overall profitability as well as their medical loss ratios.
10 top Medicare Advantage plans, ranked by members | Becker’s | June 18, 2020
Highmark replaced Kaiser Foundation Health Plan as the Medicare Advantage plan members are most satisfied with, according to the J.D. Power 2020 Medicare Advantage Study.
Kaiser has held the No. 1 spot for the past five years. J.D. Power’s 2020 study is based on responses from 3,314 Medicare Advantage plan members across the nation. Responses were fielded from January through March 2020, and members answered questions related to six categories in order of importance: coverage and benefits, provider choice, cost, customer service, information and communication, and billing and payment.
How 10 major Medicare Advantage plans ranked:
1. Highmark
2. Kaiser Foundation Health Plan
3. Humana
4. UnitedHealthcare
Health insurance marketplace GoHealth files to go public | Fierce Healthcare | June 19, 2020
GoHealth, an online health insurance marketplace, is looking to raise up to $100 million in an initial public offering, according to a filing with the U.S. Securities and Exchange Commission (SEC) Friday.
The Chicago company, launched in 2001, said its stock will trade on the Nasdaq Global Market under the symbol “GHTH,” according to an S-1 filing.
The company didn’t list specific share price or the number of shares it’s selling in the filing.