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NEW YORK — The Cigna Group will sell its Medicare business to another insurer, Health Care Service Corp., for about $3.7 billion.
Cigna said Wednesday the deal includes its Medicare Advantage insurance, a supplemental benefits business and Medicare prescription drug coverage. Medicare Advantage plans are privately run versions of the government’s Medicare program mostly for people ages 65 and older.
Cigna CEO David Cordani said in a statement that his company still sees Medicare as an attractive market, but that business required a focus and resources that were “disproportionate to their size” within the company’s portfolio.
Cigna’s Medicare business has 3.6 million customers, spokeswoman Justine Sessions said. That includes 2.5 million people with Part D prescription drug coverage, nearly 600,000 people with Medicare Advantage and more than 450,000 with Medicare Supplement plans.
