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Hospital-owned insurance plan to reenter Medicare

The Philadelphia Inquirer, August 22, 2013
Health Partners of Philadelphia Inc., a hospital-owned health-insurance plan that manages Medicaid benefits for 166,300 people in Southeastern Pennsylvania, is applying to reenter the Medicare Advantage market. The nonprofit also will announce Tuesday that it has changed its corporate name to Health Partners Plans to accommodate a broader array of products beyond its current offerings of Medicaid and KidzPartners - for children whose families do not qualify for Medicaid. The move back into Medicare comes six years after Health Partners sold a Medicare business called Senior Partners. The price was not disclosed at the time of the sale in August 2007, but in later filings Health Partners said it distributed $120 million in net proceeds from the sale to its hospital owners.