Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Defined Benefits Combo Cash Balance Consultant

Loren D. Stark Company (LDSCO)
(Telecommute)

Loren D. Stark Company (LDSCO) logo

401(k) Client Support Specialist

401K Generation
(Altamonte Springs FL)

401K Generation logo

Retirement Plan Consultant

Cetera Retirement Plan Specialists
(Telecommute)

Cetera Retirement Plan Specialists logo

Plan Compliance Analyst

Retirement Planners & Administrators
(Telecommute / Falls Church VA)

Retirement Planners & Administrators logo

Retirement Plan Consultant

DWC - The 401(k) Experts
(Telecommute)

DWC - The 401(k) Experts logo

Retirement Plan Consultant

Definiti
(Telecommute / Dallas TX / University Place WA / The Woodlands TX)

Definiti logo

Defined Contribution Plan Administrator

The MandMarblestone Group, llc
(Telecommute / Philadelphia PA)

The MandMarblestone Group, llc logo

Director of Business Development

ERISA Pros, LLC
(Atlanta GA)

ERISA Pros, LLC logo

Plan Administrator

BlueStar Retirement Services, INC.
(Telecommute / Jacksonville FL)

BlueStar Retirement Services, INC. logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

By Date   |   By Company Name


View More Press Releases by Centene

Press release:

Centene and CVS Health Announce Agreement for CVS Health to Acquire IlliniCare Health

Issued by: Centene

Date: Dec. 2, 2019

ST. LOUIS, Dec. 2, 2019 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene") and CVS Health (NYSE: CVS) announced today that, in connection with the previously announced merger agreement between Centene and WellCare Health Plans, Inc. (NYSE: WCG), Centene has entered into a definitive agreement under which CVS Health will acquire Centene's Illinois health plan subsidiary, IlliniCare Health Plan, Inc. ("IlliniCare"). The transaction entails the sale of Centene's Medicaid and Medicare Advantage lines of business in Illinois.

Centene will retain IlliniCare's Medicare-Medicaid Alignment Initiative ("MMAI") business and IlliniCare's statewide YouthCare foster care contract, set to commence in February 2020. Centene's Ambetter business in Illinois is not affected. The companies are committed to ensuring that there is a smooth transition for members.

"We are continuing to make progress towards completing our transaction with WellCare and the divestiture of our IlliniCare Health plan is the next step in that process," said Michael F. Neidorff, Centene's Chairman, President and Chief Executive Officer. "Our employees in Illinois have done an exceptional job serving our communities in the state. We are pleased to enter this agreement with CVS Health, under which these employees can continue helping members achieve better health outcomes while delivering benefits to providers. We will work closely with CVS Health to ensure a smooth transition of this business for members, employees and providers."

"Expanding our Medicaid and Medicare Advantage presence in Illinois will allow us to serve more members with our proven holistic approach that addresses physical, behavioral and social determinants of care," said Karen S. Lynch, Executive Vice President, CVS Health and President, Aetna. "We look forward to working with Centene on a seamless transition and developing a deeper relationship with the state and local providers."

The closing of the transaction with CVS Health is subject to U.S. federal antitrust clearance, receipt of Illinois state regulatory approvals and other customary closing conditions, as well as the closing of the Centene – WellCare transaction.

As previously announced on March 27, 2019, Centene and WellCare agreed to combine in a transaction that will create a premier healthcare enterprise focused on government-sponsored healthcare programs and a leader in Medicaid, Medicare and the Health Insurance Marketplace. The combination has received approvals from insurance and health care departments from 26 states. Completion of the Centene – WellCare transaction remains subject to clearance under the Hart-Scott-Rodino Act, receipt of required state regulatory approvals and other customary closing conditions.

Centene and WellCare continue to expect that the Centene – WellCare transaction will be completed by the first half of 2020.

The financial terms of this transaction will not be disclosed and the impact to CVS Health earnings once closed is expected to be immaterial.

Additional information about the Centene – WellCare transaction can be found at centene-wellcare.com.

View More Press Releases by Centene


This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2020 BenefitsLink.com, Inc.