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Clover Health Announces Planned Medicare Advantage Expansion for 2023
FRANKLIN, Tenn., July 14, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"FRANKLIN, Tenn., July 14, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement company committed to improving health equity for seniors, today announced its intent to offer Medicare Advantage (“MA”) plans in 13 new counties across Georgia, South Carolina, and Tennessee. Subject to approval from the Centers for Medicare and Medicaid Services (“CMS”), individuals eligible for Medicare in these new counties will be able to sign up for Clover’s MA plans during the MA Annual Enrollment Period (“AEP”), which runs from October 15 to December 7, with coverage starting on January 1, 2023. Clover currently offers its MA plans in 209 counties where it cares for approximately 85,000 members. Clover’s planned expansion will make its MA plans available in 220 counties across eight states: Alabama, Georgia, Mississippi, New Jersey, Pennsylvania, South Carolina, Tennessee, and Texas. As part of its focus on sustainable membership growth, Clover will be exiting two of its smaller markets, the counties of El Paso, Texas, and Pima, Arizona. “We are aiming to generate industry-leading growth during this year’s AEP, as we have over the past several years, and we’re focusing our efforts on our existing footprint where we have a proven track record,” said Andrew Toy, President of Clover. “Clover Assistant is designed to lower costs and improve outcomes, and this year’s bids demonstrate our continued focus on passing savings back to our members in the form of great benefits at affordable prices.” In Georgia, Clover is aiming to replicate a successful growth strategy honed in New Jersey. In 2022, Clover nearly tripled its membership in Georgia by significantly increasing the breadth and depth of its provider network throughout the state with the addition of dozens of hospitals, health systems and key provider partners across the region, aligning approximately 5,000 new primary care physicians and specialists with Clover’s MA network. In 2023, subject to CMS approval, Clover plans will be available to eligible individuals in 151 of the 159 counties in Georgia, which together contain a market opportunity of nearly 650,000 Medicare eligibles. About Clover Health:Clover Health (Nasdaq: CLOV) is a physician enablement company focused on seniors who have historically lack...