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Universal Taps Medicare Field; Health Insurer's Buyouts Growing Customer Base.(THE IBD 100)
Byline: Jonah Keri
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 dramatically altered the program that deals with private health plans in Medicare. Ever since its passing, Universal American Financial has moved to reap the benefits.
The firm specializes in health and disability insurance and services for senior citizens. Until two years ago, Universal's major business was Medicare supplemental insurance products, handling expenses not covered by Medicare.
Thanks to MMA, the company tapped into a new market. The Act allowed seniors covered by Medicare to get coverage from private Medicare Advantage plans.
Seizing the opportunity, Universal paid $98 million in June 2004 to acquire Medicare HMO Heritage Health Systems, which operates Medicare Advantage plans in Houston and Beaumont, Texas. Universal grew ...
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