Alignment Healthcare, a fast-growing health plan for seniors, is expanding into two new markets for 2023, launching Medicare Advantage in Florida and Texas.
Alignment, which became a publicly traded company last year in the popular and competitive Medicare Advantage business, said Wednesday its expansion into Florida and Texas will also include launching plans “in additional counties in all four states.” where it currently operates”. Alignment already sells Medicare Advantage in four states: Arizona, California, Nevada and North Carolina.
The market potential in Florida and Texas is significant and growing. Alignment said its additional extensions, which have yet to be approved by regulators, “will reach an additional 1.1 million Medicare-eligible seniors, for a total of 8.2 million Medicare-eligible seniors in 52 counties in six States in 2023”. If approved, seniors will be able to choose Alignment’s various health plan options for the 2023 plan year during the open enrollment period that begins October 15 of this year.
“A quarter of our country’s seniors live in California, Florida and Texas,” said John Kao, founder and CEO of Alignment. “At a time when the numbers and needs of older adults are increasing, it is critical that we bring our model to more people and accelerate our positive impact on elderly care in this country.
Medicare Advantage plans contract with the federal government to provide additional benefits and services to seniors, such as disease management and nurse hotlines, with some also offering vision programs, care dental and wellness. And in recent years, the Centers for Medicare & Medicaid Services have allowed Medicare Advantage plans to cover more additional benefits, increasing their popularity among seniors.
The lineup earlier this year showed membership in the health plan as of December 31, 2021 was up 26% to 86,100 year-over-year. This helped total revenue rise 23% to $298.3 million in the fourth quarter of last year compared to the year-ago period. Alignment publishes its results for the second quarter of 2022 on August 4.
“Too many older people remain vulnerable without the coordinated care and personalized attention they desperately need,” Kao said. “Priority to seniors is at the heart of our model and our growth strategy. We believe our data-driven approach has the potential to improve the quality of life and healthcare experience for our members in all geographies.