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Health Insurer WellPoint to Purchase CareMore

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Health insurer WellPoint announced Wednesday it plans to buy CareMore, a California company that provides Medicare Advantage plans, according to a Bloomberg Businessweek report.

According to the report, WellPoint will pay approximately $800 million for CareMore, though the insurer has not revealed how the deal will be financed. CareMore provides coverage and coordinated care for approximately 54,000 people — most of whom have several chronic conditions — in California, Arizona and Nevada.

Medicare Advantage plans are privately-run versions of the federal Medicare program, which provides health insurance coverage for elderly and disabled patients. Medicare Advantage plans offer basic Medicare coverage in addition to "extras" like vision and dental coverage.

CareMore, which is owned by private equity firm CCMP, operates 26 clinics staffed with physicians, physical therapists and case managers. WellPoint is the largest health insurer based on membership and runs Blue Cross Blue Shield plans in 14 states.

Read the Bloomberg Businessweek report on WellPoint.

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