Bright Health Plan to expand into new markets in 2021
It will expand access to its Medicare Advantage, individual and family-plan products, and to add fully-insured small business plans.
Bright Health Plan announced today its 2021 expansion plan. It will expand access to its Medicare Advantage, individual and family-plan products in select areas, and to add fully-insured small business plans to its available products in certain markets.
The company will begin offering the Medicare Advantage, individual and family plans in six new areas in Florida, North Carolina and Illinois.
The individual and family plans will be extended into the Fort Lauderdale, Miami, Asheville, Greensboro and Raleigh-Durham markets, as well as Medicare Advantage plans in Fort Lauderdale. The company will grow its existing Chicago market to include individual and family plans to its current Medicare Advantage offerings in DuPage County.
Bright Health's fully-insured small business plans will be available in Denver, Nashville, Memphis and Nebraska. They include level-funded plans for small businesses with 20-100 employees and administrative-services-only plans for businesses with more than 100 workers.
The self-funded solutions will include administrative services, stop-loss insurance and network management.
WHY THIS MATTERS
Bright Health Plan was created as a consumer-focused health insurance and technology company. The company wanted to change the traditional modes of health insurance by partnering with care partners across the country. Since its start in 2015, Bright Health has expanded into 22 markets in the U.S.
This expansion plan will allow the company to offer a different approach to healthcare to a greater population.
THE LARGER TREND
The company has had a series of successful funding rounds that have brought its total capital raised to over $1 billion.
Bright Health's success follows the trend of insurtech companies sprouting up over frustration with the current state of healthcare.
Others in the market include Oscar, which scored $225 million earlier this week, and Clover Health, which targets the Medicare Advantage market.
ON THE RECORD
"Bright Health set out to reimagine how healthcare is delivered in this country, and to create a truly personalized, efficient and affordable healthcare experience through aligning the interests of patients, providers, and the health plan," said Simeon Schindelman, CEO of Bright Health Plan. "Our continued growth in membership, geographies, and end markets – including our entry into employer-sponsored plans – is further proof of the transformative power of our model in which payers and providers work together to enable fully integrated care."
Twitter: @HackettMallory
Email the writer: mhackett@himss.org
