News Briefs: Centene Expands ACA Marketplace Footprint for 2023

Centene Corp. will expand its ACA marketplace footprint by more than 60 counties across 12 states where it already has a presence in 2023, as well as enter Alabama for the first time, the company said on Oct. 17. The firm also changed the name of its ACA exchange branded plans from Ambetter to Ambetter Health, “reflecting its commitment to putting better health at the forefront of its mission.” In addition, Centene will offer a product in nine new states called Ambetter Health Virtual Access, which “supports affordable and convenient access to licensed virtual primary care providers as well as access to specialists, mental health providers, and other support services.” 

Bright Health Group, Inc. — the startup health insurer that recently revealed it was pulling out of the Affordable Care Act exchanges and all but two Medicare Advantage markets — closed a $175 million investment round on Oct. 17, according to a Securities and Exchange Commission filing. In the transaction, the firm sold 175,000 shares of Series B Convertible Perpetual Preferred Stock. Bright’s recently announced market exits, meanwhile, are “expected to release excess regulated capital of approximately $250 million upon settlement of all medical liabilities and approval from state regulators,” the company has said.