Cigna was banned from of­fer­ing new Medi­care Ad­van­tage plans af­ter the CMS took is­sue with the way the in­surer han­dled ap­peals and griev­ances and its drug for­mu­lary.

Modern Healthcare - - LATE NEWS -

Cigna held 3% of the Medi­care Ad­van­tage mar­ket last year, ac­cord­ing to the Kaiser Fam­ily Foun­da­tion. That rep­re­sented about 502,000 en­rollees. The Bloom­field, Conn.-based in­surer said in a U.S. Se­cu­ri­ties and Ex­change Com­mis­sion fil­ing that it is work­ing to re­solve the is­sues and is fully co­op­er­at­ing with the CMS. Fi­nan­cial an­a­lysts said that they didn’t ex­pect the news to af­fect Cigna’s pend­ing $48 bil­lion sale to An­them. The deal, which would cre­ate the na­tion’s largest in­surer, is be­ing scru­ti­nized by state and fed­eral reg­u­la­tors for pos­si­ble an­titrust vi­o­la­tions.

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