Magellan Health, Inc. (NASDAQ:MGLN) has announced that its unit Magellan Complete Care of Virginia extended its range of current offerings to provide Medicare Advantage Dual Special Needs Plan (D-SNP) for 2020.
This project is specially designed for individuals eligible for Medicare and Medicaid in Virginia. With this new offering, the company expects to enhance the quality of life, health and safety of MCC of VA members.
The company’s array of new services managing physical health, behavioral health, pharmacy benefits and other requisites would likely lead to better health outcomes. This convenient, one-stop D-SNP solution is also projected to solve complex health conditions of patients.
The strategic move is in line with the company's commitment to cater to individuals with special healthcare needs.
Prospects of Medicare Advantage Business
Medicare is now the fastest-evolving business in the health insurance market, holding ample potential. With 10,000 baby boomers aging into the program every day, the Trump administration expects this business to thrive 10% this year.
As more and more people are looking for value-based care at affordable costs, health insurers seize this opportunity to quickly draw up some feasible plans to cater to this increasing demand. For example, Humana Inc (NYSE:HUM) recently entered into a partnership with Hawaii Senior Medical Group to offer a coordinated and enriched experience for Medicare Advantage members in Hawaii. The entity is also chosen as one of the health plans to provide Florida’s Medicare retirees with Medicare coverage effective Jan 1, 2020.
Other companies, such as Centene Corporation (NYSE:CNC) and Anthem, Inc. (NYSE:ANTM) are also taking up strategic initiatives to boost their respective Medicare businesses.
Shares of this Zacks Rank #4 (Sell) player have gained 26.7% in a year’s time, outperforming its industry’s growth of 20.6%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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