Molina Healthcare, Inc. entered into an agreement to acquire the Medicaid managed long term care business of AgeWell New York for $110 million. AgeWell is a specialty managed care organization that provides long-term care services at home or in the community for New York Medicaid beneficiaries with disabilities. As of August 31, 2021, AgeWell served approximately 13,000 beneficiaries enrolled in managed long-term services and supports (MLTSS) living in The Bronx, New York (Manhattan), Queens, Kings (Brooklyn), Nassau, Westchester, and Suffolk counties.
The transaction is expected to close by the third quarter of 2022. Molina Healthcare anticipates that the AgeWell plan will complement Molina’s existing Senior Whole Health of New York MLTSS business. The transaction presents an opportunity to leverage Molina’s fixed cost base.
Molina Healthcare, Inc. provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through its locally operated health plans, Molina Healthcare served approximately 4.7 million members as of June 30, 2021.
This was reported by Molina Healthcare, Inc. on October 7, 2021.
Contact information: Caroline Zubieta, Director of Public Relations, Molina Healthcare, Inc., 200 Oceangate, Suite 100, Long Beach, California 90802; 562-951-1588; Email: Caroline.Zubieta@molinahealthcare.com; Website: https://www.molinahealthcare.com/