Alignment Healthcare to Introduce Award-Winning Medicare Advantage Plans with its Unique Care Model to Half a Million Medicare-Eligible Adults in Florida
Alignment Healthcare (NASDAQ: ALHC) will launch its Alignment Health Plan in Florida in 2023, pending regulatory approval, targeting nearly 500,000 Medicare-eligible adults across four counties. As Florida has a significant senior population, this expansion marks a key growth opportunity. The planned offerings include various health plans with additional benefits such as transportation and virtual classes. Alignment is also expanding into 10 more counties across other states. The company's Medicare Advantage plans have received high ratings, including a Net Promoter Score of 64 in 2021.
- Expansion into Florida, targeting nearly 500,000 Medicare-eligible adults.
- Offerings include HMO, chronic condition, and dual-eligible special needs plans.
- High customer satisfaction with an NPS of 64 in 2021, almost double the industry average.
- Expansion is contingent on regulatory approval from CMS, which carries risks.
- Potential market entry challenges in competitive Medicare Advantage landscape.
ORANGE, Calif., July 12, 2022 (GLOBE NEWSWIRE) -- Alignment Healthcare (NASDAQ: ALHC), a tech-enabled Medicare Advantage company, will begin offering Alignment Health Plan benefit packages for the first time in Florida in 2023, reaching nearly 500,000 Medicare-eligible adults across four counties in the state, pending regulatory approval from the Centers for Medicare & Medicaid Services (CMS).1
As baby boomers age, state populations are seeing an increase in residents over age 65, with Florida having the second highest percentage of senior citizens in the country.2
“Our planned introduction of Alignment Health Plan into Florida, where roughly 21 percent of the population is 65 years or older, marks an important inflection point in our growth as we expand our unique care model and proprietary technology platform to more seniors on the East Coast,” said Dawn Maroney, markets president, Alignment Healthcare. “We look forward to the opportunity to demonstrate how our high-touch, data-driven approach can make a difference in the health and wellness journeys of seniors in Florida.”
Alignment plans to offer HMO, chronic condition and dual-eligible special needs plan options in Clay, Duval, Manatee and Sarasota counties for coverage starting Jan. 1, 2023.
In addition, if approved, eligible beneficiaries would have access to popular Alignment Health Plan benefits such as non-emergency transportation, virtual exercise classes and grocery benefits as well as enable them to take advantage of the company’s 24/7 ACCESS On-Demand Concierge service.
Along with Florida, the company also announced its expansion into 10 additional counties across Arizona, California, Nevada, North Carolina and Texas in 2023, subject to approval by CMS. Its Medicare Advantage plans are consistently ranked for exceptional quality by both CMS and its members, with a Net Promoter Score (NPS) of 64 in 2021 — nearly double the average NPS in the category based on data collected and made publicly available by Customer Guru.
While Medicare beneficiaries may qualify for special enrollment periods throughout the year, Medicare’s annual enrollment period for coverage beginning Jan. 1, 2023, runs from Oct. 15 to Dec. 7, 2022.
For more information, visit www.alignmenthealthcare.com.
About Alignment Healthcare
Alignment Healthcare is a consumer-centric platform delivering customized health care in the United States to seniors and those who need it most, the chronically ill and frail, through its Medicare Advantage plans. The company provides partners and patients with customized care and service where they need it and when they need it, including clinical coordination, risk management and technology facilitation. Alignment Healthcare offers health plan options through Alignment Health Plan, and also partners with select health plans to help deliver better benefits at lower costs.
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to attract new members and enter new markets, including the need for certain governmental approvals; our ability to maintain a high rating for our plans on the Five Star Quality Rating System; risks associated with being a government contractor; changes in laws and regulations applicable to our business model; changes in market or industry conditions and receptivity to our technology and services; results of litigation or a security incident; the impact of shortages of qualified personnel and related increases in our labor costs; and the impact of COVID-19 on our business and results of operation. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Annual Report on Form 10-K for the year ended December 31, 2021, and the other periodic reports we file with the SEC. All information provided in this release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.
Media Contact
Priya Shah
mPR, Inc. for Alignment Healthcare
alignment@mpublicrelations.com
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1 Centers for Medicare & Medicaid Services Medicare Advantage/Part D Contract and Enrollment Data, June 2022 MA State/County Penetration, https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/MCRAdvPartDEnrolData/MA-State-County-Penetration
2 Population Reference Bureau, https://www.prb.org/resources/which-us-states-are-the-oldest/
FAQ
What new markets is Alignment Healthcare expanding into in 2023?
How many Medicare-eligible adults will be targeted in Florida?
What types of plans will be offered by Alignment Healthcare in Florida?
When does the Medicare annual enrollment period start for 2023 coverage?
