HCSC, Elevance Said to Vie for Cigna Medicare Advantage Unit (1)

Health Care Service Corp. and Elevance Health Inc. are competing to acquire Cigna Group’s business providing medical coverage to people aged 65 and over, people with knowledge of the matter said.

Bloomfield, Connecticut-based Cigna expects final bids for its Medicare Advantage business to be submitted next week, according to the people. The asset may fetch more than $3 billion, they said.

One of the US’s largest managers of pharmacy benefits, Cigna also offers comprehensive medical coverage, including through private Medicare Advantage plans sold to people over the age of 65. It’s a relatively minor player in that market, with ...