Eyemed is a new, mobile-first, private health insurance company that offers a mix of policies and benefits to those with limited mobility.
Here’s what’s next.
article What’s happening with eyemed?
Eyemed, based in Los Angeles, announced its $20 billion acquisition of health insurance giant Exchanges.
The company will begin providing coverage for a limited number of consumers in the fall.
The deal also includes Exchanges in Arizona, Colorado, Kansas, Nebraska, Oregon, South Dakota, Texas, and Utah.
The purchase of Exchanges gives the company a significant footprint in a region where more than a third of the U.S. population lives below the poverty line.
The deal also gives Exchanges more flexibility to offer its policy to individuals and small businesses, according to the company.
Eyemed plans to offer two policies, which are priced at $5,000 per year, per person.
Those who don’t qualify for Exchanges can enroll in its Health Care for Everyone option.
It also plans to sell a group policy, with a maximum premium of $12,000, per year.
Eyems Health Care policy also covers elective surgeries and medical procedures.
The policies include preventive care, including prescription drugs, for those who don “significantly lower risk” of getting cancer.
It doesn’t cover medical treatments, which is the focus of a separate company, HealthPartners.
In terms of a broader health insurance market, Eyemed has said that it plans to partner with other insurance companies.
It has plans to create a single-payer health insurance option, as well as create a group health insurance plan for individuals.
The goal is to “give people the flexibility to pay for their health care through their own insurance company,” according to a blog post.
The company’s CEO, Kevin Rhee, is also leaving to join HealthPartisans.
In a statement, Eyems said that Rhee’s departure “will allow us to accelerate our plan to bring innovative products to the marketplace, including HealthParticles.”
HealthPartners has been working to sell health insurance plans to small businesses and other smaller companies.
The plan would give those companies an option to buy policies through a new “small business exchange” that would provide a cheaper, simplified path to health insurance.