Louisville, Kentucky-based Humana Inc.will acquire the remaining 50% stake of iCare from the Milwaukee-based managed care organization's co-owner Centers for Independence, Inc.
iCare (Independent Care Health Plan) was formed in 1994 as a joint venture between Humana Wisconsin Health Organization Insurance Corp. and the nonprofit Milwaukee Center for Independence, which recently rebranded as Centers for Independence.
iCare provides insurance benefits to members in Wisconsin through Medicaid and Medicare offerings. It currently has 44,000 members through Wisconsin’s Medicaid SSI program, BadgerCare program, and Medicare D-SNP plans for people who are eligible for both Medicare and Medicaid.
With its entry into the Wisconsin Medicaid program, Humana will also be able to offer Medicare D-SNP plans in the state, the company said. The acquisition will increase Humana’s overall Medicaid membership to more than 730,000 Medicaid members across four states: Florida, Illinois, Kentucky and Wisconsin.
“As Humana continues its work to expand its Medicaid business, we are excited to fully participate in Wisconsin Medicaid and leverage our innovation, strong capabilities and deep Wisconsin employment base to better support Medicaid recipients across the state,” said John Barger, senior vice president and president of Humana’s Medicaid business, Humana Healthy Horizons. “Given our successful joint venture with CFI, Humana’s long-standing commitment to Wisconsin – including coverage offerings across Medicare, Medicaid and Commercial product lines – we look forward to serving more beneficiaries and deepening our community presence through this transaction.”
iCare, which is headquartered in the Schlitz Park complexin Milwaukee, has more than 370 employees, about 320 of whom are based in Milwaukee.
A Humana spokesperson said the change in ownership is not expected to result in any changes to iCare's corporate structure or operations.
Financial details of the transaction were not disclosed. The acquisition is subject to certain closing conditions.