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The Cigna Group is an American multinational for-profit managed healthcare and insurance company based in Bloomfield, Connecticut. [2] [3] Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups (e.g., governmental and non-governmental ...
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On March 7, 2018, it was announced that Cigna would buy Express Scripts in a $67 billion deal. [6] [7] The deal closed on December 20, 2018 at $54 billion, allowing Cigna to start offering new Express Scripts products to its corporate health insurance customers in 2019. [8]
An explanation of benefits (commonly referred to as an EOB form) is a statement sent by a health insurance company to covered individuals explaining what medical treatments and/or services were paid for on their behalf.
Health insurance provider The Cigna Group will pay more than $172 million over claims it gave the federal government inaccurate Medicare Advantage diagnoses codes in order to inflate reimbursement.
The settlement, reached on Friday, includes a payment of about $172 million by Cigna. Cigna said it also will enter into a corporate integrity agreement with the U.S. Office of Inspector General.
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Self-funding involves a transfer of risk from the employee and his/her dependents to the employer directly. Self-funded health plans pay health claims out of plan assets; there is no element of traditional insurance on these programs, and the employer assumes all additional liability for claims that have not been paid by plan (trust) assets.