Bright Health Group started as a health insurance company. But it will no longer be one.
Bright is looking to sell off the Medicare Advantage plans it manages in California, the company said Friday. That is the last component of its health insurance business, after the company said this past October it was fully exiting all Affordable Care Act marketplaces.
The company has until the end of May to offload its California Medicare Advantage book, according to terms of a new credit agreement that would keep Bright afloat. If Bright doesn’t find a buyer, it likely would file for bankruptcy due to its remaining debt and liabilities.
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