Health Care Service Corporation, WellPoint and Blue Cross Blue Shield of Michigan Collaborate in National Private Exchange and Defined Contribution Solution For Employers

Health Care Service Corporation, WellPoint, Inc. WLP, and Blue Cross Blue Shield of Michigan announced today a joint effort to offer a nationwide private exchange and defined contribution solution for employers to use in managing their health benefit offerings. The three independent health insurers have invested equal stakes in Minneapolis-based Bloom Health, giving them majority ownership of the company. This is the first investment in Bloom by HCSC and WellPoint, while BCBSM is increasing its existing stake in the company. Each insurer will serve on Bloom Health's Board of Directors, with Bloom remaining a separate company.