Lasso Healthcare Insurance Co., which offers a novel implementation of the Medical Savings Account (MSA) concept in the Medicare Advantage market, has been acquired by Zing Health Enterprises, a Chicago-based physician-founded and managed provider of Medicare Advantage health insurance.
- Highly deductible: Lasso Healthcare’s Medicare MSA plan is a high-deductible, $0 premium health plan linked with tax-advantaged medical savings account that is now offered in 34 states and Washington, D.C. Lasso Healthcare contributes $2,000 to $3,000 to an MSA savings account, which members can utilize to pay for qualified medical expenses. The MSA is especially appealing to seniors in rural areas, where the traditional in-network provider approach is limited in terms of hospitals and physicians.
- Control: “We look to offer greater financial control to those insured and provide an alternative to seniors that is comparable to the growing popularity of high-deductible health plans,” said Craig Ritter, CEO of Lasso Healthcare. “Providers follow their out-of-network insurance PPO claims process while consumers pay claims from a Medical Savings Account of Medicare funds they control.”
- Expansion: The Lasso Healthcare acquisition expands Zing Health’s reach outside urban areas, with a focus on diverse, underserved communities. Members of Zing Health’s Medicare Advantage PPO plans have access to tailored care with no or low co-pays. Traditional Medicare does not cover many services such as dental, vision, hearing, or fitness programs, so members can receive comprehensive care.
- Belief: “Zing Health and Lasso Healthcare share a belief that incumbent Medicare Advantage insurers have often neglected the senior population,” said Dr. Eric E. Whitaker, Zing Health’s founder, and CEO, named by Modern Healthcare this year as one of the nation’s Top 25 Innovators. “We have a like-minded approach to help those in diverse populations and those facing challenges gaining access to traditional insurance networks.”
- Independent: Despite the fact that Zing Health and Lasso Healthcare will operate independently, the partnership will give Zing Health a national footprint to reach diverse communities and provide equal care to all, including Medicare-eligible seniors in rural areas who may have limited options in a traditional provider network.