CHICAGO (November 9, 2021)— Zing Health Enterprises, a Chicago-based physician founded and led provider of Medicare Advantage health plans, has completed its acquisition of Lasso Healthcare Insurance Co., which offers an innovative application of the Medical Savings Account (MSA) model in the Medicare Advantage market.
Lasso Healthcare’s unique Medicare MSA plan, currently available in 34 states and Washington, D.C., is a high-deductible, $0 premium health plan paired with a tax-advantaged medical savings account. Lasso Healthcare deposits $2,000 to $3,000 into an MSA savings account, which members use to pay qualifying healthcare expenses. The MSA has particular appeal for seniors in rural areas, where the more typical in-network provider model includes few hospitals or physicians.
“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.”
Medicare MSAs Expand Medicare Advantage Options
Zing Health shares a focus on diverse, underserved populations, and the Lasso Healthcare acquisition extends its reach beyond urban areas. Zing Health’s Medicare Advantage PPO plans provide access to personalized care at no or low co-pays for member seniors. Many services such as dental, vision, hearing and fitness programs are not provided by traditional Medicare, offering members holistic care.
Lasso Healthcare will continue to operate as an independent unit. The common link with Zing Health is an objective to serve untapped markets with affordable healthcare insurance.
“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.”
Though Zing Health and Lasso Healthcare will operate separately, the partnership will provide Zing Health with a national footprint to reach diverse communities and offer equal care for all, including Medicare-eligible seniors in rural areas who may have few choices in a traditional provider network.