Alignment Healthcare Thursday reported a loss in its third quarter of $35 million even as the startup provider of Medicare Advantage coverage grows its membership to more than 115,000.
Alignment’s growth in Medicare Advantage comes during a period of unprecedented competition for seniors with much larger players like Humana, UnitedHealth Group, CVS Health’s Aetna health insurance unit, and an array of Blue Cross and Blue Shield plans also growing their health plans. More than half of the nation’s seniors eligible for Medicare are now choosing privatized Medicare Advantage plans.
Though Alignment has yet to turn a profit, the company’s top executive said the health plan continues to perform well in a competitive market. Alignment became publicly traded on the Nasdaq in March of 2021.