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January 5, 2021

Harvard Pilgrim and Tufts finalize merger, promise cost savings

harvard pilgrim hartford HBJ Photo | Joe Cooper Harvard Pilgrim's former office space at the CityPlace II skyscraper in downtown Hartford.
By Liese Klein

The merger between Harvard Pilgrim Health Care and Tufts Health Plan was finalized on Jan. 1, creating one of the nation's largest nonprofit insurers.

The two Boston-based insurers received all necessary regulatory approvals and announced the finalized merger on Monday. While the new combined organization will be based in Boston, Harvard Pilgrim writes health insurance in Connecticut and has operations in downtown Hartford.

The new insurer ‒ which has yet to be named ‒ will cover 2.4 million members and pledges $100 million in savings through “administrative synergies.” 

“We are excited and eager to start this journey as one organization with a vision of transforming how health care is accessed, aligning a fragmented system and guiding our members and communities to better health and a better health care experience,” said Michael Carson, president of the combined organization and previously president and CEO of Harvard Pilgrim. 

Harvard Pilgrim entered the Connecticut market in the summer of 2014 and had 28,072 people enrolled in HMO and indemnity plans in 2019, according to state insurance department data, up slightly from the 26,276 enrolled in 2018. 

The companies first announced their merger in 2019 and said the move would improve affordability and health outcomes for members.

 

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