Clover Health lost more money in 2018 as the health insurance startup worked to expand into new states.
$40.9 million
The filings come shortly after Clover raised an additional $500 million in funding, bringing its total funding to $925 million.deepened its net losses in 2018 as it worked to expand its plans into more markets. The company, which is based in San Francisco, offers private health insurance plans for seniors, a product called Medicare Advantage.Clover sells. When seniors in the US turn 65, they can choose to be part of either traditional Medicare or Medicare Advantage, which is operated through private insurers like Clover. The hope for San Francisco-based Clover and other technology-based health insurers is to use data to improve patients' health.
The insurer in 2018 operated in New Jersey, Pennsylvania, Texas, and Georgia, and is expanding into three more states for 2019: South Carolina, Arizona, and Tennessee. Business Insider reviewed 2018 filings from New Jersey, which makes up the vast majority of Clover's business. Filings from the other states weren't available.Clover's revenue in New Jersey was $290 million in 2018.
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