Health insurer Cigna Corp will buy HealthSpring Inc for $3.8 billion to jump-start its business selling Medicare plans as more elderly Americans become eligible for the U.S. government program.

Cigna’s acquisition of HealthSpring in 2012 combined HealthSpring’s expertise in Medicare coverage with Cigna’s legacy as a leading global health service company serving customers since 1792.

Insurer Health Care Service Corp said on Wednesday it would buy Cigna's Medicare business that manages government-backed health insurance for people aged 65 and older for $3.3 billion in cash.

About Cigna. Cigna-HealthSpring is a Medicare Advantage health services company committed to helping our nation's Medicare and Medicaid beneficiaries live healthier, ...

The sale consists of Cigna's Medicare lines, ... The divestiture marks a change in Cigna's strategy for the sector it had entered with its $3.8-billion acquisition of HealthSpring in 2011.