Independent health insurer UCare on Monday announced plans to shut down next year, with "certain contracts and assets" to be sold to Medica.

The news comes amid financial losses for the 41-year-old organization, which recently left roughly 158,000 Minnesotans scrambling for new Medicare options after it dropped its Medicare Advantage program.

Hilary Marden-Resnik, president and chief executive officer of UCare, said in a statement Monday that the deal with Minnetonka-based Medica will enable UCare to "preserve access to coverage for Minnesota’s most vulnerable members."

“Combined, UCare and Medica have nearly a century of industry expertise and a shared commitment to community-driven coverage for those who need it most,” she stated.

According to the announcement, individuals enrolled i

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