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Devoted Health closes $1.18B financing round. Medicare Advantage insurer Devoted Health has closed a $555 million Series G round as part of a $1.18 billion financing deal, confirming the Devoted Health $1.18 billion financing package as substantial fuel for the company's continued rapid expansion. How the Devoted Health $1.18 billion financing deal is structured. The remainder is a $622 million commitment from the same investors to buy shares from existing Devoted shareholders through a tender offer, which is expected to close later in the fourth quarter, according to an Oct. 1 news release. The $555 million in primary funding goes to the company, which said it will use the money to fund continued growth. Why pairing a primary round with a tender offer matters. Structuring this deal with both new primary capital and a separate tender offer to purchase shares from existing shareholders allows Devoted Health to simultaneously fund its forward growth plans while giving early investors and employees an opportunity for partial liquidity, a common approach among later-stage, high-growth private companies not yet pursuing a public listing. The expansion plans behind this Devoted Health $1.18 billion financing. The insurer is one of the fastest growing plans in the Medicare Advantage market, with plans to enter 342 new counties and five new states, Connecticut, Michigan, New Hampshire, New Jersey, and New York, in 2027, bringing its footprint to 1,341 counties across 34 states. Why this multi-state expansion is significant. Adding five entirely new states to its footprint in a single year, on top of 342 new counties within its existing markets, represents an unusually aggressive expansion pace at a moment when many other Medicare Advantage insurers are pulling back from markets and cutting plan offerings for 2027, a contrast that positions Devoted Health as a notable outlier in the current MA competitive landscape. The membership growth fueling this Devoted Health $1.18 billion financing round. Devoted had 538,000 members as of September, up from 212,000 in December. This represents roughly a 154% increase in membership within just nine months, a dramatic growth rate that likely underpins investor confidence in continuing to fund the company's aggressive geographic expansion. Why this growth stands out industrywide. While many major national insurers have reported Medicare Advantage membership declines or flat growth projections for 2027 amid broader industry cost pressures, Devoted Health's more than doubling of membership within less than a year illustrates a sharply divergent trajectory, consistent with the company's recently announced co-branded Medicare Advantage partnerships with both Walmart and Costco. What this Devoted Health $1.18 billion financing round means going forward. With the tender offer expected to close later in the fourth quarter and primary funding already secured, Devoted Health appears well-capitalized to execute its ambitious 2027 expansion into five new states and hundreds of new counties. Given the company's rapid membership growth and recent retail partnerships, this financing round may further solidify Devoted Health's position as one of the Medicare Advantage market's most aggressive growth stories at a time when much of the broader industry is retrenching. What to watch going forward. As Devoted Health moves toward its 2027 expansion into Connecticut, Michigan, New Hampshire, New Jersey, and New York, industry observers will likely watch whether the company's membership growth rate continues at a similar pace, and how its Walmart and Costco retail partnerships contribute to enrollment in these new markets. Given the broader contrast between Devoted Health's aggressive growth and the pullback seen among other major Medicare Advantage insurers heading into 2027, this Devoted Health $1.18 billion financing round may offer a useful case study in how a well-capitalized, rapidly scaling insurer is positioning itself differently from much of the rest of the industry.

Devoted Health raises Nearly $1.2 billion as members surge. Devoted Health's nearly $1.2 billion financing follows rapid enrollment growth, raising questions about care capacity, insurance costs and profitability. Devoted Health announced nearly $1.2 billion in fresh funding, including $555 million in Series G financing, after enrolling hundreds of thousands of new senior members in 2026. Devoted Health has announced nearly $1.2 billion in fresh funding after enrolling hundreds of thousands of new senior members in 2026. The financing gives the Medicare Advantage insurer and medical group additional financial resources as its expanding membership increases the demands on both sides of its business. The central business question is not simply how quickly Devoted can attract members. It is whether the company can turn that growth into an insurance operation that pays for care sustainably while delivering the services members need. New capital can support that effort, but the amount raised does not establish profitability or show how much each new member costs to serve. The financing includes $555 million in Series G funding, according to Endpoints News. That is the identified component of a larger funding package; the available details do not establish the terms or structure of the remaining financing. Fresh capital arrives alongside a larger membership base. For an insurer, enrollment growth creates an opportunity and an obligation at the same time. More members can bring a larger revenue base, but they also bring responsibility for covered medical care. The financial result depends on the relationship between payments received, medical spending and the expense of running the plan. Devoted's addition of hundreds of thousands of senior members makes that relationship especially important. A larger population requires the company to handle more member questions, process more claims and maintain access to care. Those demands can increase even before the business demonstrates that its expanded membership is producing sustainable earnings. The funding therefore matters as financial capacity, not as proof of operating success. It could give Devoted more room to support its growing business, strengthen infrastructure or absorb the costs associated with expansion. The supplied announcement does not specify an allocation among those uses, so none should be treated as a confirmed spending plan. It also does not provide an exact enrollment total. "Hundreds of thousands" describes the scale of new membership, but it is not precise enough to calculate funding per new member. Nor would such a calculation, by itself, show the cost of acquiring or caring for a member: capital supports the overall business, not necessarily only the latest additions. The insurer and medical group face linked operating demands. Devoted operates as both a Medicare Advantage insurer and a medical group. Medicare Advantage is private-plan coverage within Medicare. Combining insurance with care delivery gives a company a role in both paying for covered services and providing medical care. That combination creates a potential advantage: closer coordination between the insurance operation and clinicians may help members navigate care. It also creates execution risk. Attracting members to a health plan and building the capacity to serve them are related tasks, but success in enrollment does not automatically establish success in medical operations. For members, the practical test is access. Can they obtain appointments, understand their coverage and resolve problems without unnecessary delays? For the company, the test includes whether care delivery and administrative systems can expand without expenses outpacing the revenue associated with a larger membership base. Can they obtain appointments, understand their coverage and resolve problems without unnecessary delays? Those are questions to monitor, not reported shortcomings at Devoted. The funding and enrollment figures do not establish appointment availability, service quality or medical outcomes. They do, however, explain why operating capacity deserves as much attention as the size of the capital raise. A business that both finances and delivers care must also distinguish efficiency from simply spending less. Better coordination can be valuable when it helps patients receive appropriate treatment. A funding announcement alone cannot show whether that result is occurring, or whether the combined model is improving the economics of the insurance business. Series G does not reveal the full financing terms. The $555 million Series G component identifies a named funding round. It does not, on its own, disclose Devoted's valuation, investor ownership, governance arrangements or the protections attached to the investment. Those details would be necessary to assess the financing from the perspective of existing owners and new investors. The distinction between that round and the nearly $1.2 billion overall package also matters. The full amount should not be described as Series G funding when only the identified component carries that label. Equally, the balance should not be classified as debt or another type of financing without supporting details. For financial analysis, the headline amount is only a starting point. The terms of capital can affect how much flexibility a company gains and what obligations accompany it. Funding that supports expansion may have a different economic effect depending on its structure, timing and conditions. There is no basis in the supplied facts to calculate dilution, estimate a valuation or identify participating investors. Leaving those questions open is more useful than treating the size of the announcement as a complete picture of the transaction. Profitability and service capacity are the next tests. The next meaningful evidence would connect Devoted's enrollment growth to its operating performance. Relevant measures include medical spending relative to insurance revenue, administrative expenses, member retention and the financial contribution of the medical group. None of those measures is established by the funding announcement. Retention is particularly useful because attracting a new member and keeping that member satisfied are different challenges. Sustained enrollment can help indicate whether the plan's offering remains attractive, while care-access and service measures can show how well the organization handles its larger scale. The financing gives Devoted additional resources at a consequential point in its growth. For senior members, the significance will be whether that capacity translates into dependable coverage and accessible care. For investors, it will be whether the company can convert a larger membership base into durable economics. Nearly $1.2 billion strengthens the financial starting point; execution will determine the business result. Key facts. * Total fresh funding: Nearly $1.2 billion * Series G component: $555 million * Membership growth: Hundreds of thousands of new senior members enrolled in 2026 * Business model: Medicare Advantage insurer and medical group Frequently asked questions. How much funding did Devoted Health announce? Devoted Health announced nearly $1.2 billion in fresh funding. The package includes $555 million in Series G financing. The available facts do not identify the structure of the remaining funding, so the entire package should not be characterized as a Series G round or assigned another financing type. What does Devoted Health do? Devoted Health is an insurer startup operating as a Medicare Advantage insurer and medical group. Its business combines responsibility for insurance coverage with a role in providing medical care. That model makes both insurance economics and the capacity to deliver care important when evaluating its expansion. How quickly has Devoted Health's membership grown? Devoted Health enrolled hundreds of thousands of new senior members in 2026. The supplied facts do not give an exact number of additions or total membership. They establish substantial enrollment growth, but do not support calculating a precise growth rate, market share or funding amount per new member. Does the funding announcement mean Devoted Health is profitable? No. Raising capital establishes that Devoted Health has obtained fresh funding, not that its operations are profitable. Assessing profitability would require information about insurance revenue, medical spending, administrative costs and other expenses. Those operating figures are not included in the supplied funding and enrollment details. Who invested in Devoted Health's latest financing? The supplied facts do not identify investors in Devoted Health's latest financing. They also do not establish a valuation, ownership stakes or investment conditions. The confirmed transaction details are nearly $1.2 billion in total fresh funding and a $555 million Series G component within that package. What should investors and members watch after the financing? Investors should watch whether membership growth translates into sustainable insurance economics, including medical spending and administrative costs. Members should watch access to care and the quality of service as enrollment expands. The funding adds financial resources, but does not itself establish improved care, retention or profitability.

Devoted Health's Medicare Advantage plans are now available on USAA's Medicare marketplace. Devoted's Medicare Advantage plans will be available to USAA members and customers as part of a growing portfolio of Medicare health insurance options from USAA. September 17, 2026 09:00 ET | Source: Devoted Health WALTHAM, Mass., Sept. 17, 2026 (GLOBE NEWSWIRE) - Devoted Health (Devoted) - an integrated healthcare company redefining how healthcare is experienced and delivered - and USAA Life Insurance Company, through the USAA Life General Agency, Inc., (USAA Life) have collaborated to offer Devoted's trusted, dependable, member-first Medicare Advantage (MA) plans on USAA's Medicare marketplace. Building on a shared commitment to service, Devoted Health is the first regional Medicare Advantage insurance carrier contracted by USAA Life. Devoted's MA plans will appear on USAA Life's Medicare marketplace during this year's Medicare Annual Enrollment Period, which runs October 15-December 7, 2026. USAA Life selected Devoted Health as its first regional partner due to Devoted's commitment to its members across the 29 states it serves. This relationship combines Devoted's philosophy of service with USAA Life's dedication to serving the military community. What's more, these plans are available to anyone eligible for Medicare. "Gratitude for our members doesn't stop when they retire, which is why USAA Life strives to provide health care options for our members and their families. Devoted shares our commitment to doing right by the people who count on us, and we feel confident that they will provide long-term value to our members," said Cris Chiacchio, SVP and General Manager - Life & Health with USAA Life Insurance Company. "We built Devoted to care for people the way we care for our own families. Every American deserves healthcare that's genuinely there when it's needed, and personalized to their needs," said Ed Park, Devoted's CEO and Co-Founder. "Being selected by USAA Life is a vote of confidence in how we care for our members. We look forward to a lasting collaboration with USAA Life." USAA Life selected Devoted for its track record of success and proven outcomes for members in mind. As of January 2026, Devoted served more than 466,000 members across 29 states, and 93 percent of members surveyed said they trust Devoted to keep its promise of getting them the care they need. What's more, Devoted's clinical and service excellence was recognized by the Centers for Medicare & Medicaid Services (CMS) in its most recent Star ratings: 100 percent of Devoted members in Star-eligible plans are in a plan rated 4 Stars or higher on important measures including: Statin Therapy for Patients with Cardiovascular Disease, Medication Reconciliation Post-Discharge, Breast Cancer Screening (Ages 50-74), and Osteoporosis Management in Women who had a Fracture. Additionally, 96 percent of members in Star-rated plans are in a plan rated 4 or more Stars on the Controlling Blood Pressure measure, and 97 percent are in a plan rated similarly for Medication Adherence for Cholesterol (Statins). Among all Star-eligible Devoted plans, 98 percent of members are in a plan rated 4+ stars on the measure of Health Plan Rating - with six contracts receiving 5 stars - which is why 93 percent of members surveyed said that they trust Devoted is keeping its promise to get them the care they need. In 2025, Devoted Health was also named to Fortune's Best Workplaces in Health Care list and the magazine's Best Workplaces for Women list, and Forbes named Devoted one of America's Best Start-Up Employers. Devoted's offerings will be available to USAA Medicare eligible members and customers in select states; visit usaa.com/medicare to learn more or call 1-800-531-9164 to speak with a USAA representative. To learn more about Devoted Health visit www.devoted.com. About Devoted Founded in 2017, Devoted Health's mission is to dramatically improve health and well-being by caring for everyone like they are family. Through an integrated care platform that brings together advanced data and AI with world-class clinical and service excellence, Devoted is redefining how healthcare is experienced and delivered. Devoted's unique solution combines its proprietary technology platform, Devoted Medical clinical services, Devoted health plans, and dedicated service Guides to deliver proactive, personalized, prevention-focused healthcare consistently and at scale. Built on the belief that informed, supported members can actively shape their own health for the better, Devoted's care model builds deep trust with members and partners with them to significantly improve care and health outcomes. Currently operating in the Medicare Advantage market, serving members across 29 states, Devoted's platform is purpose-built to expand to serve broader healthcare markets over time. Learn more at www.devoted.com. About USAA Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves more than 14.5 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in seven U.S. cities and four overseas locations and employs more than 36,000 people worldwide. Each year, USAA supports national and local nonprofits serving military families and communities. With Honor Through Action, USAA advances policy, advocacy and philanthropy to support financial security, build meaningful careers and promote overall well-being across the military community. For more information about USAA, follow us on Facebook or X (@usaa), or visit usaa.com.