Alignment Healthcare, Inc. is a next generation, consumer-centric and clinically focused platform designed to improve the healthcare experience for seniors enrolled in Medicare who choose a private Medicare Advantage plan. The company delivers this experience through its wide variety of Medicare Advantage plans, which offer varied benefits tailored to the diverse needs, preferences, and lifestyles of seniors. Its licensed Medicare Advantage plans contract directly with the Centers for Medicare & Medicaid Services to coordinate and manage members’ healthcare—both their health outcomes and the total costs of their care.

Alignment Healthcare generates revenue through capitated, fixed monthly payments per enrolled member (revenue per member per month or PMPM) received from CMS in exchange for managing all covered healthcare services for its members. This includes hospital and physician care under Medicare Parts A and B, prescription drugs under Medicare Part D, supplemental benefits such as dental and vision offered under certain plans, and related administration costs and services. The PMPM payment varies based on geography, the health needs and risks of the enrolled population, and the quality performance of its plans based on CMS Star Ratings.

The company operates through the following segments: Alignment Health Plan and Care Anywhere.

• Alignment Health Plan: This segment designs and offers Medicare Advantage plans with varied benefits tailored to seniors’ needs, preferences, and lifestyles. It contracts directly with CMS to receive capitated payments for managing members’ healthcare outcomes and total care costs. The segment focuses on proactive care management and chronic condition management through an integrated clinical and technology model to reduce avoidable hospital visits and improve care coordination.

• Care Anywhere: This segment provides an advanced clinician-driven model of care staffed by Alignment-employed physicians, advanced practice clinicians, case managers, social workers, and behavioral health coaches. It delivers proactive, cross-disciplinary care targeting high-risk, complex members with multiple chronic conditions. Key features include 24/7 access, highly detailed personalized care plans, and enhanced coordination of medical and social needs to reduce unnecessary emergency room visits and inpatient care.

Alignment Healthcare positions itself as a differentiated player in the Medicare Advantage industry by approaching the business as a care management model rather than a traditional health insurer. Its competitive advantages include insourcing clinical delivery through its Care Anywhere program, leveraging its proprietary AVA technology platform for data-driven decision making, and aligning incentives across members, providers, brokers, and CMS. The company emphasizes prevention, care coordination, and timely intervention to reduce costs while improving health outcomes and member experience, which supports its virtuous cycle of reinvesting savings into richer benefits to drive sustainable growth.

Alignment Healthcare serves seniors enrolled in Medicare who reside in its service areas and choose a private Medicare Advantage plan. As of December 31, 2025, the company had 236,300 members enrolled in its Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) contracts across 45 markets in California, North Carolina, Nevada, Arizona, and Texas. These markets collectively include approximately 8.4 million Medicare-eligible seniors, representing the company’s addressable market for growth.