Blues Looking to Buy M-Care

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Blue Blue Cross Blue Shield of Michigan says it's nearing a deal with the University of Michigan to buy its M-Care health plans.

The deal will be considered by the university's regents on September 22 and also needs approval from state and federal regulators.

M-Care's 200-thousand customers wouldn't see any immediate change but would have to pick a Blue Cross plan starting next year.

The university said it would work with Blue Cross to develop health care options for its own employees, graduate students and retirees.

M-Care has 400 employees, whose future is uncertain.