U of M Regents Approve Sale of M-Care

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Blue Cross Blue Shield of Michigan is buying M-Care.

University of Michigan regents approved the sale today. M-Care is the insurance business of the school's health system.

The deal calls for Detroit-based Blue Cross to pay $240 million for M-Care.

Officials expect the sale to be finalized later this year or early 2007. It must be approved by state and federal regulators.

Officials say M-Care members will see their current benefits after the sale with the option to renew for 2007.