Magellan Health’s federal subsidiary has won a potential five-year, $300 million contract award from a Department of Defense office for veteran and active warfighter financial management services.
Under the contract, Magellan Federal will assist military families by offering financial literacy education and organization resources through the Personal Financial Counselors program, the Frisco, Texas-based company said Thursday.
Anna Sever, president of Magellan Federal, said the company is sympathetic to the burdens that financial stress can place on service members, thus affecting their ability to complete their important missions.
“We believe in supporting the whole-person wellbeing of our service members and that includes addressing financial wellness. Our goal is to help reduce the risk of financial challenges to enhance individual performance and total force mission readiness,” Sever commented.
Made up of more than 370 counselors across the world, the PFC program works with members of the military and their families to establish and maintain plans and goals that will ensure financial stability. Their advisory services are applicable to people in a wide range of income levels and tax brackets.
The DOD Office of Financial Readiness contract has a one-year base period worth an estimated $60 million, with four additional option years. Magellan will deploy the PFC to over 270 military and civilian locations. They will make financial counseling and education available to members of all five major service branches (Army, Navy, Marine Corps, Air Force and Space Force), as well as members of the National Guard and Reserve, veterans and their immediate family.
In February, the company landed a six-month, $10 million bridge contract from the Defense Health Agency to support the Department of Defense’s Recovery Coordination initiative, which aids service members who have sustained major injuries or illnesses.
Sever was appointed president of Magellan Federal in January.
