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Fountain Valley-based hospital operator MemorialCare Health System said today it would buy certain assets of Universal Care—a Signal Hill-based HMO—with the intent of forming its own health plan dubbed Seaside Health Plan.

Financial terms weren’t disclosed.

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MemorialCare said Seaside will serve people who are beneficiaries of the Medi-Cal plan for lower-income and disabled Californians. The health plan also will participate in a state demonstration project addressing the needs of children with certain diseases and chronic conditions.

MemorialCare owns Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center, with campuses in Laguna Niguel and San Clemente. It also has several medical groups, including Newport Beach-based independent practice association Greater Newport Physicians.