UPDATE 1-Health insurer WellCare to cut 9 pct of workforce

* Cuts amount to 360 jobs

* Shares rise 1.9 pct in after-hours trade

NEW YORK, May 20 (Reuters) - WellCare Health Plans Inc (WCG.N) said on Wednesday it will cut about 360 jobs, or 9 percent of its workforce, as it reduces costs and exits businesses.

The health insurer recently disclosed its intention to withdraw next year from participating in a certain type of Medicare health plan for seniors, known as Medicare Advantage private fee-for-service plans.

Tampa, Florida-based WellCare has about 2.5 million members in Medicare as well as Medicaid plans for low-income Americans.

Earlier this month, WellCare agreed to pay $80 million to settle healthcare fraud allegations in a case that had left a cloud over the company since agents raided its offices in 2007.

WellCare announced the cuts after the markets closed. In after-hours trading, shares rose 1.9 percent to $19.75 from their close of $19.39 on the New York Stock Exchange. (Reporting by Lewis Krauskopf; Editing by Gary Hill)