About Aetna Health Insurance in California
Aetna went through a major change the end of 2018 when CVS – the retail drug store chain – acquired Aetna. Aetna of California is part of a “national” health insurance company – as distinct from a “regional” insurer such as Blue Shield of California which operates exclusively in California. Aetna offers health insurance in all 50 states and in terms of membership is the third largest health insurer in the United States behind United Healthcare and Anthem Blue Cross. In California, Aetna ranks sixth in number of members among health insurance companies. As a national health insurance company, Aetna is often a good choice for an employer with employees located in states out side of California.
By way of background, Aetna was founded in 1850 and operated as a life insurer and property and casualty (liability) insurance company for most of the time. In 1996 Aetna sold its property and casualty business to Travelers Insurance Group. That same year it merged with U.S. Healthcare to begin the transition to a health insurance company. In the late 1990’s Aetna purchased New York Life’s health insurance business (NYLCare Health Plans) and Prudential Life Insurance Company’s health insurance business (Prudential Health Care.) In 2000 Aetna sold its financial services and international business to Dutch insurer ING, thus completing Aetna’s transition to a company devoted exclusively to health insurance and related services. Then, in 2018, CVS acquired Aetna.
The CVS Health acquisition of Aetna could be the new look of medical care delivery: where you’ll go to your local pharmacy and receive routine medical care in addition to pick up your prescription medicine.
Recently, Aetna rates and benefits have not been competitive in the California Small employer (1-100 employee) market. One exception is that they tend to offer THE least expensive Bronze level plan. If that is a good fit for your company and your employees (where some coverage is better than no coverage) then give us a call and we can help you explore the options and set it up 800-746-0045.