Based in Hartford, Connecticut, Aetna is the third-largest health insurance company with an estimated total coverage of 23.5 million people, including its Aetna Medicare members. Its products and services include ACA-compliant medical, pharmaceutical, and dental plans; behavioral health programs, life, and disability policies, and medical management programs.
The company has served the Medicare market since 1966. They quickly entered the Medicare Advantage market under the Affordable Care Act. A proposed merger with Humana that would make the combined company a force to be reckoned with in the health insurance industry was scrapped. 2017 in court. The merger didn’t stop Aetna from adding 250,000 Medicare members in the first quarter of 2018. Aetna climbed the nation’s list of largest Medicare providers in the first quarter of 2018.
Aetna originally started as a fire insurance company and was incorporated in Hartford, Connecticut. The company signed its first insurance policy in 1819. Aetna Life Insurance Company changed direction in 1853 and became the company we know today. As part of the diversification process, general insurance was added in 1891, which paved the way for Aetna to enter the health insurance market in 1899.
Aetna offers Medicare Advantage plans as well as supplemental insurance plans (Medigap) and Part D prescription drug plans. With Medigap, members must pay deductibles and coinsurance fees. Patients must choose between a Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) for Medicare coverage. In order to receive lower Aetna Medicare Advantage rewards, members can either add or remove prescription drug coverage or purchase separate PDPs.
The site allows new, current, and potential Aetna members to compare a variety of policies and benefits. Users can enter their zip code and name to see available plans, but the website does not provide overviews of specific plans. Video content is provided as well. If you review the available MA plans, you will find the coverage provided, costs, benefits, co-payments, and limitations for each. It may also include prescription drug coverage. You will also find that most MA plans have affordable co-pay and coinsurance options.