Due to mounting financial losses and an uncertain marketplace outlook, Aetna has made the decision to leave the Individual market in New Jersey.
Regrettably, this decision also impacts their New Jersey small employer ACA insured medical products. New Jersey law requires a carrier to withdraw from the insured small employer market if it is withdrawing from the individual market. As such, Aetna will withdraw all of its commercial (fully insured) medical plans offered in the small employer health insurance market.
Aetna will still be offering their Aetna Funding Advantage (AFA) product to groups of 5 or more.
What this means:
Health insurance coverage for Aetna plans will end at midnight on the day before its renewal date, beginning with January 1, 2018 renewals.
* Notices will be sent to covered employees 180 days prior to non-renewal.
* Renewals will continue to be produced and serviced as usual through 12/15/17 renewal dates.
Click here for Aetna’s release.
Upon your renewal we will look at other options for you and your employees such as Horizon, AmeriHealth, United Healthcare/Oxford and Qualcare. You may also have the option of the Aetna Funding Advantage (AFA) as well.
Questions? Contact Amy Webb.