In May 2017, Aetna issued a statement announcing their decision to withdraw from New Jersey's Individual and Small Group Affordable Care Act marketplace. Aetna's exit alone will force an estimated 600,000 policyholders in 11 states to 'shop around' for new coverage. Aetna's senior director of media relations,T.J. Crawford, has stated, “We are certainly not the first payer to reduce our (individual market) presence and we likely won’t be the last". As the climate of the small insurance marketplace will continue to change, it is important to stay informed about how changes affect your coverage, and to always have a plan for your future coverage.
Unsure of what this means for you?
For Individuals:
Health insurance coverage for all New Jersey individual members will end at midnight on December 31, 2017. Aetna will send notice of this withdrawal to all New Jersey individual members 180 days prior to non-renewal. Included in the notice will be information on how to obtain health coverage in 2018.
For Small Groups:
Health insurance coverage for each of your New Jersey small employer clients will end at midnight on the day before the renewal date, beginning with January 1, 2018 renewals. Aetna will provide notice of this withdrawal 180 days prior to non-renewal. Future premium bills will include a note that their Aetna health insurance coverage will not be renewed and will end at midnight on the day before the renewal date.
What To Do When Your Aetna Coverage Changes
To us, small business is big business.
Should a big business get better insurance coverage than a small one? While the obvious answer to this question is "no", some insurers apparently think otherwise.
We, on the other hand, know your business, your industry, your market, and your risks. This enables us to offer you an affordable small business insurance plan that is every bit as good and, relatively speaking, every bit as comprehensive as a big business plan.
View our current small business brochure and contact us for more information on how our agency can not only help you tailor a custom insurance policy to fit your needs but to also help you save on your bottom line.