Aetna: A Leading Health Insurance Company with Quality Care and Services
Founded: 1853
Headquarters: 151 Farmington Avenue, Hartford, Connecticut 06156, USA
Phone: 800-872-3862
Website: www.aetna.com
Aetna: A Trusted Health Insurance Company for You and Your Family
Are you looking for a health insurance company that offers quality care, affordable plans, and innovative solutions? If so, you may want to consider Aetna, one of the leading health insurance providers in the United States and abroad. In this post, we’ll tell you more about Aetna, its company history, services, health care plan, benefits, funding rounds, partnership, award and recognition, and why it may be the right choice for you.
Aetna’s Company History
Aetna was founded in 1853 as a life insurance company in Hartford, Connecticut. The name Aetna was inspired by Mount Etna, an active volcano in Sicily, symbolizing the company’s strength and reliability. Over the years, Aetna expanded into other lines of insurance, such as fire, accident, and health. Aetna also pioneered many initiatives that transformed the health care industry, such as diabetes prevention, mammogram screening, women’s heart health, and digital health solutions. In 2018, Aetna became a subsidiary of CVS Health, a leading pharmacy innovation company, creating a first-of-its-kind health care experience for its customers. Today, Aetna serves over 22 million medical members, 12.7 million dental members, and 13.1 million pharmacy benefit management services members, across the United States and 16 other countries.
Aetna’s Services
Aetna offers a wide range of health insurance products and services to meet the needs of individuals, families, employers, health care providers, and insurance agents/brokers. Some of the services that Aetna provides include:
1. Health insurance plans, such as HMO, PPO, POS, EPO, HDHP, and indemnity plans, that cover preventive care, hospitalization, surgery, prescription drugs, and more.
2. Dental insurance plans, such as DMO, PPO, and indemnity plans, that cover preventive care, basic and major services, and orthodontia.
3. Vision insurance plans, that cover eye exams, glasses, contacts, and LASIK surgery.
4. Medicare plans, such as Medicare Advantage, Medicare Supplement, and Medicare Prescription Drug plans, that offer extra benefits and savings for eligible seniors and people with disabilities.
5. Medicaid plans, that provide health care coverage for low-income individuals and families who qualify for the government program.
6. International health insurance plans, that offer comprehensive medical coverage and assistance for expatriates and travelers abroad.
7. Behavioral health plans, that cover mental health and substance abuse services, such as counseling, therapy, medication management, and inpatient and outpatient care.
8. Supplemental insurance plans, that provide additional financial protection for unexpected expenses, such as accidents, critical illnesses, hospital stays, and disability.
9. Wellness programs, that help members improve their health and well-being, such as health coaching, disease management, fitness discounts, and online health resources.
Aetna’s Health Care Plan
One of the most popular and flexible health care plans that Aetna offers is the Aetna Funding Advantage (AFA) plan. The AFA plan is a self-funded plan that gives employers more control over their health care costs, improved financial stability, and increased protection against financial risk. The AFA plan works as follows:
1. Instead of paying a fixed premium every month, employers fund a personalized maximum claims amount, based on their expected claims and stop-loss insurance.
2. When employees use health care services, Aetna pays the claims from the employer’s claims fund, up to the maximum amount.
3. If the claims are lower than the maximum amount, the employer keeps the savings at the end of the year.
4. If the claims are higher than the maximum amount, the stop-loss insurance covers the excess costs, so the employer does not have to pay more than the maximum amount.
5. The employer also benefits from Aetna’s network of health care providers, quality care and wellness solutions, and administrative and reporting services.
6. The AFA plan is ideal for small and medium-sized businesses that want to save money, manage their cash flow, and offer competitive benefits to their employees.
Aetna’s Benefits
By choosing Aetna as your health insurance company, you can enjoy many benefits, such as:
1. Access to a large and diverse network of health care providers, including over 690,000 primary care doctors and specialists, and over 5,700 hospitals.
2. Convenience and savings from CVS Health, such as MinuteClinic walk-in clinics, HealthHUB locations, home delivery of prescriptions, and discounts on CVS products.
3. Digital tools and resources, such as the Aetna member website, the Aetna Health app, the Aetna Pharmacy app, and the vHealth virtual care service, that help you manage your benefits, find care, track spending, and get support anytime, anywhere.
4. Personalized and attentive customer service, such as the Aetna Concierge service, that provides you with a dedicated representative who can answer your questions, resolve your issues, and guide you through your health care journey.
5. Recognition and rewards for your healthy behaviors, such as the Attain by Aetna app, that gives you personalized goals, tips, and incentives to improve your health and well-being.
Aetna’s Mergers and Acquisitions
Aetna does have a history of mergers and acquisitions that have shaped its growth and expansion over the years. Some of the notable deals that Aetna has been involved in include:
1. In 1996, Aetna acquired U.S. Healthcare, a leading managed care company, for $8.9 billion, creating one of the largest health insurers in the country.
2. In 1999, Aetna merged with Prudential HealthCare, a subsidiary of Prudential Financial, for $1 billion, adding 6.4 million members to its customer base.
3. In 2000, Aetna sold its international and financial services businesses to ING Group, a Dutch financial conglomerate, for $7.7 billion, to focus on its core health insurance business.
4. In 2011, Aetna acquired Prodigy Health Group, a privately held administrator of self-funded health care plans, for $600 million, enhancing its capabilities in the self-funded market.
5. In 2012, Aetna acquired Coventry Health Care, a diversified managed health care company, for $7.3 billion, expanding its presence in the Medicare, Medicaid, and individual markets.
6. In 2016, Aetna acquired Humana, another major health insurance company, for $37 billion, creating the second-largest health insurer in the country. However, the deal was blocked by the U.S. Department of Justice and the courts on antitrust grounds, and was terminated in 2017.
7. In 2018, Aetna was acquired by CVS Health, a leading pharmacy innovation company, for $69 billion, creating a first-of-its-kind health care experience for its customers.
Aetna’s Partnership
Aetna has established many partnerships with various organizations and entities, both within and outside the health care industry, to enhance its brand, grow its business, and bring better health to everyone it serves. Some of the partnerships that Aetna has formed include:
A. In 2022, Aetna.com agreed to a preferred partnership deal with Allianz Partners, one of the world’s leading insurance and assistance providers, to migrate the majority of Aetna International’s health insurance portfolio outside the Americas, Thailand, and India.
B. In 2016, Aetna.com formed a joint venture with Allina Health, a not-for-profit health care system, to offer more coordinated and affordable care to Minnesota residents under the name of Allina Health | Aetna.
C. In 2017, Aetna.com formed a joint venture with Ascension, a faith-based health care system, to offer more accessible and affordable care to Michigan residents under the name of Together Health Network.
D. In 2018, Aetna.com formed a joint venture with Banner Health, a non-profit health care system, to offer more personalized and efficient care to Arizona residents under the name of Banner | Aetna.
E. In 2019, Aetna.com formed a joint venture with Sutter Health, a not-for-profit health care system, to offer more seamless and affordable care to Northern California residents under the name of Sutter Health | Aetna.
F. In 2020, Aetna.com partnered with Novo Nordisk, a global pharmaceutical company, to launch a new digital health program for people with diabetes, called Cornerstones4Care Powered by Aetna.
G. In 2014, Aetna.com partnered with Apple, a global technology company, to offer discounted prices on Apple products, such as the iPhone, iPad, and Apple Watch, to its employees and customers, and to integrate Apple’s health and wellness apps and devices with Aetna’s digital tools and resources.
H. In 2012, Aetna.com partnered with IBM, a global technology company, to use IBM’s Watson artificial intelligence system to provide personalized and evidence-based care recommendations to its members and providers under the name of Aetna Whole Health.
Aetna’s Award and Recognition
Aetna has received many awards and recognition for its excellence in health care, innovation, diversity, and social responsibility. Some of the awards and recognition that Aetna has earned include:
A. In 2020, Aetna was ranked No. 4 on Fortune’s list of the World’s Most Admired Companies in the Health Care: Insurance and Managed Care category.
B. In 2020, Aetna was named one of the Best Places to Work for LGBTQ Equality by the Human Rights Campaign Foundation, scoring 100% on the Corporate Equality Index.
C. In 2020, Aetna was named one of the Top 50 Companies for Diversity by DiversityInc, ranking No. 19 overall and No. 3 for People with Disabilities.
D. In 2020, Aetna was awarded the Platinum Healthy Workplace Employer Certification by the National Business Group on Health, for its commitment to employee health and well-being.
E. In 2020, Aetna was recognized as a Leader in Health Care Innovation by InformationWeek, for its use of artificial intelligence, data analytics, and digital tools to improve health outcomes and customer experience.
F. In 2020, Aetna was honored with the Corporate Citizenship Award by the U.S. Chamber of Commerce Foundation, for its social impact initiatives, such as the Building Healthier Communities program, the Healthiest Cities and Counties Challenge, and the Aetna Foundation.
Why Choose Aetna?
Aetna is a health care partner that cares about you and your family, and strives to make health care simpler, easier, and better for everyone. By choosing Aetna, you can enjoy the following advantages:
A. You can access quality care from a large and diverse network of health care providers, and save money with CVS Health services and products.
B. You can choose from a variety of health insurance plans and services that suit your needs and budget, and benefit from Aetna’s self-funded solutions and wellness programs.
C. You can use Aetna’s digital tools and resources to manage your benefits, find care, track spending, and get support anytime, anywhere, and get personalized and attentive customer service from Aetna’s concierge team.
D. You can improve your health and well-being with Aetna’s health coaching, disease management, fitness discounts, and online health resources, and get recognition and rewards for your healthy behaviors with the Attain by Aetna app.
C. You can support Aetna’s vision of building a healthier world, and join Aetna’s efforts to address the social determinants of health, such as food insecurity, housing instability, and social isolation.
If you are interested in learning more about Aetna, or want to get a quote or enroll in a plan, please visit aetna.com or call 1-800-872-3862.
Disclaimer: Please note that the names and positions of employees mentioned may be subject to change, as individuals may move to different roles or organizations. While we make every effort to keep our information accurate and up-to-date, we cannot guarantee that all employee details are current or complete. We encourage you to verify the identity and positions of any individual mentioned and check their Linkedin Profile before taking any action based on their role.
Employees
alen Byford – Chief Information Officer (CIO) at Aetna Better Health of Oklahoma
Orin McIntosh – CFO – Medicare Advantage at Aetna, a CVS Health Company
Paula Starnes – Chief Operating Officer, Aetna Better Health of Virginia
Verne Brizendine – Chief Executive Officer Aetna Better Health of CA
Jennifer A. Sweet – Chief Executive Officer at Aetna Better Health of FL
Marti Taylor -Chief Executive Officer
Candice Bowen – Medicaid Chief Growth Officer
Keva Rogers – Chief Business Officer, Central Region
Melanie Fernando – Chief Operating Officer, Aetna Better Health of Illinois
Kyle McDonald – Chief Growth Officer, West / South Central Territory
Joseph Manger – Chief Executive Officer
Stephanie Rogers – CEO Aetna Better Health Texas
Brian L. Wheeler – Chief Operating Officer, Aetna Better Health of Texas
Paige Franklin Mankovich – Chief Executive Officer, Aetna Better Health of Kentucky
Lucia Giudice – Medicare Chief Operating Officer and Vice President
Michael Ruiz de Somocurcio – Chief Network and Operations Officer – NY/NJ
Jason Harbitz – Executive Director, Chief Duals Officer
Ann Kay Logarbo – Chief Medical Officer at Aetna Better Health of Louisiana
Joel Gray – Chief Executive Officer, Aetna Better Health of Virginia
Frank Dominguez – Chief Market Operations Officer
Greg Haley – Chief Medicare Officer Northwest Market
Rushil Desai – Chief Executive Officer, Aetna Better Health of Illinois
Kevin P. Nelson – CEO at Aetna Better Health of New York
Cary Goldenthal – Chief Network & Operations Officer, GA and the Gulf States
Carrah Kalat – Chief Marketing Officer, Aetnaa
Cathy Hughes – Chief Network and Operations Officer
Patrick T. Callahan – VP, CFO Network and Operations
Tom Weidenkopf – EVP, Chief Human Resources Officer
Toni Fortson-Bigby – Executive Director, Chief Duals Officer
Rebecca Kohut – Vice President, Chief Strategic Advisor
Gary Billy – Chief Operating Officer at Aetna Better Health of Ohio
Victoria Coley – Chief Medicare Officer
Bill Dichiser – Chief Financial Officer, Kansas Medicaid
Kara Kirby – Chief Financial Officer, Michigan Medicaid
John J Wagner – Chief Network and Operations Officer
Kristopher K. Scheurer – Chief Sales Officer
Don Mazza – VP, Chief Medicare Officer/ Keystone Market
Dianne Robinson – Chief Financial Officer
Les Carter – Senior Vice President & Chief Financial Officer
Charles Brown – AVP, Chief Medicare Officer – Ohio & Kentucky
Deborah Fernandez-Turner – Deputy Chief Psychiatric Officer
Sonia Barbosa – Chief Financial Officer
Rafael Gonzalez-Amezcua – Chief Medical Officer
George Yokley – Chief Financial Officer, Florida Medicaid
Frank Heyliger – Chief Medicare Officer, South Central Markets
Jeffrey Beecher – Associate Vice President, Chief Network and Operations Officer, OH/KY Markets
Heather Urban – Vice President/Chief Medical Officer
Evelyn Pendleton – VP, CFO, Commercial, Specialty & Markets
Grace Figueredo – Vice President, Workplace Culture, and Chief Diversity & Inclusion Officer