Aenta has announces its plans to leave the individual market in New Jersey, and due to New Jersey Law this unfortunately means they will also be leaving the Small Employer market as well. They announced their plans yesterday citing mounting financial losses and uncertainty in the marketplace’s future.
This comes after several years of struggle due to the ACA and doctors and hospitals beginning to reject Aetna or ACA insurances altogether. Aetna has left or announced they are leaving the remaining states where they sell Obamacare. In New Jersey Aetna will withdraw from providing individual insurance and all of its commercial (fully insured) medical plans offered in the small business health insurance market. The ACA defines “small employer” as a business with between 1 and 100 employees, though the state was allowed to cap the number of employees at 50 until 2016.
- All small businesses and their employees will be sent notice 180 days prior to their renewal.
- Aetna will cease selling new business with effective dates after 6/30/17.
- Aetna Renewals will continue to be produced and serviced as usual through 12/15/17 renewal dates.
- Coverage will continue until the policy ends on or after January 1, 2018. This decision does not impact Aetna’s other small group products such as stand-alone dental, stand-alone vision, and group life products, as well as large group (51+) medical plans and Medicare Advantage Plans.
- Aetna will continue to offer Aetna Funding Advantage (AFA) self-insured medical product to small employers (5-50 employees)
- Aetna will still provide stand-alone ancillary lines of coverage including dental, life insurance, disability, and vision products.
We know that in today's increasingly complex health insurance market you are looking for clarity and assistance. If you have any questions please call Cosmo Insurance at 732-363-3888. We will always be here for you with creative solutions and unparalleled service.