HARTFORD, Conn. (AP) — The Hartford-based Aetna Life Insurance Co. has informed state insurance officials that it has withdrawn from Connecticut’s health insurance exchange, which is poised to begin open enrollment this fall.
In a letter to the state’s Insurance Department, released Monday, the insurer said it “reluctantly” decided to withdraw from the insurance marketplace for 2014.
“Please be assured this is not a step taken lightly, and was made as part of national review of our Exchange strategy,” wrote Aetna’s senior actuary, Bruce Campbell. Correspondence posted on the Insurance Department’s website shows Aetna and the agency disagreed over how Aetna had calculated its proposed rates for the insurance marketplace.
Aetna has also withdrawn from offering individual plans in Maryland and Georgia, said Susan Millerick, an Aetna spokesman.
“We have spent considerable time identifying those states in which we can be competitive and add the most value to the market,”…
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