About Aetna life insurance in USA
Aetna Inc. (/ˈɛtnə/; artificial as ætna) is associate yank managed health care company, that sells ancient and shopper directed health care insurance plans and connected services, like medical, pharmaceutical, dental, activity health, long-run care, and incapacity plans. Aetna may be a member of the Fortune one hundred.
23.1 million—medical members
14.3 million—dental members
15.3 million—pharmacy profit management services members
13.609 million—group insurance members[citation needed]
~1,200,000 — health-care professionals
695,971+ — primary-care doctors and specialists
5,712 — hospitals
Lobbying and campaign contributions:
Aetna has spent quite $2.0 million in 2009 on lobbying.[5] the corporate spent $809,793 between Jan 2009 and therefore the finish of March 2009—up forty one p.c from an equivalent amount in 2008. Aetna's campaign contributions embody quite $110,000 to United States of America legislator Joe Lieberman (ID-CT) in 2009. From 2005 through 2009, Aetna contributed $56,250 to legislator GHB Baucus (D-MT), chairman of the Senate commission, creating Aetna the senator's seventh highest contributor over that point amount.
Karen S. kill (Rohan) is that the President of Aetna.
Steven B. Kelmar is government vp of company Affairs and Chief of workers to the corporate executive and Chairman, Mark Bertolini.
Thomas Sabatino is government vp and General Counsel.
Richard di Benedetto is government vp accountable of Aetna International.
Deanna Fidleris government vp accountable of Human Resources.
Shawn M. Guertin is government vp, corporate executive and Chief Enterprise Risk Officer.
Meg McCarthy is government vp of Operations and Technology.
Harold L. Paz, M.D.,M.S. is government vp and Chief medical practitioner.
Fran S. Soistman is government vp accountable of presidency Services
Joseph M. Zubretsky is Senior government vp accountable of Healthagen.
Operations:
Aetna's 2007 revenue, reportable in 2008, was $27.6 billion. Aetna's 2008 revenue, reportable in 2009, was $31 billion. Aetna's 2012 revenue, reportable in 2013, was $35.54 billion. Aetna's 2013 revenue was forty seven.19 billion greenbacks.
Aetna is that the direct descendant of Aetna (Fire) underwriter, of state capital, Connecticut. The name was meant to invoke volcano, at the time Europe's most active volcano.
The Aetna building in state capital
On May 28, 1853, the regular payment department separated from Aetna Insurance to be incorporated because the Aetna insurance Company, with Eliphalet Bulkeley as president.
On Nov twenty nine, 1953, J. B. flier was appointed general agent of the corporate.
1854 Aetna employed its initial full-time worker, Thomas O. Enders, later to become company president.
1857 Aetna affected to new offices on Hungerford and Cone Streets in state capital. The Panic of 1857 affected state capital and therefore the nation, inflicting the closing of most one bank and lots of different businesses. Eliphalet Bulkeley blocked a move to liquidate the corporate throughout the economic worsening.
The Aetna underwriter issued insurance policies on associate undetermined variety of African-American slaves, naming their house owners as beneficiaries.
1865 By 1864 Aetna had inflated its volume of business by 600% over 1861 and its annual premium financial gain ninefold, prodigious one thousand thousand greenbacks. As a result, Aetna possessed the money stability and resources it required to fulfill the tight restrictive needs placed on insurance firms in Massachusetts and New York; by 1865 the corporate was licensed to start soliciting business in these states.
1867 Company financial gain rose from $78,000 in 1861 to $5,129,000 by 1867. Aetna affected to its third business office at 670 Main Street, Hartford. By 1924, Aetna had ninety four million greenbacks, forty third of its assets, endowed in farm mortgages.
1868 Aetna altered its business practices, hiring its initial statistician associated abandoning the half-note premium system in favor of an all-cash premium arrange.
1878 Aetna accumulated its capitalization from $150,000 to $750,000.
1879 Enders' failing health forced him to resign and Eliphalet Bulkeley's son Morgan G. Bulkeley replaced him.
1892 Aetna control its 1st general agents conference in Chicago.
1899 Aetna became one in all the primary publically control insurance firms to enter the insurance field.
1903 associate Engineering and review Division was created to enhance work safety.
1904 Aetna introduced its 1st company seal, transfer Aetna's standing because the largest life insurance firm within the world writing accident, health and liability coverage; the emblem delineate the company's main office exploding out from at intervals a globe, with giant block face orthography out Aetna's ranking.
1908 Aetna employed its 1st main office feminine worker (Julia Kinghorn, phonephone central operator), the primary of what has become over simple fraction of Aetna’s staff.
1911 Aetna began its 1st national crusade. an equivalent year, Aetna shaped a bond department to promote fidelity and surety coverages.
1912 Aetna introduced the primary combination automobile policy, with many separate kinds of coverage combined into one contract. many Aetna insureds were killed on the RMS large.
1913 Aetna shaped its second affiliate, the car insurance firm, to put in writing insurance on cars. This presently swollen to incorporate storm, tornado, leasehold, and ocean and midland marine insurance. Aetna shaped cluster|a gaggle|a bunch} department to sell group life assurance, one in all the primary insurers to try and do so; the primary step towards Aetna’s current health care business.
2000 Aetna oversubscribed its monetary services and international businesses to ING for $7.7 billion, spun off its health business to its shareholders, therefore focusing its business as associate freelance health and cluster edges company.
2001 Aetna recruited world promotion and promoting government Roy Clason, Jr. to guide the businesses name management methods throughout Aetna's multi-year company turnaround campaign.
2006 John Rowe over his sixty five months as government officer|CEO|chief operating officer|corporate executive|business executive} and executive chairman of Aetna; throughout his tenure, the previous Harvard gerontologist earned $225,000 every day (including Sundays and holidays).
2007 Aetna chief medic Troy Brennan told the Aetna capitalist Conference that, "The (U. S.) care system isn't timely. " He cited "recent statistics from the establishment of care Improvement… that folks ar waiting a median of regarding seventy days to do to examine a supplier. And in several circumstances folks at first diagnosed with cancer ar waiting over a month, that is intolerable. "
2007 Aetna nonheritable arrange operator Schaller Anderson in July, communication a push into the growing business of running plans for Medicaid and therefore the State Children's insurance Program.
2008 Aetna chief executive officer Ron Williams received $38.12 million in compensation - the best annual compensation within the insurance sector and therefore the 22nd-highest compensation of all yank CEOs.
2008 Aetna began giving pet insurance in Alabama, District of Columbia, Idaho, Iowa, Montana, American state and American state, with plans to quickly expand to any or all fifty states. “As the new underwriter for Pets Best policies, we glance forward to operating closely with Pets Best and therefore the AVMA GHLIT to increase the reach of the pet insurance trade to bring trustworthy , reasonable pet insurance merchandise to pet homeowners nationwide, ” aforementioned Gretchen Spann, Aetna’s head of pet insurance.
2008 Aetna's 2008 revenue, excluding web accomplished capital losses, magnified fourteen p.c over 2007 to $31.6 billion.
On September twenty two, over two hundred individuals gathered ahead of Aetna's capital of Connecticut headquarters to incorporate a public insurance possibility they aforementioned is important to true national health care reform. The insurance trade, as well as Aetna, has opposed a public possibility.
On Gregorian calendar month two, Connecticut lawyer General Richard Blumenthal and attention Advocate Kevin P. Lembo asked Aetna and 4 alternative insurance firms for data the businesses could have sent policyholders relating to the impact of planned legislation on health care Advantage and medication programs. per Blumenthal, some insurance firms have exaggerated or stretched the impact of health care reform.
On Gregorian calendar month twenty seven, Aetna stock values shot up once U. S. legislator Joe Lieberman of Connecticut skint with the Democratic caucus that he's a member of and vowed to affix a Republican-led filibuster if the general public possibility wasn't faraway from the Senate's health care reform bill.
On Gregorian calendar month thirty, Aetna reportable a 3rd quarter profit increase of eighteen p.c.
On Nov three, United States of America legislator Tom Harkin, chairman of the Committee on Health, Education, Labor and Pensions, launched AN investigation into insurance evaluation, asking Aetna and 3 alternative major insurers to justify their evaluation practices. The investigation began when tiny business homeowners testified before Harkin's committee that skyrocketing health care premiums were severely symptom their livelihoods.
On Nov nineteen, Aetna declared the shutdown off some three.5% of its work force—625 staff currently and an identical variety of reductions early next year. the present cuts embody one hundred sixty jobs in Connecticut.[40][41] "Streamlining our business currently can change United States of America to boost our fight and send resources to areas with a bigger potential for future growth, " aforementioned Aetna chief executive officer Ron Williams.[42] throughout the third quarter of 2009, Aetna attained $326.2 million, or seventy three cents per share. That represents a rise from $277.3 million, or fifty eight cents per share, within the same quarter last year.
On Nov thirty, Aetna chief executive officer Ron Williams told analysts that Aetna would increase costs in 2010 and force 600,000 to 650,000 Aetna customers to drop their coverage. Aetna President Mark Bertolini even the move as "ensuring that every client is priced to AN applicable margin. " Aetna chief govt Ronald Williams owns seven.6 million Aetna stock and choices.
On Dec seven, Aetna filed a $4.9 billion correction to its 2008 insurance restrictive filings. The new filings show that Aetna spends less on tiny business health care than antecedently reportable. “Health insurance firms have a obligation to produce correct monetary data each to customers and to their regulators concerning a lot of|what proportion|what quantity} cash they really pay on health care and the way much they pay on profits, on govt salaries, and on determining a way to deny care to individuals after they really want it, ” aforementioned legislator Jay altruist, Chairman of the U.S. Senate Committee on Commerce, Science, and Transportation. “Unfortunately, it's like Aetna and alternative health insurers haven’t been taking this duty terribly seriously. I’m unsuccessful that my Committee had to launch a complete legislature investigation to induce these firms to satisfy their basic reportage obligations. ”
On Dec fourteen, Aetna stocks rose dramatically when U. S. legislator Joe Lieberman of Connecticut vulnerable to filibuster the Senate health care reform bill if it enclosed a health care buy-in proposal.
December 29: Aetna chief govt Ron Williams owns or so seven.6 million Aetna stock and choices. the worth gain for Aetna stocks of $8.50 from Gregorian calendar month lows to Dec twenty nine adds a minimum of $37 million in worth to Williams' holdings.
On Feb half dozen, Aetna reportable 2009 fourth-quarter earnings of $165.9 million, or thirty eight cents per share, on $8.69 billion in revenue.
On April thirty, Aetna declared a twenty nine p.c increase in earnings for the primary quarter of 2010 compared with constant quarter a year agone, because the insurance firm benefited from higher investment financial gain.
In April, Aetna notified policyholders that it had been in a very contract dispute with time Health Partners which its contract with time Health Partners would lapse as of June five, 2010. time Health Partners contains 5 major big apple town hospitals: alphabetic character Israel middle, Roosevelt Hospital, St. Luke's Hospital, island faculty Hospital and big apple Eye and Ear hospital. The June fifth date passed and also the contract nonchurchgoing, associate outcome that would mean abundant higher prices for thousands of latest Yorkers. Aetna is duty-bound in its contract with doctors to retain those doctors in-network for a client for a amount of a year or till the expiration date of the policyholder's contract, whichever comes 1st. Aetna didn't inform policyholders of this truth. time Health provided a type to policyholders to form this request. U. S. legislator Kirsten Gillibrand has asked executives of Aetna and time Health Partners to go in negotiations, saying, "I urge you to go in negotiations on a brand new three-year agreement for compensation rates, for the sake of the patients that require health coverage. " In July, the school Union of Pratt Institute, United Federation of faculty lecturers native 1460, ready a letter to Aetna expressing their unhappiness over the termination of the contract.
In June, Crystal Run health care, a 170-doctor medical practice in Orange County, big apple and Sullivan County, New York, proclaimed that it'd terminate its contract with Aetna on July thirty one, 2011.Crystal Run expressed that, "Aetna proposes to pay North American country considerably but different business health care plans with whom we tend to contract. Despite honesty efforts, we tend to cannot come back to associate agreement at now. we would like to afford each chance to our patients to form aware decisions relating to their health care coverage. " Aetna replied, "It is extraordinary that a accountable medico cluster would alarm patients during this manner quite a year before there may well be any impact to those patients. "
On July 27, Aetna rumored that its second-quarter profit rose forty two p.c, because the share of premiums the corporate spent on medical aid fell versus a year past. The underwriter attained $491 million, or $1.14 a share, within the 3 months finished June thirty. That compares with earnings of $346.6 million, or seventy seven cents a share, within the same amount last year.
On September nine, Aetna proclaimed that it'd demolish its one,300,000-square-foot (120,000 m2) structure in Middletown, Connecticut that after housed some five,000 Aetna staff on a 261-acre (1.06 km2) field. Aetna has not same precisely however it'll redevelop the positioning, though an information center presently set there'll stay despite future plans.
2015:
On July 3, 2015, Aetna proclaimed that it planned to accumulate Humana for US$37,000,000,000 in money and stock, or US$230 a share.[ Aetna and Humana shareholders would have closely-held seventy four and twenty sixth of the new combined company. The acquisition was subject to us government approval and was expected to shut in late 2016.
Fines, lawsuits and settlements:
Georgia Insurance Commissioner John W. Oxendine punished Aetna's prudent Health arrange $100,000 for violating Georgia's prompt pay law by delaying claims payments. Aetna corporations had been punished four previous times by Oxendine's workplace, in 2000 and once more in 2002, for a complete of $411,200.
The Arizona Department of Insurance punished Aetna insurance Company and Aetna Health, Inc. when examination of their practices exposed multiple violations of Arizona insurance laws. The department found that Aetna desecrated important state laws governing vital areas of insurance operations, together with Aetna's: failure to supply clients with info concerning their rights on charms of medical claims or services denials; failure to acknowledge receipt of policyholder appeals; failure to inform policyholders concerning appeal decisions/outcomes; and, in some appeals involving the denial of services for doubtless grave conditions, failure to tell policyholders of their call inside the desired, accelerated time frames.
Life insurance policies on slaves:
In 2000 Deadria Farmer-Paellmann, head of the noncommercial Restitution Study cluster of Hoboken, New Jersey, disclosed that from or so 1853 to or so 1860 Aetna had issued insurance policies to slaveowners covering the lives of their slaves.
Aetna acknowledged that concrete proof exists for Aetna issuance coverage for the lives of slaves and free a public apology.
In 2002, Farmer-Paellmann brought suit against Aetna and 2 alternative corporations in court posing for reparations for the descendants of slaves. The proceeding same Aetna, CSX and Fleet were "unjustly enriched" by "a system that enthralled, tortured, starved and exploited persons." It argued that African-Americans ar still suffering the results of 2½ centuries of enslavement followed by quite a century of institutionalized racism. The criticism curst slavery for current disparities between blacks and whites in financial gain, education, literacy, health, life and crime.
This suit was denied, and also the denial mostly upheld on charm.
In 2006, Farmer-Paellmann proclaimed a nationwide boycott of Aetna over the difficulty of reparations for its policies covering slaves.
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About Aetna life insurance in USA || NeedInfo24.tk
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Members:
Aetna offers health care, dental, pharmacy, group life, disability, and long-run care insurance and worker advantages, primarily through employer-paid (fully or partly) insurance and profit programs, and thru Medicare. Membership numbers: (as of September thirty, 2016)23.1 million—medical members
14.3 million—dental members
15.3 million—pharmacy profit management services members
13.609 million—group insurance members[citation needed]
~1,200,000 — health-care professionals
695,971+ — primary-care doctors and specialists
5,712 — hospitals
Lobbying and campaign contributions:
Aetna has spent quite $2.0 million in 2009 on lobbying.[5] the corporate spent $809,793 between Jan 2009 and therefore the finish of March 2009—up forty one p.c from an equivalent amount in 2008. Aetna's campaign contributions embody quite $110,000 to United States of America legislator Joe Lieberman (ID-CT) in 2009. From 2005 through 2009, Aetna contributed $56,250 to legislator GHB Baucus (D-MT), chairman of the Senate commission, creating Aetna the senator's seventh highest contributor over that point amount.
Quality of care:
In the California Health Care Quality report 2011 Edition, Aetna received two out of four stars in Meeting National Standards of Care and one out of four in Members Rate Their health insurance. within the California Health Care Quality report 2010 Edition,[10] Aetna received three out of four stars in each Meeting National Standards of Care and the way Members Rate Their health insurance, for a rating of "Good" (out of "Poor, " "Fair, " "Good, " or "Excellent").Current leadership:
Mark Bertolini became corporate executive of Aetna on Nov twenty nine, 2010, and chairman on Apr eight, 2011.Karen S. kill (Rohan) is that the President of Aetna.
Steven B. Kelmar is government vp of company Affairs and Chief of workers to the corporate executive and Chairman, Mark Bertolini.
Thomas Sabatino is government vp and General Counsel.
Richard di Benedetto is government vp accountable of Aetna International.
Deanna Fidleris government vp accountable of Human Resources.
Shawn M. Guertin is government vp, corporate executive and Chief Enterprise Risk Officer.
Meg McCarthy is government vp of Operations and Technology.
Harold L. Paz, M.D.,M.S. is government vp and Chief medical practitioner.
Fran S. Soistman is government vp accountable of presidency Services
Joseph M. Zubretsky is Senior government vp accountable of Healthagen.
Operations:
Aetna's 2007 revenue, reportable in 2008, was $27.6 billion. Aetna's 2008 revenue, reportable in 2009, was $31 billion. Aetna's 2012 revenue, reportable in 2013, was $35.54 billion. Aetna's 2013 revenue was forty seven.19 billion greenbacks.
History:
Aetna is that the direct descendant of Aetna (Fire) underwriter, of state capital, Connecticut. The name was meant to invoke volcano, at the time Europe's most active volcano.
Timeline:
1810s:
1819 Henry Leavitt Ellsworth, Yale graduate and professional person, becomes second president of Aetna (Fire) underwriter, succeeding Thomas Kimberly Brace. Ellsworth, UN agency later became the primary U. S. Patent Commissioner, served as Aetna's president for 2 years till 1821, once he resigned, however Ellsworth continued as a director for one more sixteen years. Ellsworth's brother, William Wolcott Ellsworth, conjointly served as a director, in addition because the company's initial General Counsel.1850s:
The Aetna building in state capital
On May 28, 1853, the regular payment department separated from Aetna Insurance to be incorporated because the Aetna insurance Company, with Eliphalet Bulkeley as president.
On Nov twenty nine, 1953, J. B. flier was appointed general agent of the corporate.
1854 Aetna employed its initial full-time worker, Thomas O. Enders, later to become company president.
1857 Aetna affected to new offices on Hungerford and Cone Streets in state capital. The Panic of 1857 affected state capital and therefore the nation, inflicting the closing of most one bank and lots of different businesses. Eliphalet Bulkeley blocked a move to liquidate the corporate throughout the economic worsening.
The Aetna underwriter issued insurance policies on associate undetermined variety of African-American slaves, naming their house owners as beneficiaries.
1860s:
1861 Aetna began giving collaborating insurance policies that paid dividends to policyholders even as the mutual insurance policies did. Aetna launched its new product with a promotional effort together with higher commissions for its agents whereas most firms were decreasing attributable to the natural event of the yank warfare and therefore the ensuant loss of premium payments from Southern policyholders. However, the toll of the war including the booming period economy caused associate growth of the insurance business to match Aetna's growth.1865 By 1864 Aetna had inflated its volume of business by 600% over 1861 and its annual premium financial gain ninefold, prodigious one thousand thousand greenbacks. As a result, Aetna possessed the money stability and resources it required to fulfill the tight restrictive needs placed on insurance firms in Massachusetts and New York; by 1865 the corporate was licensed to start soliciting business in these states.
1867 Company financial gain rose from $78,000 in 1861 to $5,129,000 by 1867. Aetna affected to its third business office at 670 Main Street, Hartford. By 1924, Aetna had ninety four million greenbacks, forty third of its assets, endowed in farm mortgages.
1868 Aetna altered its business practices, hiring its initial statistician associated abandoning the half-note premium system in favor of an all-cash premium arrange.
1870s:
1872 Eliphalet A. Bulkeley died and Thomas O. Enders became president.1878 Aetna accumulated its capitalization from $150,000 to $750,000.
1879 Enders' failing health forced him to resign and Eliphalet Bulkeley's son Morgan G. Bulkeley replaced him.
1880s:
1888 Aetna outgrew its recent offices on 670 Main Street in state capital and purchased its fourth main office, round the corner at 650 Main Street; the primary building Aetna really closely-held, and Aetna's main office for consecutive forty two years.1890s:
1891 Aetna issued its 1st accident policy, purchased by Morgan Bulkeley himself.1892 Aetna control its 1st general agents conference in Chicago.
1899 Aetna became one in all the primary publically control insurance firms to enter the insurance field.
1900s:
1902 Aetna created associate Accident and Liability department to supply employers' liability and workmen's collective insurance, in reaction to the growing strength of the Progressive social social movement. this could become the cornerstone of the Aetna Accident and Liability Company.1903 associate Engineering and review Division was created to enhance work safety.
1904 Aetna introduced its 1st company seal, transfer Aetna's standing because the largest life insurance firm within the world writing accident, health and liability coverage; the emblem delineate the company's main office exploding out from at intervals a globe, with giant block face orthography out Aetna's ranking.
1908 Aetna employed its 1st main office feminine worker (Julia Kinghorn, phonephone central operator), the primary of what has become over simple fraction of Aetna’s staff.
1910s:
1910 below the management of E. E. Cammack, Aetna began exploitation artificer punched cards machines for tabulating and employed thirty five girls to input mortality statistics on keypunch machines, the company's 1st feminine main office clerks.1911 Aetna began its 1st national crusade. an equivalent year, Aetna shaped a bond department to promote fidelity and surety coverages.
1912 Aetna introduced the primary combination automobile policy, with many separate kinds of coverage combined into one contract. many Aetna insureds were killed on the RMS large.
1913 Aetna shaped its second affiliate, the car insurance firm, to put in writing insurance on cars. This presently swollen to incorporate storm, tornado, leasehold, and ocean and midland marine insurance. Aetna shaped cluster|a gaggle|a bunch} department to sell group life assurance, one in all the primary insurers to try and do so; the primary step towards Aetna’s current health care business.
1960s:
1960 Aetna swollen outside the U. S., shopping for a Canadian company, wadding life assurance Company. In 1968, it bought a majority interest in Producer's and Citizen's Cooperative Assurance Company, of Sydney, Australia. In 1981, it bought a forty % interest in 2 Chilean firms, and shortly thenceforth endowed in ventures in European country, Spain, Hong Kong, Taiwan, state and Korean Peninsula.1970s:
1970 Aetna's Pension, Casualty and Life Division below the direction of B.E. Burton, President and Lead figurer, saw billion-dollar growth within the post-ERISA pension administration phase that placed Aetna within the high five world pension and investment quality management and recordkeeping corporations within the world, with over $11.8 billion (US) in new sales and assets below management throughout the last decade.2000s:
2000 Aetna employed John Rowe as government officer|CEO|chief operating officer|corporate executive|business executive} and executive chairman. Rowe cut about fifteen,000 jobs and raised insurance premiums by sixteen % each year. He additionally shrunken Aetna's client base from nineteen million members to thirteen million by abandoning unprofitable markets, as well as virtually 1/2 the counties nationwide during which it offered Medicare merchandise.2000 Aetna oversubscribed its monetary services and international businesses to ING for $7.7 billion, spun off its health business to its shareholders, therefore focusing its business as associate freelance health and cluster edges company.
2001 Aetna recruited world promotion and promoting government Roy Clason, Jr. to guide the businesses name management methods throughout Aetna's multi-year company turnaround campaign.
2006 John Rowe over his sixty five months as government officer|CEO|chief operating officer|corporate executive|business executive} and executive chairman of Aetna; throughout his tenure, the previous Harvard gerontologist earned $225,000 every day (including Sundays and holidays).
2007 Aetna chief medic Troy Brennan told the Aetna capitalist Conference that, "The (U. S.) care system isn't timely. " He cited "recent statistics from the establishment of care Improvement… that folks ar waiting a median of regarding seventy days to do to examine a supplier. And in several circumstances folks at first diagnosed with cancer ar waiting over a month, that is intolerable. "
2007 Aetna nonheritable arrange operator Schaller Anderson in July, communication a push into the growing business of running plans for Medicaid and therefore the State Children's insurance Program.
2008 Aetna chief executive officer Ron Williams received $38.12 million in compensation - the best annual compensation within the insurance sector and therefore the 22nd-highest compensation of all yank CEOs.
2008 Aetna began giving pet insurance in Alabama, District of Columbia, Idaho, Iowa, Montana, American state and American state, with plans to quickly expand to any or all fifty states. “As the new underwriter for Pets Best policies, we glance forward to operating closely with Pets Best and therefore the AVMA GHLIT to increase the reach of the pet insurance trade to bring trustworthy , reasonable pet insurance merchandise to pet homeowners nationwide, ” aforementioned Gretchen Spann, Aetna’s head of pet insurance.
2008 Aetna's 2008 revenue, excluding web accomplished capital losses, magnified fourteen p.c over 2007 to $31.6 billion.
2009:
Through June thirty, Aetna took in $14 billion in premiums: $10.7 billion of that quantity from employers and staff, $2.9 billion additional from health care recipients UN agency bought a supplemental insurance conceive to cowl the gaps in what health care covers, and another $400 million for handling Medicaid claims. Aetna reportable that it paid out $11.9 billion in health care reimbursements and $2.3 billion in body expenses (20 percent).On September twenty two, over two hundred individuals gathered ahead of Aetna's capital of Connecticut headquarters to incorporate a public insurance possibility they aforementioned is important to true national health care reform. The insurance trade, as well as Aetna, has opposed a public possibility.
On Gregorian calendar month two, Connecticut lawyer General Richard Blumenthal and attention Advocate Kevin P. Lembo asked Aetna and 4 alternative insurance firms for data the businesses could have sent policyholders relating to the impact of planned legislation on health care Advantage and medication programs. per Blumenthal, some insurance firms have exaggerated or stretched the impact of health care reform.
On Gregorian calendar month twenty seven, Aetna stock values shot up once U. S. legislator Joe Lieberman of Connecticut skint with the Democratic caucus that he's a member of and vowed to affix a Republican-led filibuster if the general public possibility wasn't faraway from the Senate's health care reform bill.
On Gregorian calendar month thirty, Aetna reportable a 3rd quarter profit increase of eighteen p.c.
On Nov three, United States of America legislator Tom Harkin, chairman of the Committee on Health, Education, Labor and Pensions, launched AN investigation into insurance evaluation, asking Aetna and 3 alternative major insurers to justify their evaluation practices. The investigation began when tiny business homeowners testified before Harkin's committee that skyrocketing health care premiums were severely symptom their livelihoods.
On Nov nineteen, Aetna declared the shutdown off some three.5% of its work force—625 staff currently and an identical variety of reductions early next year. the present cuts embody one hundred sixty jobs in Connecticut.[40][41] "Streamlining our business currently can change United States of America to boost our fight and send resources to areas with a bigger potential for future growth, " aforementioned Aetna chief executive officer Ron Williams.[42] throughout the third quarter of 2009, Aetna attained $326.2 million, or seventy three cents per share. That represents a rise from $277.3 million, or fifty eight cents per share, within the same quarter last year.
On Nov thirty, Aetna chief executive officer Ron Williams told analysts that Aetna would increase costs in 2010 and force 600,000 to 650,000 Aetna customers to drop their coverage. Aetna President Mark Bertolini even the move as "ensuring that every client is priced to AN applicable margin. " Aetna chief govt Ronald Williams owns seven.6 million Aetna stock and choices.
On Dec seven, Aetna filed a $4.9 billion correction to its 2008 insurance restrictive filings. The new filings show that Aetna spends less on tiny business health care than antecedently reportable. “Health insurance firms have a obligation to produce correct monetary data each to customers and to their regulators concerning a lot of|what proportion|what quantity} cash they really pay on health care and the way much they pay on profits, on govt salaries, and on determining a way to deny care to individuals after they really want it, ” aforementioned legislator Jay altruist, Chairman of the U.S. Senate Committee on Commerce, Science, and Transportation. “Unfortunately, it's like Aetna and alternative health insurers haven’t been taking this duty terribly seriously. I’m unsuccessful that my Committee had to launch a complete legislature investigation to induce these firms to satisfy their basic reportage obligations. ”
On Dec fourteen, Aetna stocks rose dramatically when U. S. legislator Joe Lieberman of Connecticut vulnerable to filibuster the Senate health care reform bill if it enclosed a health care buy-in proposal.
December 29: Aetna chief govt Ron Williams owns or so seven.6 million Aetna stock and choices. the worth gain for Aetna stocks of $8.50 from Gregorian calendar month lows to Dec twenty nine adds a minimum of $37 million in worth to Williams' holdings.
2010:
On Feb three, Aetna ordered off over a hundred Connecticut employees. This follows the lay off of one hundred sixty Connecticut Aetna staff in Nov 2009.On Feb half dozen, Aetna reportable 2009 fourth-quarter earnings of $165.9 million, or thirty eight cents per share, on $8.69 billion in revenue.
On April thirty, Aetna declared a twenty nine p.c increase in earnings for the primary quarter of 2010 compared with constant quarter a year agone, because the insurance firm benefited from higher investment financial gain.
In April, Aetna notified policyholders that it had been in a very contract dispute with time Health Partners which its contract with time Health Partners would lapse as of June five, 2010. time Health Partners contains 5 major big apple town hospitals: alphabetic character Israel middle, Roosevelt Hospital, St. Luke's Hospital, island faculty Hospital and big apple Eye and Ear hospital. The June fifth date passed and also the contract nonchurchgoing, associate outcome that would mean abundant higher prices for thousands of latest Yorkers. Aetna is duty-bound in its contract with doctors to retain those doctors in-network for a client for a amount of a year or till the expiration date of the policyholder's contract, whichever comes 1st. Aetna didn't inform policyholders of this truth. time Health provided a type to policyholders to form this request. U. S. legislator Kirsten Gillibrand has asked executives of Aetna and time Health Partners to go in negotiations, saying, "I urge you to go in negotiations on a brand new three-year agreement for compensation rates, for the sake of the patients that require health coverage. " In July, the school Union of Pratt Institute, United Federation of faculty lecturers native 1460, ready a letter to Aetna expressing their unhappiness over the termination of the contract.
In June, Crystal Run health care, a 170-doctor medical practice in Orange County, big apple and Sullivan County, New York, proclaimed that it'd terminate its contract with Aetna on July thirty one, 2011.Crystal Run expressed that, "Aetna proposes to pay North American country considerably but different business health care plans with whom we tend to contract. Despite honesty efforts, we tend to cannot come back to associate agreement at now. we would like to afford each chance to our patients to form aware decisions relating to their health care coverage. " Aetna replied, "It is extraordinary that a accountable medico cluster would alarm patients during this manner quite a year before there may well be any impact to those patients. "
On July 27, Aetna rumored that its second-quarter profit rose forty two p.c, because the share of premiums the corporate spent on medical aid fell versus a year past. The underwriter attained $491 million, or $1.14 a share, within the 3 months finished June thirty. That compares with earnings of $346.6 million, or seventy seven cents a share, within the same amount last year.
On September nine, Aetna proclaimed that it'd demolish its one,300,000-square-foot (120,000 m2) structure in Middletown, Connecticut that after housed some five,000 Aetna staff on a 261-acre (1.06 km2) field. Aetna has not same precisely however it'll redevelop the positioning, though an information center presently set there'll stay despite future plans.
2012:
In June 2012, Aetna and Inova Health System proclaimed a venture making a brand new insurance company, Innovation Health.2015:
On July 3, 2015, Aetna proclaimed that it planned to accumulate Humana for US$37,000,000,000 in money and stock, or US$230 a share.[ Aetna and Humana shareholders would have closely-held seventy four and twenty sixth of the new combined company. The acquisition was subject to us government approval and was expected to shut in late 2016.
2017:
On Jan twenty three, 2017, a federal choose blocked Aetna's merger with Humana, locution it'd leave senior voters with fewer choices for Medicare coverage.[66][67][68] On Saint Valentine's Day, 2017, Aetna Inc. and Humana opposition. formally quashed a $34 billion acquisition agreement, once judges dominated against the merger for a second time.Fines, lawsuits and settlements:
1999:
A jury in American state awarded $116 million in exemplary damages for "malice, oppression and fraud" to a patient's widow WHO contended he died once a subsidiary of Aetna delayed approving treatment for abdomen cancer that its own doctors had suggested. Lawyers on either side referred to as it the biggest such finding against a health maintenance organization. In 2001 a settlement was reached.2000:
The U.S. Court of Appeals Affirmed a $1,855,000 federal jury award for Brokerage ideas opposition. (BCI) against Aetna U. S. health care (formerly U. S. Healthcare), its Pennsylvania subsidiary, and one among its former senior executives, Richard Wolfson. In its suit, BCI suspect Aetna U. S. health care of misconduct interference with written agreement relations. BCI alleged the managed-care company used its economic power within the business of medicine sales to force one among BCI's purchasers, the "I Got It at Gary's" pharmacy chain, into victimization another Aetna U. S. health care subsidiary, company Health directors, as its health edges management firm. in step with the suit, Aetna U. S. health care vulnerable to drop "I Got it at Gary's" from its pharmacy network if the corporate did not switch to company Health directors.2001:
The Maryland Insurance Commissioner ordered 5 Maryland health plans to pay a complete of $1.4 million in penalties for failing to accommodates the state's claims payment practices; Aetna was cited doubly and ordered to pay the biggest fine of $850,000.The State of TX penalized Aetna $1.15 million for failing to promptly pay doctors and hospitals for services. TX Insurance Commissioner Jose Montemayor conjointly ordered Aetna to pay restitution to physicians and health care suppliers WHO didn't receive timely payment for claims.2002:
The big apple Department of Insurance penalized Aetna North American country health care and UnitedHealthcare a complete of $2.5 million, citing a litany of botched claims, improper treatment denials, unaccredited insurance agents, and poorly playing claims processors victimization superannuated software system.Aetna united to contour communications, scale back body quality, and improve the standard of the health care system, ending proceeding between Aetna and 700,000 physicians and medical societies. The physicians' legal proceeding, settled for $470 million, charged Aetna with consistently reducing payments to physicians and predominate their treatment selections.2003:
Aetna and also the yank Dental Association (ADA) proclaimed a class-action settlement by dentists WHO defendant Aetna of busy with dental procedures to chop prices and forcing dentists to accommodates excessive work. The settlement required Aetna to pay $4 million to forty,000 to 50,000 dentists and $1 million to the enzyme Foundation, a charitable cluster.Georgia Insurance Commissioner John W. Oxendine punished Aetna's prudent Health arrange $100,000 for violating Georgia's prompt pay law by delaying claims payments. Aetna corporations had been punished four previous times by Oxendine's workplace, in 2000 and once more in 2002, for a complete of $411,200.
2007:
The New Jersey Department of Banking associated Insurance filed an body order levying a $9.5 million fine against Aetna for refusing to fitly cowl bound services provided by out-of-network providers—including emergency treatment—in violation of latest Jersey rules and rules.2009:
Former Aetna worker Cornelius Allison of Darby, Pa., filed suit against Aetna in U. S. District Court in Pennsylvania when hackers gained access to an organization electronic computer holding personal knowledge for 450,000 current and former staff in addition as job candidates. The suit charged Aetna with negligence, breach of contract, negligent falsity and invasion of privacy.The Arizona Department of Insurance punished Aetna insurance Company and Aetna Health, Inc. when examination of their practices exposed multiple violations of Arizona insurance laws. The department found that Aetna desecrated important state laws governing vital areas of insurance operations, together with Aetna's: failure to supply clients with info concerning their rights on charms of medical claims or services denials; failure to acknowledge receipt of policyholder appeals; failure to inform policyholders concerning appeal decisions/outcomes; and, in some appeals involving the denial of services for doubtless grave conditions, failure to tell policyholders of their call inside the desired, accelerated time frames.
2010:
Aetna paid a $750,000 fine as a part of a settlement with the ny Insurance Department associated with the corporate administering an inexpensive tending arrange for the state. Aetna's violations enclosed failing to supply a needed 30-day notice of rate will increase to concerning 946 members in 2007, failing to supply notice to one,406 terminated staff of their rights to convert to a different policy, failing to report enrollment knowledge from could 2007 through August 2008, and failing to reply to Insurance Department requests for knowledge in March 2008.Life insurance policies on slaves:
In 2000 Deadria Farmer-Paellmann, head of the noncommercial Restitution Study cluster of Hoboken, New Jersey, disclosed that from or so 1853 to or so 1860 Aetna had issued insurance policies to slaveowners covering the lives of their slaves.
Aetna acknowledged that concrete proof exists for Aetna issuance coverage for the lives of slaves and free a public apology.
In 2002, Farmer-Paellmann brought suit against Aetna and 2 alternative corporations in court posing for reparations for the descendants of slaves. The proceeding same Aetna, CSX and Fleet were "unjustly enriched" by "a system that enthralled, tortured, starved and exploited persons." It argued that African-Americans ar still suffering the results of 2½ centuries of enslavement followed by quite a century of institutionalized racism. The criticism curst slavery for current disparities between blacks and whites in financial gain, education, literacy, health, life and crime.
This suit was denied, and also the denial mostly upheld on charm.
In 2006, Farmer-Paellmann proclaimed a nationwide boycott of Aetna over the difficulty of reparations for its policies covering slaves.
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