Roughly 50,000 Californians insured by Aetna, Inc. will have to find new coverage by next January, because the insurance corporation says it will stop selling individual health insurance policies in California in July.
Small and large employers will still be covered.
Last month, Aetna announced it would not join with California’s new state-run insurance market for consumers, a key component of the new federal healthcare law. In 2011, Aetna trailed Anthem Blue Cross, Kaiser Permanente, and Blue Shield of California; the three groups totaled 87% of the market share in the state, while Aetna only had 5.2%.
California Insurance Commissioner Dave Jones said, “I was disappointed to hear Aetna is choosing to leave the California individual health insurance market. A competitive market with more choices for consumers is important as we implement the Affordable Care Act and health insurance coverage is a requirement.”