Aetna Medicare Supplement Insurance

For those who are turning age 65, one important decision will be to determine whether or not a Medicare Supplement insurance policy will be needed. These plans can help to cover many of the out-of-pocket expenses that are not picked up by Medicare Parts A and B.

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One top company in the Medicare Supplement insurance arena is Aetna. This company is one of the nation’s leading health care benefit insurers, working hard to provide its customers and policy holders with both coverage and other resources that can help them in making more informed decisions regarding their overall health and wellness.

Aetna Company Overview

Aetna’s mission is to help people in achieving overall health and financial security. The company does so by offering easy access to high-quality and cost-effective health care. This insurer continues to be a leader in building strong and effective health care systems by working with providers such as hospitals, doctors, public officials, employers, and patients themselves.

Established in 1850, Aetna provides a very wide array of both traditional and consumer directed health insurance products, as well as related services. More than 49,000 employees work for Aetna and its affiliates. While Aetna is the brand name for the company’s products and services, its offerings are provided by one or more of the firm’s subsidiary companies in different areas. Such subsidiary companies may go by many different names.

Aetna is a publicly traded company that uses the stock symbol AET. The company boasts more than 22 million medical insurance policy holders, along with another 14.3 million dental members and 13.8 million pharmacy members. In 2012, the insurer brought in more than $35.5 billion in revenue.

Aetna has a number of different company subsidiaries as well. These include:

• Aetna Capital Management
• ActiveHealth Management
• Aetna International
• Aetna Student Health
• Coventry Health Care
• Cofinity
• Healthagen
• Medicity
• ITriage
• Strategic Resource Company
• Schaller Anderson
• Prodigy Health Group
• PayFlex
• Meritain Health

The company provides its benefits through employers in all 50 of the United States. It also has a presence in Asia, Europe, and the Middle East. Its insurance products are predominantly targeted to small, mid-sized, and large national employers. It also services both Medicare and Medicaid enrollees in various markets.

Aetna provides its member-policy holders with access to easy-to-understand and convenient tools that can assist them with making more informed decisions regarding their health and financial well-being.

This large insurer also works directly with numerous health care networks, including more than 1 million health care professionals, and nearly 600,000 primary care doctors and specialists. In addition, Aetna also works with in excess of 5,300 hospitals nationwide, along with a network of specialist physicians who are recognized with the Aexcel designation that is based upon their clinical performance and cost effectiveness.

Which Medicare Supplement Plans are Sold by Aetna?

Aetna Medicare Supplement insurance plans are underwritten directly by Aetna Life Insurance Company. This insurer offers Plans A, B, and F. These plans provide the following coverage options:

Plan A:

• Medicare Part A coinsurance, along with coverage for 365 additional days after Medicare’s benefits run out;
• Coinsurance for Medicare Part B,
• First three pints of blood per year.

Plan B:

• Medicare Part A coinsurance, along with coverage for 365 additional days after Medicare’s benefits run out;
• Coinsurance for Medicare Part B;
• First three pints of blood per year;
• Deductible for Medicare Part A.

Plan F:

• Medicare Part A coinsurance, along with coverage for 365 additional days after Medicare’s benefits run out;
• Coinsurance for Medicare Part B;
• First three pints of blood per year;
• Deductible for Medicare Part A and Part B;
• Excess charges of Medicare Part B (this includes the difference between Part B Medicare-approved amounts and the limiting charge, which is not more than 15% of the Medicare-approved amount);
• Coinsurance amount for Medicare’s nursing home coverage;
• Foreign travel emergency care.

Where is Aetna Medicare Supplement Insurance Offered?

Currently, the Medicare Supplement insurance plans offered by Aetna are only available in certain states. States where Aetna’s coverage is not available include Georgia, Michigan, New York, and Texas. Those who are interested in purchasing such a plan through this insurer – as well as to obtain quotes for a certain Medicare Supplement insurance policy – should contact the company directly or an affiliated health insurance agent in order to determine whether or not coverage is provided in a particular area.

Aetna Company Ratings & Awards

Due in large part to the company’s financial strength and claims paying reputation, Aetna and its subsidiaries have achieved high ratings from the industry ratings agencies. The company’s grades include:

Such ratings can be interpreted as follows:

• Standard and Poor’s – The company’s long-term senior debt, as well as its overall financial strength (including the insurer’s affiliates) have a positive outlook.
• Moody’s Investors Service – Aetna’s long-term senior debt and financial strength ratings have a stable outlook for the future.
• Fitch – The long-term senior debt, as well as the company’s commercial paper and financial strength have a stable outlook for the future.
• A.M. Best – Aetna’s long-term senior debt and financial strength ratings have a stable outlook going forward.

These ratings can provide Aetna’s policy holders with the assurance that the company will be there to pay their needed claims when the time comes.

The insurer has also won a number of coveted awards. These include:

• A ranking of 4th in The Civic 50 survey of America’s most community-minded companies for 2012;
• An Outstanding Customer Service Experience award by J.D. Power and Associates;
• The Best International Private Health Insurance Provider for 2013 by “Professional Advisor,” a leading publication for financial advisors;
• A Platinum Award in 2013 for the Best Employer for Healthy Lifestyles from the National Business Group on Health.
• A ClearMark Award from the Center for Plain Language for its online Aetna Benefits Advisor tool.

In addition, Aetna has a political action committee that works to improve both quality and access to health care. The company also possesses a physician advisory board that provides advice on important health care related issues to doctors. This board also makes certain recommendations for business practices and policies.

One of the national health initiatives that Aetna has joined is the “Million Hearts Initiative.” This initiative has the goal of preventing one million heart attacks and strokes by the year 2017. It plans to do so by offering information on better lifestyle choices.

Other Types of Coverage Offered by Aetna

In addition to its Medicare Supplement insurance, Aetna offers a myriad of health care related coverages, including medical, dental, and pharmacy insurance, and group life and disability insurance plans. Aetna also provides medical management capabilities and health care management services for Medicaid plans.

Just some of the company’s customers include individual policy holders who are part of employer groups, government units, labor groups, college students, hourly and part-time workers, health plans, expatriates, and government sponsored plans.

Pros and Cons of Purchasing Medicare Supplemental Insurance from Aetna

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Although Aetna does not offer Medicare Supplement insurance in all of the U.S. states, the company does provide certain advantages to those who are able to obtain coverage. These benefits include:

• Experience – Aetna has been in the insurance business for more than 150 years, with over 40 years in the Medicare Supplement area. Given the vast experience of this insurer, Aetna’s Medicare Supplement policy holders can have peace of mind in knowing that this insurer has thrived through all types of markets. This is one reason why the company was named as one of the most admired health care insurance companies in 2012 by Forbes magazine.

• Ease of Information – Aetna provides an extensive amount of information directly on its website so that policy holders and potential customers may access the details they need 24 hours per day, 7 days per week. This includes choosing the right Medicare Supplemental policy for one’s particular situation and coverage needs.

• Policy Premium Discounts and Extra Benefits – Aetna also offers a number of potential premium discounts to its policy holders. In addition, extra benefits may also be provided such as a disease management programs via Aetna Health Connections, and vision, hearing, weight management, and fitness services that are included on many Aetna plans.

The Bottom Line

For those who are enrolled in Medicare Parts A and B, a Medicare Supplement insurance policy through Aetna could provide the ideal needed benefits, at a reasonable premium cost. Information about the company and the Medicare Supplemental plans that are offered can be found directly on the Internet, making plan comparison and pricing very convenient.

Aetna was the nation’s first full service health insurance company to offer “consumer directed” health plans, and the company continues to lead the way with its full line of quality insurance coverages.

By Susan Wright

About the author
Susan Wright has been working in the insurance and financial services industries for over 20 years. She earned her MBA degree from St. Louis University, and her BA degree from Michigan State University. Susan has been licensed as an insurance agent and FINRA securities broker. In addition, she has earned nine professional designations, including:

– CLU (Chartered Life Underwriter)
– ChFC (Chartered Financial Consultant)
– RHU (Registered Health Underwriter)
– REBC (Registered Employee Benefits Consultant)
– CSA (Certified Senior Advisor)
– CLTC (Certified in Long-Term Care)
– CCFC (Certified Cash Flow Consultant)
– CSS (Certified Seniors Specialist in Real Estate)
– ADPA (Accredited Domestic Partnership Advisor)

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