Innovation Health / Aetna announced on May 3 it will stop selling individual and family health insurance in Virginia in 2018.
Although 2017 policies are not impacted by the decision, individuals and families with this coverage must choose another carrier for 2018.
Volatile Health Insurance Market
Today’s volatile health insurance market is the driving force behind the decision. In a note to brokers, Innovation Health / Aetna explained the following:
“We informed the appropriate federal and state regulators that Aetna will not participate in the Virginia Individual public exchange for 2018 as a result of financial risk and an uncertain outlook for the Individual marketplace.” — Aetna / Innovation Health
This decision applies to Affordable Care Act-compliant Individual plans sold both on and off the Virginia individual exchange.
It does not apply to other products, such as Medicaid, Medicare, Employer Group, Student Health, and standalone dental, vision and pharmacy.
2017 Coverage Not Affected
Your coverage is not impacted if you currently have a plan with Innovation Health / Aetna. You can keep your plan through December 31, 2017.
Looking Ahead to 2018
However, current policyholders must select a new plan — with a new provider — in 2018.
2018 open enrollment begins November 1, 2017, and goes through December 15. We expect to have full market data on 2018 options by late October.
If you’re already our client, please watch your email; we will keep in touch. If you would like to receive critical updates from us as the time gets closer, click here.
You may also call our office anytime at 703-707-8270.