In an attempt to cut administrative costs, be more flexible and adapt to client needs Aetna is streamlining their products by reducing the number of plans available. These plans will be health care reform compliant and hopefully improve pricing.
All plans incorporate 5 key components of health care reform:
1) Remove Lifetime Maximums on all plans
2) Remove Annual limits where required
3) Preventive care 100% covered
4) Dependents covered to age 26
5) No pre-existing conditions for children under 19
Delaware employers can pick from 14 plan designs from Aetna.
How will the marketplace react to such changes ? Check back in a year and we will have a better idea. My thought is most employers will appreciate the simplicity - especially if it means better pricing. Aetna is making similar changes in Pennsylvania and my guess is they will in other states too. I doubt Aetna will be alone either. BlueCross BlueShield of Delaware and Coventry Healthcare of Delaware both have scheduled broker seminars for the month of August. I bet they have some changes coming too!
Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.
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