Due to mounting financial losses and an uncertain marketplace outlook, Aetna has made the decision to leave the Individual market in New Jersey. As a result, New Jersey law requires a carrier to withdraw from the insured small employer market if it is withdrawing from the individual market. As such, Aetna will withdraw all of its fully insured medical plans offered in the small employer health insurance market.
What does this mean?
- Health insurance coverage for all NJ small employers (2-50 full-time employees) will end at midnight on the day before its renewal date beginning with January 1, 2018 renewals.
- Aetna is required to cease selling new business with effective dates after 6/30/17.
- Renewals will continue to be produced and serviced as usual through 12/15/17 renewal dates.
What other options exist for NJ Small Employers?
- At this time Oxford, Horizon BCBS of NJ, QualCare and AmeriHealth continue to offer fully-insured plan options.
- Aetna & CIGNA partially self-funded options for select groups.
- Professional Employer Organizations (PEOs) options.
The Kirwan Companies, Ltd has been in the vanguard of recommending and educating our clients and we continue to represent all the insurance carriers on behalf of our clients.
Be assured that we will follow up with our existing Aetna Clients & also welcome new clients in order to address any questions or concerns you may have.
Please feel to contact our office regarding this very important matter!