Aetna pulls out of New Jersey's Obamacare exchange

  @Luhby September 13, 2013: 6:32 PM ET
NEW YORK (CNNMoney)

Aetna, one of the nation's largest health insurers, has pulled out of its sixth Obamacare insurance exchange.

The company announced this week that it will not join the state-based exchange in New Jersey, as it reviews its participation in the Affordable Care Act. It will continue to serve employers and offer plans to individuals outside of the exchange in the Garden State, where it has 1.1 million customers.

Only 2,600 of those customers, however, buy individual plans through Aetna.

"We are not, and have not been a large player with a mature, robust presence to begin with in the individual market in New Jersey," a spokeswoman said.

Have questions on Obamacare? Tune in to CNNMoney's live Facebook chat next Friday

Neither Aetna (AET, Fortune 500) nor Conventry Health Plans, which it acquired earlier this year, will be represented on exchanges in Georgia, Maryland, Connecticut, New York, West Virginia or New Jersey. Aetna remains on the Texas exchange, while Conventry will participate on the Ohio exchange. The company is reviewing its filings in other states.

Aetna is one of several large insurers that will have limited involvement in the exchanges, at least in 2014. UnitedHealthcare (UNH, Fortune 500) and Cigna (CI, Fortune 500) are also participating in only a handful of exchanges.

Aetna, however, won't rule out participating in the exchanges in future years.

"As we have consistently stated, we are taking a measured, multi-year approach to exchanges," the spokeswoman said. To top of page



Join the Conversation
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.