Aug 2 Aetna Inc has pulled its
applications to sell insurance plans on Maryland's individual
health exchange after it was asked to lower its rates by up to
29 percent from what it had requested, according to the state's
department of insurance.
In a letter sent to the Department of Insurance, Aetna said
that the required rate modifications cut premiums too low on
both its Aetna and Coventry products. Aetna closed on the
acquisition of Coventry this spring.
"Unfortunately, we believe the modifications to the rates
filed by Aetna and Coventry would not allow us to collect enough
premiums to cover the cost of the plans, including the medical
network and service expectations of our customers," Aetna said
in a letter to insurance commissioner Therese Goldsmith.