Months after pulling out of the small group market, Aetna has also indicated it will no longer offer individual insurance in Colorado.
The company sent a letter in December to the Division of Insurance, indicating it would no longer offer insurance for individuals in the state. Aetna pulled out of the small group market in Colorado in September.
“Aetna Life Insurance Company has determined it can no longer meet the needs of its consumers while remaining competitive in the Colorado individual health market,” Mary V. Anderson, an attorney for Aetna, wrote in the letter. “As a result, please consider this letter as formal notification that Aetna will stop offering and will withdraw its policies from the Colorado market effective Feb. 1.”
Under Colorado law, the move prohibits Aetna from re-entering the state’s individual health market for the next five years.
The company still offers large group insurance, defined as companies with more than 50 employees, in Colorado.