Connecticut has selected Aetna for a three-year Medicare Advantage contract that will serve approximately 57,000 retirees and their dependents across the state, pending negotiations.
Spending for the 2023 plan year has a pre-agreement projection of $239.5 million. The new contract is estimated to save the state $400 million over the next three years and is expected to reduce the state's unfunded liability by $7.5 billion, according to a June 1 news release.
The contract is effective Jan. 1. All members currently enrolled in the state's Medicare Advantage plan through UnitedHealthcare will be transferred to Aetna.
"Serving Connecticut's retirees builds on our nearly two-century relationship with the state, where thousands of CVS Health employees call home," CVS Health President and CEO Karen Lynch said. "We are excited to expand our relationship, leveraging a combination of Aetna and CVS Health assets to help meet the unique health care needs of Connecticut residents."