Hartford health insurer Aetna said Monday it was pulling out of Connecticut’s insurance exchange.
Aetna originally planned to sell health plans in the exchange’s individual market, but said it withdrew plan proposals after state regulators said the company’s rates were too high.
The company’s proposed individual market product had an average price of $364.
Aetna also recently withdrew from insurance exchanges in Georgia and Maryland.
“We have spent considerable time identifying those states in which we can be competitive and add the most value to the market,” Aetna spokeswoman Susan Millerick said. “As a result of our analysis, we have reluctantly concluded that we will withdraw our Individual Exchange filings in Connecticut for 2014. This is not a step taken lightly, and was made as part of national review of our Exchange strategy. Unfortunately, we believe the modifications to the rates filed by Aetna will not allow us to collect enough premiums to cover the cost of the plans and meet the service expectations of our customers”
Millerick said Aetna will continue to offer individual health plans in Connecticut, but only policies sold outside the insurance exchange.
