CVS Health-backed insurer Aetna, the second-largest insurer in the U.S. by membership, has had an eventful year.
Here are five of the most significant updates from the insurance giant's last 12 months to know going into 2024:
1. CVS Health rebranded as CVS Healthspire, which includes Oak Street Health, Signify Health, MinuteClinics and Caremark. The rebrand separates CVS Healthspire's healthcare services from Aetna.
2. Aetna underwent an audit from the U.S. Office of the Inspector General that determined the insurer received at least $25.5 million in overpayments in a one-year period. The OIG suggested that Aetna refund the overpayments to the federal government.
3. It announced its 2024 Medicare products, the largest Medicare offering in its history. Medicare Advantage plans will include dental, vision and hearing benefits, reduced prescription drug costs across its Medicare Advantage prescription drug plan portfolio, and many plans will have enriched over-the-counter benefits.
4. The California Supreme Court resurrected a case initially filed by the California Medical Association in 2012 that alleges that Aetna illegally retaliated against physicians who sent patients to out-of-network clinics.
The suit alleges that Aetna harassed and fired contract physicians who referred patients to out-of-network ASCs.
5. Brian Kane took over as president of Aetna and executive vice president of CVS Health.