Aetna

Last updated

Aetna Inc.
Company type Subsidiary
NYSE: AET
Industry Managed health care
FoundedMay 28, 1853;170 years ago (1853-05-28) (as Aetna Life Insurance Company)
Founder Eliphalet Adams Bulkeley
Headquarters Hartford, Connecticut, U.S.
Area served
United States and expatriates
Key people
Karen S. Lynch (CEO, CVS Health)
Dan Finke
(president, Health Care Benefits Segment (HCB), Aetna)
Products Health insurance
Revenue$60.6 billion (2018) [1]
Number of employees
47,950 (2018)
Parent CVS Health (2018–present)
Subsidiaries
Website www.aetna.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[2] [3]

Aetna Inc. ( /ˈɛtnə/ ET-nə) is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, primarily through employer-paid (fully or partly) insurance and benefit programs, and through Medicare. Since November 28, 2018, the company has been a subsidiary of CVS Health. [4]

Contents

The company's network includes 22.1 million medical members, 12.7 million dental members, 13.1 million pharmacy benefit management services members, 1.2 million health-care professionals, over 690,000 primary care doctors and specialists, and over 5,700 hospitals. [3]

Aetna is descended from Aetna (Fire) Insurance Company of Hartford, Connecticut. [5] The name of the company is based on Mount Etna, at the time the most active volcano in Europe. [6]

History

1800s

Aetna Insurance Company and Aetna National Bank, Hartford, Conn, stereoscopic view, ca. 1860 Aetna Insurance Company and Aetna National Bank, Hartford, Conn, from Robert N. Dennis collection of stereoscopic views.jpg
Aetna Insurance Company and Aetna National Bank, Hartford, Conn, stereoscopic view, ca. 1860

1900s

The Aetna headquarters building in Hartford, designed by James Gamble Rogers in 1931, is the largest colonial-revival building in the world. Aetna building in Hartford, Connecticut Pano 6.jpg
The Aetna headquarters building in Hartford, designed by James Gamble Rogers in 1931, is the largest colonial-revival building in the world.
Aetna insurance being sold in Maryland in 1924 Whitney & Whitney and Aetna-Ize Insurance Co. LOC npcc.12139.tif
Aetna insurance being sold in Maryland in 1924

2000s

Aetna office in Whitpain Township in Pennsylvania, as seen in 2012 Aetna office in Whitpain Township, Montgomery County, Pennsylvania 2012.jpg
Aetna office in Whitpain Township in Pennsylvania, as seen in 2012

2010s

Aetna office building in Omaha, Nebraska Aetna of Nebraska Office Building (29991574667).jpg
Aetna office building in Omaha, Nebraska
Aetna building and grounds in Bismarck, North Dakota Aetna office in Bismarck.jpg
Aetna building and grounds in Bismarck, North Dakota

2020s

Lawsuits and regulatory action

1999

2000

2001

2002

2003

2007

2009

2010

2018

2021

Life insurance policies on slaves

In 2000, Deadria Farmer-Paellmann, head of the nonprofit Restitution Study Group of Hoboken, New Jersey, disclosed that, from approximately 1853 to 1860 Aetna, had issued life insurance policies to slaveowners covering the lives of their slaves. [94]

The same year, Aetna acknowledged that concrete evidence exists for Aetna issuing coverage for the lives of slaves and released a public apology. [33]

In 2002, Farmer-Paellmann brought suit against Aetna and two other companies in federal court asking for reparations for the descendants of slaves. The lawsuit said Aetna, CSX and Fleet were "unjustly enriched" by "a system that enslaved, tortured, starved and exploited human beings." It argued that African-Americans are still suffering the effects of two and a half centuries of enslavement followed by more than a century of institutionalized racism. The complaint blamed slavery for present-day disparities between blacks and whites in income, education, literacy, health, life expectancy and crime. [12]

This suit was dismissed, and the dismissal largely upheld on appeal. [95] [96]

In 2006, Farmer-Paellmann announced a nationwide boycott of Aetna over the issue of reparations for its policies covering slaves. Aetna stated that its commitment to diversity in the workplace and its investment of over $36 million in such areas as education, health, economic development, community partnerships, and minority-owned business initiatives in the African-American community are more effective at aiding descendants of slaves and African-Americans in general than making restitutions for Aetna's life insurance policies on slaves. [97] [98] [99] [100] [101] [102]

Lobbying and campaign contributions

Aetna has spent more than $2.0 million in 2009 on lobbying. [103] The company spent $809,793 between January 2009 and the end of March 2009—up 41 percent from the same period in 2008. [104] Aetna's campaign contributions include more than $110,000 (~$151,871 in 2023) to US Senator Joe Lieberman (ID-CT) in 2009. [105] From 2005 through 2009, Aetna contributed $56,250 to Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, making Aetna the senator's seventh highest contributor over that time period. [106]

See also

An Aetna-sponsored display at the Philadelphia Flower Show in 2019 0660-aetna-DSC 0887 (32664906217).jpg
An Aetna-sponsored display at the Philadelphia Flower Show in 2019
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