• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Aetna Announces Alliance With Standard Life to Market Medicare Prescription Drug Plans; Consumers to Have Local Access to the Plans Through Independent Agents

Posted on: Wednesday, 14 September 2005, 09:00 CDT

Aetna (NYSE:AET) announced today that it has formed an alliance with Standard Plus, Inc., a wholly-owned subsidiary of Standard Life and Accident Insurance Company (Standard Life), to market new, co-branded Medicare Part D prescription drug plans. Through this alliance, Medicare beneficiaries will be able to easily access the plans through a trusted local resource - Standard Life's network of 14,000 independent agents in 46 states.

"Our relationship with Standard Life is one of a variety of ways we will reach Medicare consumers this fall to support them in making decisions about Medicare Part D that are appropriate for themselves and their families," said Frank McCauley, head of Aetna Retiree Markets. "Standard Life has a long-time commitment to and understanding of Medicare consumers through its Medicare supplement business. We are pleased that consumers will be able to simply and easily access information and purchase Aetna Part D plans through their local Standard Life agent."

Aetna and Standard Life expect to begin marketing the plans in October, subject to receipt of pending approval from the Centers for Medicare and Medicaid Services (CMS) on Aetna's Medicare Part D filings. The agreement between Standard Plus and Aetna is also subject to approval from the Oklahoma Insurance Department.

"This alliance is an eagerly anticipated move within our company," said Harrison Martin, president and chief marketing officer of Standard Life. "Like Standard Life, Aetna has been a highly respected provider to Medicare beneficiaries and, like us, is committed to the Medicare market."

Aetna is committed to helping Medicare consumers make decisions that are right for them, by providing clear information in the form consumers are most comfortable using - whether through one-on-one discussions with their local insurance agent, printed materials in the mail, a toll-free phone number, the Internet or other familiar resources. Aetna plans additional partnerships - such as its previously announced alliances with retail pharmacies CVS Corporation and Rite Aid Corporation -- that will broaden the ways consumers can access information about the prescription drug plans.

Aetna has filed bids with CMS to provide Part D plans to individuals and employers in all regions designated by CMS, except the territories. Plan bids were filed on June 6, 2005. CMS expects to award contracts this month, and CMS approved Part D drug plans will take effect January 1, 2006.

As one of the nation's leading providers of health care, dental, pharmacy, group life, disability and long-term care benefits, Aetna puts information and helpful resources to work for its approximately 14.435 million medical members, 12.976 million dental members, 9.117 million pharmacy members and 13.662 million group insurance members to help them make better informed decisions about their health care and protect their finances against health-related risks. Aetna provides easy access to cost-effective health care through a nationwide network of more than 684,000 health care professionals, including over 405,000 primary care and specialist doctors and 4,135 hospitals. For more information, please visit www.aetna.com. (Figures as of June 30, 2005)

Standard Life is a subsidiary of American National Insurance Company (Nasdaq:ANAT). Headquartered in Galveston, Texas, American National has over $17.2 billion in assets and is rated A+ (Superior) by A.M. Best Company, and AA (Very Strong) by Standard & Poor's. The American National family of companies offers a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension plan services and property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures. American National's major insurance subsidiaries include American National Life Insurance Company of Texas, Standard Life and Accident Insurance Company, Garden State Life Insurance Company, American National Property and Casualty Company, American National de Mexico, Compania de Seguros de Vida, S.A. de C.V. and the insurance subsidiaries of Farm Family Holdings, Inc. consisting of Farm Family Life Insurance Company, Farm Family Casualty Insurance Company, and United Farm Family Insurance Company. For more information, including company news and investor relations information, visit the company's web site at www.anico.com.

Source: Business Wire

More News in this Category