The University of Texas Medical Branch is terminating its commercial contract with Aetna because the insurance company does not pay UTMB at a competitive rate.
“Aetna is unwilling to negotiate and UTMB cannot continue to lose money on this contract,” said Dr. Ben Raimer, president ad interim of UTMB. “As a state institution, UTMB must prudently manage the resources entrusted to us and we need to ensure we are appropriately compensated for the health care services we provide.”
UTMB has sent a letter of termination to Aetna that calls for termination of the contract effective May 6, 2021.
UTMB also is contacting patients who may be affected by this action. UTMB will offer 90 days as an in-network provider after May 6, 2021, to continue any care in progress. During this three-month time period, UTMB will work with Aetna to transition Aetna commercial insurance patients to a new in-network provider. The contract termination does not affect patients who have a Medicare Advantage plan through Aetna.
UTMB will do its best to ensure patients’ health care needs are not interrupted. The six-month notice allows those affected to review their health care benefits options with their employer and hopefully take advantage of benefits open enrollment periods to make decisions about their care.