Florida approves Humana sale to Aetna, no divestiture of enrollees

More than one million Floridians covered by Humana and CarePlus health plans will not have to change insurance after state regulators on Monday gave conditional approval to a plan by rival Aetna to purchase the companies.

The Florida Office of Insurance Regulation, which reviewed the sale, will not require Humana and CarePlus policy holders to move to an unaffiliated company because of "its potential to disrupt quality of services, benefits, networks, and cost-sharing provisions," according to the announcement. No transaction price was given.

Regulators also imposed conditions on the sale, which is part of a corporate merger between two of the nation's four largest health insurance companies. Among the conditions are that Aetna expand its presence on the Affordable Care Act insurance exchange, also known as Obamacare, by entering five new counties by 2018 and providing a plan for statewide expansion by 2020. For 2016, Aetna offers five plans on the ACA exchange while Humana offers 40 plans.

Florida regulators also required as a condition of approval that Aetna agree to maintain "fair treatment" of individuals living with HIV, an agreement that Humana reached with the state in December 2014 after civil rights advocates filed a federal complaint alleging discrimination.

Humana's sale to Aetna is part of a corporate merger between two of the nation's four largest health insurance companies. In Florida, the transaction will give Aetna ownership of Humana's large stake in government-sponsored insurance programs, including Medicare Advantage and Medicaid managed care.

This story was originally published February 15, 2016 at 10:03 PM with the headline "Florida approves Humana sale to Aetna, no divestiture of enrollees ."