Providence and Aetna announced Tuesday they reached an agreement that will no loner affect Washingtonians with Aetna insurance.
The health insurer and hospital system agreed to a multi-year contract, allowing current Aetna clients to stay in-network at Providence hospitals. Terms of the deal were not disclosed.
“Providence is committed to combatting rising costs, yet we cannot do it all on our own,” said Providence CFO Greg Hoffman in the release. “Our partners also need to be part of the solution. For-profit insurers, like Aetna, continue to reap the benefits of multi-year contracts that do not reflect the current health care landscape, with reimbursement increases substantially lower than the costs to provide care.
Providence said it has already begun notifying patients of the possible loss of coverage, and Aetna told KIRO Newsradio it sent letters to cardholders in July, but some patients said they are still blindsided. The impact would be “massive, massive, massive,” he said. “I mean, not only the doctors and what have you, but it’s the prescription medications and everything that goes along with that.”
If the health network and insurance company do not strike a deal by Sept. 1, every other Aetna member — which Providence estimates is about 35,000 of its Washington state patients — will have to make contingency plans to keep in-network coverage.
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