Hartford health insurer Aetna Inc. won a contract to manage Medicare services for 226,000 retired Texas schoolteachers and their dependents, authorities say.
The Medicare Advantage contract from the Teacher Retirement System of Texas (TRS) is effective Jan. 1, 2013. Financial and duration terms weren't revealed.
Aetna currently administers the fund's group retiree plan, TRS-Care.
Aetna will enroll eligible TRS-Care participants in an Aetna Medicare Advantage plan designed to provide enhanced benefits at a lower cost than their current benefits arrangement.
TRS has been a Commercial self-insured Aetna administrative services contract (ASC) customer since September 1986, Aetna said.
The conversion of existing eligible Aetna ASC membership to this Medicare Advantage product could yield over $800 million of additional Medicare premiums in 2013.