Last year, CVS provided prescriptions to an estimated 94 million customers while Aetna provided coverage to an estimated 22 million. In a $69 million dollar deal, CVS officially purchased Aetna on November 28, 2018. The CVS and Aetna deal will strengthen the two companies, create better care coordination, and improve costs for beneficiaries like you.
CVS and Aetna Merger Status
CVS and Aetna had a long road ahead starting in December of 2017 when CVS first announced its plan to purchase Aetna. In March of 2018, shareholders for both parties approved the merger. In early October, the Justice Department granted approval. Finally, on November 26, 2018, New York was the last state to approve the merger. CVS completed the acquisition of Aetna on November 28, 2018.*
*There has been a delay in the integration of Aetna and CVS. We will update with more information as it becomes available.
Change in CVS Stores
Many CVS stores currently offer healthcare services through their Minute Clinics. The Aetna and CVS deal will allow CVS locations to become a one-stop-shop for all health and wellness needs. This includes clinical and pharmacy services, vision, hearing, etc. Aetna’s CEO, Mark Bertolini, has plans to create healthcare-focused hubs similar to Apple’s Genius Bars. Apple focuses on concierge-style support and CVS plans to follow suit. These hubs will provide basic healthcare products and information. If you have questions or concerns about health conditions, prescription drugs, or coverage, the hub can answer quickly and effectively.
Change in the Healthcare Industry
CVS plans to address several issues that surround the healthcare industry. They want to introduce competitive Medicare Advantage and Part D offerings and create more market access for beneficiaries. They also strive to promote lower-cost care and enhance their clinical care programs.
Both companies agree that the Aetna and CVS deal, with the help of their data, will lower costs and provide better care. When this data is combined with the expected changes to CVS stores, you may be offered new health products at lower prices. The data from the Aetna and CVS deal is also expected to create tech-focused projects like remote monitoring tools. For example, if you have diabetes, you could have your blood glucose levels monitored remotely and receive text messages if your levels are too high or low. This allows patients to have additional medical supervision beyond their average appointment.
How will this deal impact you?
The CVS and Aetna merger is a great example of how Medicare and the healthcare industry can evolve. However, it will take time for these new plans to be implemented and the results are speculative at this time. If you have any questions or concerns about your Medicare coverage, our agents are happy to help! Call us at 833-438-3676 or fill out this form to get in contact with a licensed agent.