Understanding health care: articles and tips | Aetna (2024)

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Understanding health care: articles and tips | Aetna (2024)

FAQs

Does CVS still own Aetna? ›

CVS Health-owned Aetna on Monday rolled out a plan design that would steer patients toward its parent company's brick-and-mortar locations — a key concern of antitrust regulators in reviewing the almost $69 billion megamerger that closed in 2019.

What is the EOB summary for Aetna? ›

It shows how much you may owe, the amount that was billed, and your member rate. It also shows the amount you saved and what your plan paid. Look at this statement carefully and make sure it is correct. If you do owe anything, you will receive a bill from your doctor or health care provider(s).

How to read Aetna explanation of benefits? ›

How to read your Explanation of Benefits
  1. The date of your service.
  2. The amount your provider billed Aetna.
  3. The amount your Aetna Medicare Advantage plan approved.
  4. The amount Aetna pays.
  5. The remaining portion you may owe — either as a copay (usually paid at the time of your visit) or as coinsurance (your share of the cost)

What is the gy modifier for Aetna? ›

Adding the GY modifier to the CPT code indicates that an 'item or service is statutorily excluded or the service does not meet the definition of Medicare benefit. ' This will automatically create a denial and the beneficiary may be liable for all charges whether personally or through other insurance.

Who did Aetna merge with? ›

The CVS-Aetna deal is the biggest health care merger in U.S. history. The AMA immediately began analyzing the merger's likely impact on competition.

Who did CVS just merge with? ›

WOONSOCKET, R.I., May 2, 2023 — CVS Health® (NYSE: CVS ) today announced it has completed its acquisition of Oak Street Health.

Why is it called Aetna? ›

It noted that founders chose the name “Aetna” in reference to the famous volcanic mountain on the east coast of Sicily, which “though surrounded by flame and smoke is itself never consumed.”

What is the difference between Tier 1 and Tier 2 Aetna? ›

Tier 1 – Aetna® Premier Care Network Plus Multi-Tier providers. Utilizing a provider from this tier results in maximum savings for Aetna members. Tier 2 – Aetna Health broad network providers. Utilizing a provider from this tier results in standard savings for Aetna® members.

What does EOB mean? ›

An explanation of benefits (EOB) shows you the total charges for your visit. An explanation of benefits isn't a bill. It helps you understand how much your health plan covers, and what you'll pay when you get a bill from your provider.

What is the 51 modifier for Aetna? ›

Modifier 51 is defined as multiple surgeries/procedures. Multiple surgeries performed on the same day, during the same surgical session. Diagnostic Imaging Services subject to the Multiple Procedure Payment Reduction that are provided on the same day, during the same session by the same provider.

What is the 91 modifier for Aetna? ›

What you need to know. Modifier 91 is used to report any repeat clinical diagnostic laboratory test being billed if: A single service (same CPT code) is ordered (for the same beneficiary). Specimen is collected more than once in a single day.

What does modifier 23 mean? ›

General Use of Modifier 23

Append Modifier 23 to an anesthesia procedure code to indicate that a procedure normally performed under local anesthesia or with a regional block required general anesthesia. Documentation shall support the reason that general anesthesia was required.

What insurance company owns CVS? ›

CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands.

Is CVS Caremark the same as Aetna? ›

CVS Caremark® is the pharmacy benefits administrator for Aetna Pharmacy Network. In order to service Aetna members, you will need to be a participating provider with CVS Caremark.

Did CVS overpay for Aetna? ›

Far from being a transfer of wealth, this deal looks like it simply destroys value. The total destruction of value – $4.34 billion – was split between the two companies by the price paid. In this sense, CVS may have slightly overpaid for Aetna, but not by much.

Who are the advisors for CVS Aetna merger? ›

Barclays and Goldman Sachs served as financial advisors to CVS and Centerview Partners provided financial advice to the CVS board. CVS was advised on legal matters by Shearman & Sterling, Dechert, and McDermott Will & Emery. Lazard and Allen & Company served as financial advisors to Aetna.

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