TALLAHASSEE — The state of Florida has joined four other states and the U.S. Department of Justice (DOJ) in a settlement requiring Aetna to divest its individual prescription drug plan business to Florida-based WellCare due to anti-competitive concerns regarding the $69 million Aetna/CVS merger.
According to the Florida Attorney General's Office, the settlement will help ensure the state's senior citizens will have Individual PDP competitive options.
The settlement also stops the combined company from offering a Aetna-branded Individual PDP during the 2020 plan year, the Attorney General's Office said.
The settlement stems from a lawsuit filed in U.S. District Court for the District of Columbia by the DOJ, Florida, California, Hawaii, Mississippi and Washington state. The lawsuit alleged the Aetna/CVS merger would decrease competition, increase prices and reduce quality of some CMS Part D Medicare regions, including Florida, the Attorney General's Office said.