Following Cranbury-based AmeriHealth New Jersey's exit from the Medicare Advantage market in south Jersey, Hartford, Conn.-based Aetna's market share increased to 62 percent in Burlington, Camden and Gloucester Counties this month, reports The Inquirer.
Last year, AmeriHealth New Jersey held 36 percent of the market. The insurer ditched its Medicare Advantage plans because of enhanced utilization and not enough funding, according to the report.
Aetna held 46 percent of the Medicare Advantage market in those counties last year before to jumping to more than 60 percent. Newark-based Horizon Blue Cross Blue Shield of New Jersey also saw its Medicare Advantage market share increase in the three counties, from 9.4 percent last year to 20.5 percent this year.
The three counties saw an increase in overall Medicare Advantage enrollment to 46,498 this month, up from 38,708 last year.