Health Net Loses $17B Contract to Aetna
Health Net, a health insurance company than operates out of Rancho Cordova, lost their Tricare insurance contract worth an estimated $17 billion to Aetna yesterday. According to the company’s press release, the Tricare contract is awarded by the U.S. Department of Defense and provides health insurance coverage for nearly 3 million military personnel.
“Health Net Federal Services is disappointed not to be selected by Tricare Management Activity,” said Health Net President Steve Tough. Tough also suggested that Health Net may challenge the Department of Defense’s decision.
Health Net also announced last week that they would be sponsoring the 29th National Veterans Wheelchair Games in Spokane, Wash. The games are currently underway and will continue until July 18.
“We are dedicated to helping veterans achieve a fit and healthy life, and we honor their service to our country,” Tough said.
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What, if any, is the relationship between sponsoring the games and losing the $17b contract?
The article is unclear.
Hi Martin, I just realized that the headline makes it sound as if they are connected so I am going to change it. This is really just a summary of Health Net’s latest press releases.
The connection is that Health Net just lost a military health care contract and they are announcing at the same time that they continue to support disabled veterans through the 29th annual National Veterans Wheelchair Games in Spokane.