Aetna Settlement Over Reimbursements Could Reach $120 Million

While I was out on Friday, there was this report by Reuters and Hartford Courant staff:

Aetna Inc, the third-largest U.S. health insurer, has agreed to pay as much as $120 million to settle nationwide litigation over how it reimburses members for out-of-network medical services.

The accord calls for Aetna to pay $60 million into a general settlement fund, plus as much as $60 million more depending on how many people submit claims.

Aetna said it will take a $78 million after-tax charge in the current quarter for the settlement, and that the charge will not affect operating earnings. It expects to pay for the settlement over the next one to two years.

For the whole story, click here.