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Aetna Buys Supplemental Medicare Business

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(File: Douglas Healey/AP Photo)

(File: Douglas Healey/AP Photo)

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HARTFORD, Conn. (AP) _ Health insurer Aetna will buy the
Medicare supplement business of Genworth Financial for about $290
million.

The Hartford, Conn., company says the deal for Continental Life
Insurance Co. of Brentwood, Tenn., includes some accident and
health insurance business like cancer coverage. It also includes
coverage for funeral services and other final expenses. Aetna
expects to close the deal in the fourth quarter.

Medicare supplement insurance covers deductibles, co-payments
and other expenses not covered by Medicare, the federal health
insurance program for the elderly and disabled. Aetna has about
10,000 Medicare supplement customers and will add Continental
Life’s roughly 145,000 members.

Genworth says it will record a gain of about $35 million tied to
the sale.

Aetna is the third-largest health insurer based on enrollment,
trailing WellPoint and UnitedHealth Group.

     (Copyright 2011 by The Associated Press.  All Rights Reserved.)

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