Sept. 27 (UPI) -- Aetna said Thursday it has agreed to sell its standalone Medicare Part D drug plan business to WellCare.
The agreement with the subsidiary of WellCare Health Plans depends on the Department of Justice's review of CVS Health's $69 billion acquisition of Aetna. CNBC reported.
Spinning off the Medicare Part D drug plan to a separate company could help the CVS-Aetna deal go through. But the Justice Department previously blocked a bid by Aetna to buy Humana even though it included a plan to spin off their Medicare Advantage businesses.
"The agreement includes both Individual and Group standalone Part D members," an Aetna statement said. "Aetna will continue to administer and provide service and support for the plans that are impacted by this transaction throughout the 2019 benefit year to provide continuity for the Medicare beneficiaries in those plans."
If the agreement is approved, WellCare would assume control of Aetna's entire standalone Medicare Part D prescription drug plan business by midnight on December 31, Aetna said in a filing with the Securities and Exchange Commission.
The businesses being sold had about 2.2 million members as of June 30, the SEC report said.
The agreement will not affect Medicare Advantage, Medicare Advantage Part D or Medicare Supplement products or plans.
"Completion of the CVS Health Transaction remains subject to federal and certain state regulatory approvals required in connection with the acquisition, including by the United States Department of Justice," the SEC report said. "The companies are working with the regulators in the remaining jurisdictions to obtain clearance for the CVS Health Transaction."
