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Aetna will stop selling individual health plans in California

SACRAMENTO, California — Aetna Inc. discontinue selling individual health insurance policies in California, just weeks after opting out of the exchange that is being established as part of the national health care reforms, a state regulator said last month.

California Insurance Commissioner Dave Jones said he was disappointed in Aetna's decision because consumers need more choices. The decision does not affect people who have Aetna insurance through their employer.

"This is not good news for California consumers," Jones said in a statement. "A competitive market with more choices for consumers is important, as we implement the Affordable Care Act and health insurance coverage is a requirement."

In California's individual health insurance market, Aetna is a quite small player. According to 2011 figures compiled by the California HealthCare Foundation, Aetna has about 5 percent of the state's individual health market. By comparison, Anthem Blue Cross, Blue Shield and Kaiser share 87 percent.

Aetna says it has about 58,000 individual enrollees in the state and expects to have about 49,000 by the end of the year. It plans to withdraw from the state at the end of the year but will continue to offer small and large group plans, as well as Medicare, dental and life insurance products.

Those in search of to buying their own health insurance will be directed to Covered California, the state's new health insurance exchange starting Oct. 1. Aetna was not among 13 insurance carriers that will sell individual coverage to millions of Californians through the exchange.

According to Jones' office Under state law, Aetna will not be allowed to sell individual policies in California for five years once it leaves that market.

Forms of term life insurance coverage:

ART or Annual renewable term life - The policy holder can renew the policy yearly for a set period of time, can be for as long as 30 years. Premiums are adjusted higher with each annual renewal and such policies are based on the age of the policy holder.

A Guaranteed level premium term life is an insurance that allows the policy holders to lock in an assured premium for a set period of 5, 10, 15, 20 years or more. The guaranteed level serves as a protection of the policy holders from increases due to inflation or from higher premiums - that might otherwise result from changes in the policy holder's health.

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Retiring overseas may seem like a fabulous idea, but the quality of health care often has post 50s thinking twice before making a move abroad. But they needn't worry.Live and Invest Overseas, an online publication devoted to helping those interested in living abroad, has a list of the eight best places to retire for quality health care. (They also published a list of the 21 best places to retire in 2013 earlier this year.)

Live and Invest Overseas' Retirement Index took into account the availability of care that most foreigners would find acceptable; insurance coverage options; cost (both of care and of local insurance); and the quality and number of hospitals and clinics.

"If health care is a priority (that is, if you have an existing, ongoing medical concern), then you probably want to stick close to a city," said Kathleen Peddicord, publisher of Live and Invest Overseas. "Medical care is cheaper most everywhere in the world than it is in the United States; of course, not everywhere in the world boasts international-standard medical care.

"However, you can find top-notch care in centers of population, from Cuenca, Ecuador to Panama City, and from Kuala Lumpur to Montevideo," she added. "And, in these places, this legitimately world-class care can be one-fourth the cost of comparable care in the United States or less."