Editor's Note: Since this piece was publishedin Benefits Selling, AnthemInc. purchased Cigna Corp. for $48.4billion. 

When Aetna announced its intention to acquire Humana for $37billion in early July, the shock-wave effect was almostinstantaneous. Insurance commissioners and attorneys general inseveral states announced their intentions to review the merger,stock in both companies dropped, and some industry experts—andoutsiders—wondered whether this could be a harbinger of the futureof health insurance, or even a step in the direction of asingle-payer system.

Then, in a smaller but still significant deal, Centene's acquisition of Health Net for $6.3 billionwas announced, and the speculation about the potential impact onthe industry grew more pointed.

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