STAT+: Blue Cross of Mass. offers buyouts to hundreds of employees amid financial struggles
Blue Cross Blue Shield of Massachusetts has offered buyouts to hundreds of employees as it seeks to cut its workforce amid soaring health care costs and steep losses.
Blue Cross, the state’s largest health insurer, told employees of the voluntary buyouts on Monday, offering severance packages to workers 55 and older who have been with the company for at least 10 years. Those employees account for about 18% of Blue Cross’ 4,200-person workforce, or around 750 people.
The buyouts are the first for the insurer since the late 1980s, when the Massachusetts economy was hammered by technology and real estate busts.
Marin Wolf — Boston Globe
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