Horizon Blue Cross Blue Shield of New Jersey is laying off 242 employees amid broader restructuring efforts at the company.
A spokesperson for Horizon told Becker’s it is facing unprecedented financial challenges due largely to rising medical costs and utilization across all lines of its business. In November, the company notified employees that a restructuring would occur in early 2026, with most of the impacted employees informed on Jan. 26 that their positions have been eliminated, effective by April 26.
Combined with “other targeted actions in 2025,” Horizon said it has laid off about 8% of its workforce in total.
“Over the past three years we have taken proactive steps to control rising healthcare costs, including reducing our own operating costs by $275 million,” the spokesperson said. “Nonetheless, our current cost structure is simply not sustainable in this environment and we have a responsibility to our customers and members to ensure the long-term financial strength of the company. We do not take workforce reductions lightly. Employees whose positions were eliminated were treated with fairness and respect and will receive a generous separation package.”
