More than 500 Blue Cross Blue Shield of Michigan employees accepted voluntary separation offers after the insurer opened them up to workers Sept. 28, Andy Hetzel, the insurer's vice president of corporate communications, told Becker's Nov. 2.
At the end of September, Blue Cross Blue Shield of Michigan said it was giving more than 8,500 employees voluntary separation offers to help manage its administrative costs. The window for the buyouts closed Oct. 28. In total, 513 employees accepted the offers, Mr. Hetzel said.
"We knew heading in that we had a significant number of retirement-eligible employees and expected that others might be considering doing something different given the impact of COVID on our lives," Mr. Hetzel said. "The [voluntary separation offer] allows people to transition into their next steps with more financial and benefit security, commensurate with their years of service to the company. It benefits our business, and does right by the dedicated employees whose work helped make our success possible."
BCBS of Michigan is not extending the offer period.