Blue Cross Blue Shield of Michigan is giving more than 8,500 employees voluntary separation offers to help manage its administrative costs, the insurer said in a statement to Becker's Hospital Review.
The buyout offers, announced to employees Sept. 21, are available to all 8,650 non-bargaining unit employees at BCBS of Michigan and many of its subsidiaries. The insurer will potentially extend the offer to 2,060 bargaining unit employees.
In a note to employees, BCBS of Michigan President and CEO Daniel Loepp said, "There are significant financial headwinds on the horizon and our health insurance business remains challenged by administrative costs. We are at a point where we've decided to slow our hiring activity."
The offers open Sept. 28 and close Oct. 23.