Chicago-based Health Care Service Corporation will provide buyouts to an undetermined number of employees over the age of 50 at its Blue Cross and Blue Shield subsidiaries, Crain's Chicago Business reports.
Here are four things to know about the buyouts.
1. HCSC owns Blue plans in Texas, Oklahoma, New Mexico, Montana and Illinois and will provide buyouts to eligible employees at all five subsidiaries.
2. The buyout is "a one-time voluntary separation plan with enhanced separation benefits to full-time employees in select divisions and job classifications," according to the report.
3. HCSC has not said if the voluntary buyouts will be followed by cuts if an insufficient number of employees accept the buyout. HCSC currently employs 19,000 individuals.
4. The corporation footed $65.9 million in losses last year throughout the five states and $281.9 million in 2014.
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