CVS Health is cutting 313 positions in Aetna’s small group insurance business, according to regulatory documents filed Feb. 4 with the Connecticut Department of Labor.
Most of the affected employees work remotely across multiple states but report to Aetna’s headquarters in Hartford. Seventeen of the affected employees reside in Connecticut.
The layoffs are expected to occur between April 3 and July 31. Affected positions span sales, underwriting, account management, and implementations and plan operations roles at various levels, from analyst to executive director.
“CVS Health employs approximately 300,000 colleagues nationwide, and we regularly look for ways to operate as effectively as possible to better serve our clients, consumers, and members,” a spokesperson for CVS told Becker’s. “These efforts sometimes involve department restructuring that can entail an increase in certain roles, a reduction in certain roles, or both.”
Affected employees will receive severance pay and benefits, including access to outplacement services, the spokesperson said.
CVS Health has cut around 1,500 positions at Aetna since late 2023, including rounds of layoffs tied to a $2 billion cost-cutting initiative, the closure of a subsidiary and the loss of an Ohio Medicaid contract.
