PacificSource Exits Individual Market, Plans More Layoffs After Cutting About 350 Jobs
Updated
Updated · KVAL · May 29
PacificSource Exits Individual Market, Plans More Layoffs After Cutting About 350 Jobs
2 articles · Updated · KVAL · May 29
PacificSource said it will leave the individual Affordable Care Act marketplace and Montana commercial lines, with additional layoffs coming but no timing or headcount yet disclosed.
Rising healthcare costs, Oregon Medicaid funding changes and a business restructuring drove the move, which the nonprofit said is aimed at improving long-term financial stability.
About 350 employees were let go between October and January under WARN filings, following a first round that cut roughly 20% of the workforce across Oregon, Washington and Montana.
The retrenchment follows PacificSource's September decision to stop offering Oregon Health Plan coverage in Lane County, dropping 90,000 members; Oregon officials said Trillium has since absorbed them.
As insurers exit markets, who protects patients from being trapped by rejected claims and sudden gaps in care?
With massive federal cuts and insurer exits, is the American health insurance marketplace spiraling toward an inevitable collapse?
As insurers abandon standard plans, is focusing on niche, high-need populations the only sustainable future for the industry?