An email just came down from David. MA business sold to HCSC with Cigna agreeing to a 4-year service agreement under which Evernorth will continue to provide pharmacy benefit services to the transitioning Medicare business. The expected close is 1Q2025.
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“When does HCSC take over?” Q1 2025 following applicable regulatory approvals and other customary closing conditions. This is public info. I’d recommend getting your information about publicly shared things from the press releases and comms rather than an anon forum.
Town hall said to expect the outcome for our positions within the next couple weeks. Did I hear that correctly?
Being advised to use all your PTO and to spend time with your families sounds like ‘we’re dumping you when we don’t need you.’
Best guess on my part, leave the highest performing employees until the very end and offer those a severance package. Again just guessing, lower performing employees getting cut until no one’s left. High performing employees like t2 management may be left to train HCSC on how to do the work
Again just guessing
When does HCSC take over?
@jtv+1qQIzrjC The layoffs that have happened over the past few months were to drop down to the number of Cigna people needed by HCSC to transition the business to them, and some more will be let go before 1Q2025. Once HCSC has a full grasp on the transitioned business they will have the former Cigna folks cross-train some of their employees, and then there will be more laid off. I've been through this process several times on the buyer and the buyee side of things, and this is how it always works. They just want a smooth and seamless transition and then it'll be see ya later Cigna people.
More info from the town hall meeting.....
- current MA employees are not allowed to apply to positions within Cigna outside of MA. You are stuck in MA and along for the ride. The only thing you can do to protect yourself is leave Cigna altogether.
- Chris Derosa tippy-toed around the question of future layoffs, saying more layoffs might damage the product that HCSC is wanting to buy, but he did NOT say "NO FUTURE LAYOFFS". Only said that the 'vast majority" of people will make the transition to HCSC.
- No idea whether or not peoples' WFH status would change after moving to HCSC
- Derosa saying that there is probably very little overlap between Cigna MA and HCSC, so we would be more of a complimentary business.
I'm on the conference call right now. They are saying the "vast majority" of MA employees will transition to HCSC. I'm taking that to mean that some will NOT make the transition. Meaning....they will be let go.
All Medicare business except pharmacy is staying on for 4 years then transferring over
Is it ALL of Medicare business, or just the pharmacy piece?
I'm sure we'll see tons of MA employees jumping ship over the next few months. The ones that are still left after the layoffs, that is.
Quote from HCSC newsroom “We are excited to have Cigna’s Medicare and CareAllies teams bring their proven talent and expertise to HCSC.” Hopefully that means they will keep the MA employees.
If you read, the frequently asked questions, it says that it’s “premature to discuss the details” of whether or not Medicare teams will transition over. Sounds less than encouraging