If the economy turns around, do you anticipate any Aetna layoffs? Any chatter, news or rumors?
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CVS/Aetna layoffs are not so much a function of the economy but rather a few things: 1) The "let's buy out other companies" initiatives kicked off prior to Karen Lynch's time as CEO 2) The other companies they bought generally have not been profitable, but rather big expenditures 3) The inaccurate forecasting of Medicare Advantage business projections for the past few years and 4) Issues the government is having with CVS and other pharmacy benefit managers about price fixing of prescription dr-gs.
2025 Medicare Advantage open enrollment numbers were lower than hoped for Aetna. Medicare Advantage business used to be a good money maker for the company. Aetna cut some of the MA plans' benefits. Member notice that, so they go elsewhere.
I think a turnaround at CVS and Aetna will take several years, unfortunately. But layoffs of the more experienced/higher paid/onshore staff impacts workforce quality in the long run.
It was a big mistake to let CVS buy Aetna. Things went downhill after that for Aetna employees.
Are those jobs being offshore to the Philippines?
Around 200 people laid off this month get paid into February then a severance package based on service.
I work in Aetna Medicare. We were laid off on December 9. Last day is December 31. I did find out that we are eligible for the bonus. They have offered a decent severance package. Practically our entire team is gone.
Has anyone heard if the employees are being laid off will have the opportunity for the bonus?
More coming next week
https://www.ctdol.state.ct.us/progsupt/bussrvce/warnreports/2024/CVS%20Health%20(Hartford)%2011-25-2024.pdf
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