Blue Cross Blue Shield of Michigan announced major cutbacks today, including a workforce reduction of nearly 1,000 employees by the year’s end, cutbacks to executive pay and compensation, and a reduction in discretionary spending by 25 percent, the nonprofit health insurer confirmed in a press release this morning.
The state’s largest insurer will also seek to raise rates across all of its individual lines of insurance, which combined cover about 300,000 Michigan residents.
Saturday, January 17, 2009
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