MADISON, Wis. — WEA Trust and the Health Tradition Health Plan are getting out of Wisconsin’s health insurance market by the end of the year.
trust-and-health-tradition-health-plan-to-exit-wisconsin-health-insurance-market”>In a news release Wednesday, the groups said existing plan members will be covered until they choose new coverage or until December 31, whichever is earlier. WEA Trust will continue members’ long term care, life and vision coverage.
“The challenges related to healthcare consolidation, the costs associated with the global pandemic, and the drop in the stock market have made it difficult for local, not-for-profit organizations like ours who seek to provide families with high value personal care,” Vaughn Vance, the groups’ president and CEO, said in the release. “It became clear that we had to make the difficult decision to pivot as an organization before we sacrificed what has made WEA Trust unique for many years.”
Employees will be let go in a phased approach, with each receiving a severance package and at least 60 days of notice. According to a notice filed Wednesday with the Wisconsin Department of Workforce Development, 110 employees will be laid off on August 1 or August 15, depending on their union status.
WEA Trust was founded in 1970 to help public school employees get comprehensive insurance products.
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