Hundreds of Employees Laid Off By Massachusetts Company

Massachusetts folks know all too well how hard it is to find a good-paying and secure job. With increased costs for food, housing, heat, and several everyday essentials, it's already difficult for many folks to make ends meet. If you can't find a decent job or have been recently laid off, it's nearly impossible.

Over 250 Employees Laid Off By Massachusetts Health Insurance Company

Unfortunately for 250 + former employees, they're experiencing trying times as Massachusetts’ second-largest health insurer, Point32Health, laid off an additional 254 employees earlier this week in a second round of layoffs amid financial pressure from medical and pharmaceutical costs.

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As we have covered in the past, many retailers and restaurants have struggled to remain open during these tough times, thus having to cut team members loose. These difficult situations aren't limited to retailers and eateries; they're happening throughout many industries.

READ MORE: Massive Pet Retailer Closed Some MA Stores for Good

Point32Health was under pressure to cut a chunk of its workforce, which the company did when it laid off 110 team members in March, and now this round of cuts is another sign of the times.

What Led to the Latest Round of Cuts?

According to a Mass Live article published by Yahoo News, the workforce reductions come as Point32Health, which insures nearly 2 million people, reported a $96 million operating loss on $4.9 billion in revenue through June. The company attributed the losses primarily to high spending on expensive medications, including GLP1s, targeted immunomodulators like Skyrizi and Dupixent, oncology drugs, and treatments for cardiac amyloidosis. Other health insurance companies are struggling too due to steep hospital costs, increases in prescription drug costs, and more. You can get more details about the latest round of layoffs by going here.