Louisville-based Humana says it is offering buyouts to some employees to help cut costs for the upcoming year, as the health insurance giant is withdrawing from providing coverage under the federal Affordable Care Act.
The Courier-Journal reports eligible employees must be at least 55 and have at least five years of service with the company, but their age and number of service years must add up to at least 65.
They could receive up to a year of severance pay.
Humana’s stock has been on the rise since early this year, when the company’s proposed purchase by Aetna was called off, but Humana says it needs to trim its workforce as part of its exit from the ACA.
Humana has not said if layoffs could occur if enough workers don’t take the buyout offer.