Contact:
Steve Lyons
(608) 220-7478
Will Continue Long Term Care, Life and Vision Coverage
MADISON, Wisc., June 1, 2022-The Wisconsin-based not-for-profit WEA Trust
and Health Tradition Health Plan announced today that it will be ending its
health insurance market offerings by the end of 2022. The WEA Trust will
continue to maintain long term care, life, and vision coverage for its
members.
“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,” stated Vaughn Vance,
President and CEO. “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.”
The insurer will begin a phased approach to reduce its workforce by
notifying 110 employees that their positions are ending. Each employee will
be offered a severance package and a minimum of 60 days’ notice.
“We made long-term commitments decades ago to members in our long term care
and life products that will be in place well into the future. It is in the
best interest of our members to pivot our offerings to sustain those
promises,” stated Vance.
Existing WEA Trust and Health Tradition Health Plan members will continue to
be covered under their current contract without changes to their benefit
plan and provider network until they choose new health insurance coverage or
December 31, 2022, whichever is earlier. For additional information go to
HealthTradition.com <https://www.healthtradition.com/> or WEAtrust.com
<https://www.weatrust.com/> .
About WEA Trust
Founded in 1970, the Madison based not-for-profit WEA Trust has served
Wisconsin public school and state employees and their families for
generations.
