Centene Layoffs Will See Health Insurance Provider Cut 2,000 Jobs

 Centene Layoffs Will See Health Insurance Provider Cut 2,000 Jobs 

AP Photo/Jeff Roberson, File) Copyright The Associated Press. All rights reserved. Key Takeaways Healthcare provider Centene will be letting go of 2,000 staff, equating to around 3% of their workforce The cuts are being made to ensure the company remains profitable in the face of increased competition in the government subsidized healthcare space While the layoff headlines have slowed in recent months, there are still plenty going on with Snap, T-Mobile, Roku, Farmers Insurance and even the Federal Reserve all reducing headcount over the past few weeks Earlier this year we saw a raft of layoffs, mainly focused on the tech sector. Mark Zuckberg penned it the ‘Year of Efficiency’ at Meta, but they were far from the only company in SIlicon Valley making significant cuts to the workforce. After a few hard months (and a viral website tracking every layoff in almost real time), things started to settle. Economic data remained relatively stable, inflation had begun to come and markets rallied. But over the past couple of months some of that has started to look a little shaky. And while we’re not seeing anything like the layoffs we saw at the start of the year, the news that major health insurer Centene is set to cut staff numbers by 2,000 will have some a little worried. Centene to layoff 2,000 employees Looking to cut costs, Centene has confirmed that they’ll be reducing their headcount by 3%, equating to around 2,000 members of staff. That’s despite recording Q2 profits of over $1 billion. It highlights the level of concern over the current state of the economy, with many companies looking to ensure they are prepared for any potential uncertainty, or even a recession. The cuts at Centene come down to a strategic decision, with the company looking to cut costs to stay competitive in the growing area of government subsidized income, specifically Obamacare and Medicaid. Centene has been having success in this area, adding 2 million new members thanks in large part to their Obamacare plans. A spokesperson from the company made a statement in response to the announcement, saying that, “We routinely assess our workforce to ensure we have the talent and expertise necessary to support our members and the evolving needs of our business. Our decision was not made lightly. Centene will support impacted employees with severance packages and outplacement services, consistent with our standard approach.” How did Centene’s stock price react? Centene’s stock dropped on the news, falling just over 1.6% to close at $69.70. So far this year we’ve seen a mix of reactions when it comes to layoffs. In some cases, cuts have been very positively received, and that’s especially true for the big tech layoffs earlier this year. Generally speaking the focus on efficiency has been good news for shareholders, who have seen it as a way for the company to continue to generate profits even during challenging market conditions. But of course that positivity is not necessarily going to be there if those same shareholders are worried that even with cuts, the company may struggle. It’s still too early to tell where Centene sits on that spectrum, but investors should take some comfort in the fact that healthcare is generally a sector that's considered ‘recession proof’. Obviously no company is completely immune to the impacts of a negative economic environment, so perhaps ‘recession resistant’ is a better way to describe the industry. Regardless of the overall state of the job market, inflation and the economy in general, demand for healthcare remains stable. In fact, during the most challenging times for society the demand can actually increase. The wider layoff picture The major headline layoffs have seemed to have slowed since the beginning of this year. In fact, some companies such as Salesforce are now looking to boost headcount going into Q4 of this calendar year. Even so, there are still plenty of companies looking to sure up their costs ahead of what could continue to be a rocky economic environment. Snap Snapchat’s parent company has announced they’ll be cutting 170 jobs from their augmented reality business, citing generative AI as the main cause. They’ve stated that they’ll be shifting focus to their core advertising business. Airtable The productivity darling is making significant cuts to their headcount, with the 237 layoffs representing around 27% of their total workforce. This comes off the back of 250 layoffs back in December. Roku In early September Roku announced that they’d be reducing their staffing numbers by around 10%, equating to around 360 jobs. That will bring the total cuts at the company to almost 800 since November last year. T-Mobile And it’s not just smaller companies making cuts. T-Mobile will be shrinking payroll by around 7%, but for a company their size that means roughly 5,000 jobs will be going. The cuts come as a result of significant increases in customer acquisition costs. Farmers Insurance So big and small companies alike are still being impacted, and these aren’t all just tech and communications companies. Farmers Insurance will be cutting an estimate 2,400 jobs in a reduction of headcount of roughly 11%. The Federal Reserve That’s right, the Fed themselves are also making cuts. While not a significant percentage of the current headcount (around 1%), the Fed will be letting go of around 250 staff in their regional banks, aimed mainly at IT staff. The bottom line Investors will generally look to ‘recession resistant’ sectors such as healthcare, food and energy when the economic climate turns rocky, but that doesn’t mean that every company in these industries is immune from challenges. All of these sectors remain incredibly competitive, which means that staying afloat and profitable requires tough decisions to be made. For Centene, that means making significant layoffs in anticipation of what economic picture might be on the horizon. While the market's initial reaction has been a negative one, investors should generally be positive when a company takes these sorts of steps during a period of relatively strong financial results. As we saw in the tech sector earlier this year, improving efficiency ahead of time is a far better solution than making emergency cuts when it’s already too late. With that said, investors should always consider the broader picture, and ensure they’re diversified to avoid overexposure to the fortunes of any one company or investment.

Homeowners Insurance Vs. Renters Insurance: What’s The Difference? 

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Devastating and costly disasters can strike where you live at any time. That is why it’s important to purchase either homeowners insurance or renters insurance. Homeowners and renters insurance are similar. Both cover your personal property (your belongings) for problems like fire and theft. And they both cover you if you are responsible for damages to someone else. But there are some key differences. What Differs in Renters Insurance Coverage vs. Home Insurance Coverage? The primary difference between homeowners insurance and renters insurance is that homeowners insurance covers structures—your house, a fence, a shed and other structures. This is not true of renters insurance. Your landlord’s insurance covers damage to the building. For example, if you own a home and a fire damages your house, your homeowners insurance will pay to repair the building. But if you rent your home and fire damages your apartment, your landlord’s insurance policy would cover repairs to the building. Homeowners Insurance vs. Renters Insurance If you are considering purchasing either homeowners or renters insurance, keep the following in mind. Who Needs it? If you own your house, you need homeowners insurance. It’s typically required if you have a mortgage. If you rent your home, you need renters insurance. Your landlord may require you to have it. What Does it Cover? Homeowners insurance covers your house, other structures, and accidental property damage and injuries to others. It also includes coverage for additional living expenses if you temporarily can’t live in your home due to a problem covered by the policy. Renters insurance covers your personal belongings as well as accidental property damage and injuries to others. It also includes additional living expenses coverage if you temporarily can’t live at home due to a problem covered by your policy. Are Discounts Available? You can often find homeowners insurance discounts like safety and security feature discounts, roof age discounts, and policy-related discounts such as bundling your home and auto insurance policies. Renters insurance companies also offer multi-policy discounts, such as bundling auto and renters insurance. You can also find discounts such as home safety discounts and policy-related discounts, like going paperless or paying your premium in full. How Are the Premiums Paid? You can typically pay homeowners or renters insurance premiums online, by EFT payment or by mailing your insurer a check. Some homeowners pay their home insurance premiums through an escrow account. Homeowners and renters insurance payments are typically made on a monthly, quarterly, semi annual or annual basis. Is There a Deductible? Both home and renters insurance policies have a deductible for claims related to theft and property damage. There is no deductible on liability claims made against you. An insurance deductible is the amount subtracted from an insurance check if you file a claim for certain coverage types, such as a stolen or damaged property claim. Common deductible amounts are $500 and $1,000. For example, if you file a home insurance claim for a burst pipe that destroyed a couch and you have a $500 deductible, that amount will be deducted from your claims check. Homeowners Insurance vs. Renters Insurance: What Perils Are Covered? Renters and home insurance policies cover what are known as “perils,” which is another word for problems. For example, a home insurance policy covers fire-related damage to your house and personal property. Personal property for both home and renters insurance covers 16 perils: Accidental discharge or overflow of water or steam Aircraft, including spacecraft and self-propelled Civil commotion or riot Explosion Falling objects Freezing Hail or windstorm Malicious mischief or vandalism Lightning or fire Smoke Sudden and accidental damage from artificially generated electrical current Sudden and accidental tearing apart, cracking, burning or bulging Theft Vehicles Weight of ice, sleet or snow Volcanic eruption The most common type of homeowners insurance policy is an HO-3. An HO-3 is an “open-perils” policy for your house. It will cover any cause of house damage except for causes specifically listed as exclusions. Common exclusions include power failure, floods, earthquakes, negligence, normal wear and tear, pets and insects, and negligence. But an HO-3 policy typically covers your possessions for only 16 perils, which will be listed in the policy. You can upgrade to an HO-5 policy for the highest level of home insurance. It covers your house and personal property for all perils, except for those listed as exclusions (such as floods). It also includes replacement cost coverage for damaged or stolen items rather than actual cash value. By contrast, with an HO-3 policy you generally need to add a simple endorsement in order to get replacement cost coverage. Common Coverage Types in Homeowners and Renters Insurance Homeowners insurance and renters insurance share several types of coverage. Personal Property Coverage Personal property coverage pays to repair or replace your possessions such as furniture, tools, clothing, electronics, toys, sports equipment and more. Your belongings typically are covered wherever you take them, including in your car or on vacations. The theft of high-value items such as jewelry is typically limited to a certain amount (such as $1,500). If you want more coverage for high-value items, you’ll want to schedule personal property. This means your valuable items will be insured separately from the rest of your belongings and will have full coverage for theft and damage. Personal Liability Coverage Personal liability coverage pays for medical expenses, property damage and legal costs if you accidentally cause injuries or property damage to others. For example, if your dog bites someone at a park, your liability insurance can pay for their medical bills. If you want more liability coverage than your home or renters insurance provides, consider adding an umbrella insurance policy. Additional Living Expenses Additional living expenses (ALE) coverage pays for temporary housing and other costs if you cannot live at home due to a problem covered by your policy (like a fire). It covers costs like hotel bills, takeout meals and services such as pet boarding and laundry. Medical Payments Coverage Medical payments coverage pays for small medical expenses for a guest who is injured in your home or apartment, no matter who is at fault for the accident. This way, small medical bills can be paid quickly. It also covers small medical bills of others due to problems that happen away from your house, such as your dog biting someone in the park. This coverage is usually sold in small coverage amounts such as $1,000 to $5,000. Homeowners vs. Renters Insurance: What Does it Cost? Why Is Homeowners Insurance More Expensive Than Renters Insurance? The primary reason homeowners insurance is more expensive than renters insurance is because it covers the cost of rebuilding your house if a problem like a fire destroys it. Renters insurance does not pay to repair any structures. Landlord insurance covers the building if you are a renter. A home insurance policy also covers other structures, like a deck, detached garage or fence. Renters insurance does not cover other structures—that’s also covered by landlord insurance. How Much Renters Insurance Do I Need? You can figure out how much renters insurance you need by creating a home inventory. That will give you an idea of how much personal property coverage you’ll need in case your belongings are destroyed by a problem like a tornado or fire. A home inventory can be as simple as using a pen and paper, or you can use your phone to take pictures or video. You can also use an app, such as the home inventory app provided by the National Association of Insurance Commissioners. You’ll want to record a description of your items (or group of items, like dishes) and the estimated values. You can also include serial numbers and receipts if you have them. But personal property coverage is just the starting point. Don’t overlook the importance of purchasing higher amounts of liability coverage, particularly if you have a high net worth. Typically, a renters policy might start with a minimum of $100,000 in liability protection, which is probably far too little for many people. You want to have enough liability insurance to cover what you could lose in a lawsuit. Finally, decide how much coverage you need for additional living expenses. Your insurance company will either offer you a flat amount of this coverage (such as $5,000) or base your coverage amount on a percentage of your personal property coverage. If you need more coverage, you can typically buy more. Shopping for Homeowners or Renters Insurance Whether you’re shopping for a home or renters insurance policy, the process for getting insurance is similar. Here are some tips for finding the right policy. How to Get Homeowners Insurance Buying a home can be a daunting process, but it’s much easier to buy a home insurance policy. Here’s how to get homeowners insurance: Progressive and Westfield have the cheapest home insurance, according to Forbes Advisor’s analysis. Your home insurance costs will vary depending on where you live, the age of the house and other factors, such as the cost to rebuild your house. How to Get Renters Insurance The process of buying a renters policy is similar to a home insurance policy. Here’s how to get renters insurance: Determine how much personal property coverage you need by creating a home inventory. Estimate the amount of liability insurance you need based on your net worth. Compare renters insurance quotes from several insurers. State Farm has the cheapest renters insurance, according to Forbes Advisor’s analysis. Your renters insurance costs will vary depending on where you live and other factors, such as how much coverage you need. Find the Best Renters Insurance Of 2023 Renters Insurance vs. Landlord Insurance: Are They the Same? Renters insurance and landlord insurance are very different. Renters insurance covers your belongings for problems like theft and fire. It also covers accidental injuries and property damage to others, plus your additional living expenses if you can’t live in your home due to a problem covered by your policy. Landlord insurance covers the building and other structures for problems like fires, tornadoes and vandalism. It does not cover your belongings if they are damaged.

Nia Vardalos Claims Her WGA Health Insurance Was Canceled During Strike: ‘Yours Too I Bet’ 

Matt Winkelmeyer/Getty Images Nia Vardalos claims her Writers Guild of America health insurance has been canceled amid the ongoing strike. The My Big Fat Greek Wedding franchise writer — and star — took to Instagram on Thursday, September 21, to share the news with her followers and fellow WGA members, whom she believes are facing the same issue. “My Writers Guild health coverage was just canceled. Yours too I bet,” Vardalos, 60, captioned the post, which featured a giant confused-face emoji. “Hi @wgawest you might want to give extensions while we are all walking that strike line. K thanks. Edit: and let’s do a benefit to raise donations for those in need 💰.” Vardalos — who wrote and starred in My Big Fat Greek Wedding 3, which was released earlier this month — got into specifics about the alleged loss of the insurance in the comments section. “There are a lot of writers with families who are in the same position and the @wgawest should offer extensions to everyone while they are on strike,” she explained to a fan. “A film’s payment fee to the writer has a cap that can be counted toward health, and yet, the higher the fee, the higher the yearly dues 🙄. I was paid for the script in 2019&2020, but because of the pandemic, filmed it in 2022. So while the film is in theaters, and we are on strike, the @wgawest decided to revoke health care.” The actress further claimed that in order to keep her and her daughter’s health insurance via COBRA, it would cost her “$1900 a month.” “So imagine how some of these writers with families are suffering right now,” Vardalos — who shares daughter Ilaria with ex-husband Ian Gomez — pointed out. Vardalos’ post comes one day after she picketed with Octavia Spencer, who shared photos of their time on the WGA picket line via Instagram on Thursday. “Thanks for walking with me yesterday @niavardalos it felt good to do something to further the cause,” Spencer, 53, wrote. “I’m also Glad to hear negotiations are going well with #WGA. Let’s resolve these strikes across the country by paying teamsters, autoworkers, actors, and writers what they deserve. #UnionsStrong.” Vardalos shared Spencer’s sentiment, commenting on the upload: “I adore you @octaviaspencer and would walk anywhere with you from a strike line to @target to get my favorite undies. Yes, let’s all union workers, auto, crew, writers, actors get fair wages and back to work ❤️.” Thank You! You have successfully subscribed. The WGA has been on strike against the Alliance of Motion Picture and Television Producers (AMPTP) since late May as they advocate for better wages amid the streaming service landscape. The Screen Actors Guild American and Federation of Television and Radio Artists (SAG-AFTRA) joined the picket lines for their own strike against the AMPTP in July over similar issues. Both strikes have led to the postponement of dozens of television shows and movies. Us Weekly has reached out to the Writers Guild of America for comment.