WEA Trust and Health Tradition Health Plan will exit the the state’s health insurance market by the end of the year, according to a Wednesday statement.

“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,” CEO Vaughn Vance said in a statement. “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.”

Members will continue to be covered under their current contract until they choose new coverage or Dec. 31, whichever is earlier.

The insurer will begin a phased approach to reducing its workforce, notifying 110 employees that their positions are ending and offering a severance package and a minimum of 60 days’ notice.

WEA Trust will continue to provide long-term care, life and vision coverage.

“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,” Vance said. “It is in the best interest of our members to pivot our offerings to sustain those promises.”

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