MADISON, Wis. (AP) -- WPS Health Insurance says it will eliminate 175 jobs over the next year.
The company said in a statement Friday the cuts stem mostly from the end of a state insurance plan for high-risk patients, which WPS has administered.
The Health Insurance Risk-Sharing Plan is ending Dec. 31 because the Affordable Care Act's health insurance exchanges will provide similar coverage starting Jan. 1.
The Wisconsin State Journal reports in a memo to employees, WPS also cites other factors for the cuts, including federal health reform, automated claims processing technology and decreased premiums "in a very competitive environment."
WPS has about 2,900 employees, including nearly 2,100 in the Madison area.
The company cut about 400 jobs early this year after losing contracts involving Medicare and a military program called TRICARE.
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