Horizon Blue Cross Blue Shield of New Jersey will lay off 242 workers by April 26 due to financial pressures and restructuring.

Horizon Blue Cross Blue Shield of New Jersey will cut 242 jobs by April 26, affecting nearly 5% of its U.S. workforce, according to a WARN filing. The layoffs, impacting employees in Newark and Hopewell, stem from ongoing financial pressures and are part of a broader restructuring to improve long-term sustainability. Most affected workers were informed on Monday. The company cited rising costs and market challenges but did not disclose specific financial details. Severance and outplacement services are available per federal law. No further layoffs are expected.