Bloomberg LP Ends Full Coverage of Employee Health Insurance

Bloomberg LP notified its staff that the company will no longer cover the full cost of employee health care insurance. In a memo to the organization, CEO Mark Cooper stated that rising healthcare costs and shifting market dynamics necessitated the change, noting that the company's previous approach had lasted longer than those of its peers.

Cooper maintained that exceptional benefits remain a priority for employee success, though the memo did not specify the exact payment amounts employees will owe or the date the new policy takes effect. The announcement caused surprise and unhappiness among staff.

Employees have already been speculating about the future of company compensation and benefits in anticipation of the eventual passing of founder Michael Bloomberg.