Blue Cross Blue Protect Tower, residence of Well being Care Service Corp. and its subsidiary Blue Cross and … [+]
Well being Care Service Company, the father or mother of Blue Cross and Blue Protect well being plans in 5 states, is shopping for Trustmark Well being Advantages, an administrator and designer of employer well being advantages, for an undisclosed quantity.
The settlement between Well being Care Service and Trustco Holdings to purchase its wholly owned subsidiary, Trustmark Health Benefits, comes throughout a interval of renewed merger and acquisition exercise amongst well being insurers to develop their companies. Specifically, Trustmark, is a “third-party administrator” that can add to Well being Care Service’s “capabilities to serve self-funded employers,” the businesses stated Thursday in an asserting the deal.
“The acquisition will present HCSC with extra capabilities to serve a broader set of consumers in search of customizable and versatile well being profit options,” Well being Care Service and Trustmark stated. The deal is anticipated to shut by the tip of this 12 months.
Already, Well being Care Service Corp, a mutual medical health insurance firm owned by policyholders, is likely one of the nation’s largest well being insurers and owns Blue Cross and Blue Protect well being plans in 5 states: Illinois, Texas, Oklahoma, New Mexico and Montana. Mixed, the well being plans have 17 million subscribers throughout the U.S.
“We’re proud so as to add this asset to our portfolio to proceed to satisfy the varied and evolving wants of our self-funded clients,” stated Dr. Opella Ernest, government vice chairman of business markets for HCSC. “This association displays HCSC’s steady dedication to develop entry to inexpensive, high quality well being care.”
Throughout a interval of full employment with People being able to vary jobs and search for unprecedented alternatives, employers must be aggressive within the well being advantages they provide. In Trustmark, Well being Care Service is getting a nationwide worker advantages supplier recognized for its “voluntary advantages, health administration options and small-group well being plan administration.”
“At present’s employers are going through rising pressures and challenges,” stated Kevin Cassidy, president, nationwide accounts at Well being Care Service. “With this acquisition, we’re making it simpler for employers of all sizes to have entry to our expansive supplier networks, our data-driven insights and coordinated method to care that focuses on high quality and worth. This isn’t a one-size-fits all world – and we acknowledge that Well being Advantages can assist give extra clients entry to our service strengths.”
Trustmark President and chief government officer Kevin Slawin stated the acquisition will assist Well being Care Service compete within the “evolving work surroundings.”
“Trustmark will give attention to markets the place we are able to develop sooner or later, ship differentiated capabilities for our shoppers and members and lead at a nationwide stage,” Slawin stated. “In an evolving work surroundings, we’ll speed up our efforts to change into vastly extra consequential within the markets we serve by serving to employers supply advantages that construct engaged, wholesome groups.”
