With Key Acquisitions, Humana Creates Humana Specialty Benefits |
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Written by U.S. Insurance News
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Monday, 03 March 2008 |
In 2007, Humana Inc. was busy “shopping” for other companies.
Due to two key acquisitions it made, the Kentucky-based benefits provider now provides “one-stop shopping” for employers looking for specialty benefits to offer its employees.
Humana recently announced that it is aligning the offerings of its dental subsidiary, HumanaDental Insurance Company, with the products offered by CompBenefits and KMG America, the two companies Humana bought last year. Together, the non-medical coverage benefits available for employer groups and individuals will be known as Humana Specialty Benefits.
Bill Tait, vice president, sales and market operations for Humana, said that Humana Specialty Benefits provides a “total benefit solution” for its employer-clients.
“We’ve categorized our specialty products under ‘Humana Specialty Benefits’ to make it easy for our broker partners and employer customers to realize the array of integrated non-medical products available to them from Humana,” Tait explained.
The acquisition of CompBenefits expanded Humana’s dental portfolio, which now includes dental HMO and dental EPO products. In addition, it gave Humana a full-service vision product. Acquiring KMG America added voluntary health, life, and disability benefits.
Now, Humana Specialty Benefits includes the following products, with employer-sponsored and/or voluntary (employee) funding: dental, vision, life, disability, accident, critical illness, supplemental health, integrated medical-behavioral health, behavioral health, EAP/work-life, and wellness programs.
Humana believes that its expanded specialty benefits line will help employers of all sizes save money.
“For large and small employers, ancillary and voluntary benefits provide a simple, affordable way to build a more competitive and attractive benefits package,” said Jerry Ganoni, president, Humana Small Business, HumanaDental, and HumanaOne. “Employers can easily integrate voluntary plans with traditional medical, dental, and vision plans as effective tools in managing overall benefit costs.”
With the acquisitions of KMG America and CompBenefits, Humana Specialty Benefits has approximately 6.8 million specialty-benefit members, up from 1.9 million members.
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