Humana Aligns Recent Acquisitions With Existing Dental, Life And Vision Products Under 'Humana Specialty Benefits' Name
Louisville, KY - Humana Inc. recently announced that it is aligning the offerings of the company's dental subsidiary, HumanaDental Insurance Company, with the products offered by two recent acquisitions – CompBenefits and KMG America enabling employers to provide a wider range of Humana benefit options for their employees.
"Humana Specialty Benefits" encompasses the products Humana now offers to employer groups and individuals, other than medical coverage.
"With Humana Specialty Benefits, Humana now provides a 'total benefit solution' for our employer-customers," said Bill Tait, vice president, sales and market operations for Humana. "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."
The addition of CompBenefits (acquired October 2007) expanded Humana's dental portfolio, which now includes dental HMO and dental EPO products. It also gave Humana a full-service vision product.
The addition of KMG America (acquired November 2007) brought voluntary health, life and disability benefits to Humana.
Humana Specialty Benefits includes all of the products listed below, 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
- Wellness Programs
This broadened portfolio of offerings from Humana has enhanced the company's ability to anticipate the needs of consumers, as well as responding to employers' desire for a comprehensive spectrum of benefits and related services that help foster their employees' engagement, retention and development. The specialty products market is growing, with industry reports projecting mid- to upper-single-digit growth for this sector over the next few years. Humana is now better positioned to offer the products and services its customers need.
"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 prior to the acquisitions.
SOURCE: Humana Inc.