CHICAGO, Oct. 5, 2022 /PRNewswire/ -- Health Care Service Corporation (HCSC) and Trustco Holdings, Inc. (Trustmark) finalized the previously announced purchase by HCSC of a Trustmark subsidiary, Trustmark Health Benefits (Health Benefits).
Health Benefits is a third-party administrator of health benefits that designs and offers custom plans for self-funded customers that help manage costs through innovative solutions, data transparency and member-centric support.
Health Benefits is now a wholly owned subsidiary of HCSC, which serves more than 17 million members and is the largest customer-owned health insurer in the United States.
"We are excited to welcome Health Benefits and its nearly 1,000 employees to the HCSC family of companies," said Opella Ernest, M.D., executive vice president of commercial markets for HCSC. "Their experience and expertise will enhance the expanded capacity that this acquisition brings. It is the latest way we're developing and building out our network of subsidiaries and investments in businesses with interests affiliated with ours — as we seek to increase access to quality, cost-effective health care."
"Health Benefits adds diversity to HCSC's portfolio of offerings to self-funded employers while giving existing Health Benefits customers and members access to the service and scale of HCSC," added Kevin Cassidy, HCSC's president of national accounts.
With the divestiture of Health Benefits, Trustmark, a leading national employee benefits provider, will focus on its three core businesses: Trustmark Voluntary Benefits, HealthFitness and Trustmark Small Business Benefits.
"The overall well-being of employees is of greater concern than ever," said Trustmark President and CEO Kevin Slawin. "This divestiture enables Trustmark to accelerate investments in innovative voluntary benefits, small-group health plan designs and fitness management solutions. This focus is reinforced by our ongoing growth in these markets and will be further informed by employer and consumer demand."
About Health Care Service Corporation
Health Care Service Corporation is the country's largest customer-owned health insurer, with nearly 17.5 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association.
About Trustmark Mutual Holding Company
Trustmark, through its operating divisions and subsidiaries, offers specialized expertise in voluntary benefits, self-funded health plan design and administration for smaller employers, and the delivery of wellness, fitness, recreation, and injury prevention and treatment programs. Visit us at https://trustmarkbenefits.com/
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SOURCE Health Care Service Corporation