Health Care Service Corporation is set to acquire a third-party benefits administrator in a bid to bulk up its ability to provide customizable, flexible benefit solutions to a broader swath of customers.
HCSC signed a definitive agreement late last week to buy Trustmark Health Benefits from Trustco Holdings, the insurer announced. Financial terms of the deal were not disclosed.
Trustmark Health Benefits builds and manages custom plans that are designed to better manage costs, HCSC said, thanks to data transparency, personalized member support and other solutions that are baked into its model.
"We are proud to add this asset to our portfolio to continue to meet the diverse and evolving needs of our self-funded customers," said Opella Ernest, M.D., executive vice president of commercial markets for HCSC, in a statement. "This arrangement reflects HCSC's continuous commitment to expand access to affordable, quality health care."
Trustmark Health Benefits will continue to support its existing employer clients and members through the same services once the acquisition is complete, according to the announcement.
The companies expect the deal to close later this year, pending regulatory approval.
"HCSC has been a highly valued customer for several years," said Nancy Eckrich, president of Trustmark Health Benefits, in a statement. "We see this as a culmination of that relationship, and the entire Health Benefits team is looking forward to further expanding our reach to offer more employers flexible, customized benefit solutions, now backed by the resources and relationships of HCSC."