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Pan-American Life Insurance Group Launches New Company, Pan-American Benefits Solutions, Offering Limited Medical Benefits

Monday, January 11, 2010 Health Insurance News J E 4
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Product portfolio offers alternatives to major medical health benefits

NEW ORLEANS, Jan. 11 -- Pan-American Life Insurance Group, a leading provider of insurance and financial services, announced today the launch of its new member company, Pan-American Benefits Solutions, Inc.

As research and continuous media reports maintain, there are approximately 46 million uninsured Americans, and of those 33.1% are Hispanics and more than 9 million are children mostly from working families.  Additionally, according to the U.S. Census Bureau 40.3% of employees are not covered by a health insurance plan offered by their employer (2007). Potential solutions point to two critical factors: access and affordability.

Pan-American Benefits Solutions is a provider of group benefit programs that offer solutions for the pressures of rising insurance costs in the current market. Pan-American Benefits Solutions offers limited medical group benefits in the United States, granting employers in search of more economic plans access to affordable group healthcare.  

"Pan-American Life is the leading provider of individual life and health, and group life and health insurance in the countries we serve in Central and South America. As such, we have nearly a 100-year heritage built on understanding the complex multicultural nature of the Hispanic population," said Jose S. Suquet, Chairman, President and CEO, Pan-American Life Insurance Group (PALIG).  "Pan-American Life Insurance Group's corporate mission is to be the company that Hispanics in the Americas turn to for help in protecting their financial security and improving their sense of well being. Pan-American Benefits Solutions is an important part of the overall Group's strategy, not only with leveraging our strength of developing new and relevant products for Hispanics, but in this case also a sense of responsibility by addressing the issues surrounding the rising costs of employer benefits and the growing number of uninsured employees in the U.S."

"Pan-American Benefits Solutions offers options without sacrificing quality," explains John Foley, Senior Vice President Domestic Markets. "Our group benefit programs are uncomplicated, with products and services that are easy to use and understand, providing affordable coverage for the times when it is needed most. In 2010 we expect to have a full array of services and benefits including dental and vision coverage and access to affordable prescription medicine."

Pan-American Benefits Solutions signature products include PanaMed and CommonSense issued by Pan-American Life Insurance Company and feature quality benefits, competitive pricing and the ability to customize offerings for a wide variety of industries.  Pan-American Benefits Solutions caters to service industries including healthcare professionals such as nurses, hospital and medical clinic employees; and those in the hospitality, transportation, construction and agriculture industries, among others.

PanaMed is a limited benefit plan that pays a fixed benefit amount to help individuals cover the cost of common medical services such as doctor visits, diagnostic tests and x-rays, hospitalization, accidents, emergency room, surgery, anesthesia, intensive care and wellness services among others.

Providing an offering between limited medical plans and major medical coverage, CommonSense offers many of the same features of a major medical plan.  Coverage limitations and deductibles are designed per calendar year or per day for some benefits, rather than on a lifetime basis, therefore resulting in lower rates than traditional major medical plans.

Pan-American Benefits Solutions offers full-service enrollment services, to guide employers and brokers through the PanaMed and CommonSense enrollment process. The bilingual call center is also available in English and Spanish to support enrollment and information as requested.

Additionally, Pan-American Benefits Solutions will be offering other Pan-American Life Insurance Company products such as Group Life and Medical Accident/Accidental Death and Dismemberment.

A member of the Pan-American Life Insurance Group, Pan-American Benefits Solutions shares the Group's expertise, which spans nearly a century combined. Pan-American Benefits Solutions is led by John Foley, Senior Vice President – Domestic Markets, and headquartered in Plano, TX.

About Pan-American Life Insurance Group

The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group's member companies offer individual and group life and health insurance throughout Latin America, including Cayman Islands, Colombia, Ecuador, El Salvador, Guatemala, Honduras and Panama. For more information, visit the Pan-American Life Web site at www.panamericanlife.com.  

SOURCE Pan-American Life Insurance Group

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