Evolving from the Joint Venture
Division, Specialty Benefits has
experienced exceptional growth. Beginning with a concentration in prescription drug carve outs, the unit now encompasses three product lines: prescription drugs, vision and dental.
The demand for prescription drug programs is stimulated by the increasing
cost of traditional medical programs. By carving out prescription coverage,
the benefit can be properly managed thereby reducing cost to the employer. Partnerships include distributors (MGAs, TPAs and brokers), pharmacy benefit managers and reinsurers. This program fits well with all medical product lines
major medical, self funded, short-term
medical, limited medical products and is available to both small and large groups.
Vision coverage is a
solid, low-cost employer benefit. Once offered primarily through discount cards, vision benefits are enhanced by utilizing managed care networks in conjunction with insured benefits to provide a defined value to the employee that is cost
Dental is the newest of the product lines.
FSL's strategy is to target small-business employers to offer both
employer-paid and voluntary coverage. We also target coverage to
individuals who do not have access to an employer-sponsored
plan. With the flexibility in plan design and pricing the product
can fit the needs of individuals, employers, HMOs and work-site
marketing through MGAs, TPAs and brokers.
Specialty Benefits' exceptional growth is a direct
result of our ability to meet the challenges of a new market by fully
drawing on our existing expertise and resources.