Pan-American Life Insurance, a provider of insurance and financial services, has launched a new member company Pan-American Benefits Solutions to provide limited medical group benefits in the US.

According to Pan-American Life Insurance, its member company’s products include PanaMed and CommonSense that give pricing and customized offerings advantage to the industries. It caters to service industries including healthcare professionals such as nurses, hospital and medical clinic employees.

The company said, 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.

On the other hand, 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 as 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, the company said.

Jose Suquet, chairman, president and CEO of Pan-American Life Insurance, said: 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 US.