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Jeff Smedsrud. Credit: Flex Benefits

Life Health > Health Insurance

Jeff Smedsrud Starts Supplemental Health Firm

By Allison Bell

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Jeff Smedsrud has founded another company, and he’s focusing on products that fill the holes in major medical insurance.

The longtime entrepreneur launched Flex Benefits Insurance Services earlier this week.

The Scottsdale, Arizona-based firm markets accident insurance, critical illness insurance, urgent care insurance and other products designed to protect people who have major medical insurance against deductibles, coinsurance bills and other out-of-pocket medical costs.

BlueCross BlueShield of South Carolina owns a 20% stake in Flex Benefits, and Flex Benefits is appointed to offer insurance from South Carolina Blue’s Companion Life Insurance Company affiliate.

Flex Benefits is distributing its own, proprietary versions of the products it sells.

One feature will let the customers who are short on cash pause coverage temporarily, Flex Benefits said.

Flex Benefits said target customers could include early retirees who are not yet eligible for Medicare and Medicare Advantage plan enrollees who may be on the hook for up to $8,800 in out-of-pocket costs per year.

Smedsrud previously started insurance design, sales and distribution companies such as Healthcare.com and Pivot Health.

Brian Dow, a former IHC Specialty Benefits executive, is Flex Benefits’ president and chief operating officer.

The company is recruiting brokers to help sell its products.

Jeff Smedsrud. Credit: Flex Benefits

Allison Bell

Think_Allison

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