 The newest choice in consumer-directed healthcare, HSAs can help you save money by giving you more control over healthcare expenses. HSAs are a great way to help you manage the burden of medical expenses more efficiently and effectively. The information below is designed to give you a brief overview of our HSA program and how it can benefit you. What is an HSA Account?
The Medicare Act of 2003 expanded the health benefits opportunities available to consumers by authorizing the use of Health Savings Accounts (HSAs). These consumers range from the self-employed to employer groups of any size and their employees. HSAs are designed to give you more control over your healthcare expenses by allowing you to take advantage of lower premium health insurance plans. There are two parts to a HSA program.  Part One: A Health Savings Account
An HSA is an account you use to set aside funds on a pre-tax or tax-deductible basis to pay for routine healthcare - such as office visits, prescription drugs and lab tests. The money you put into your HSA will reduce your income taxes similar to the money you save in a 401(k) plan. An HSA can be established at a bank, insurance company or third party administrator. If your HSA is part of your employee benefits program, your employer may also make contributions. There are annual limits on the amount of money you can contribute to your HSA. Whatever you don't spend from your HSA rolls over year-to-year for future healthcare needs. And if you retire or leave the company for any reason, you can take the balance in your HSA with you. Funds deposited into the HSA can be conveniently accessed through the use of a debit card or check. Part Two: A high-deductible health plan
To qualify for an HSA account you must also be enrolled in a high-deductible health plan that provides additional protection. The annual deductible is higher than you might find on a typical health plan; however, the money withdrawn from your HSA for qualified medical expenses will generally apply toward your deductible. So, depending on how much money you have in your HSA, you may not have any out-of-pocket expenses before the health plan starts paying benefits. If you are not already enrolled in a high-deductible health plan that qualifies for the HSA program, First Horizon Msaver can give you (or your employer) information about qualified health plans offered by leading insurance carriers with which we partner.
About First Horizon MSaver, Inc First Horizon MSaver is a subsidiary of First Tennessee Bank National Association. The corporation initially established its presence in 1997 as the premier administrator of Medical Savings Accounts (MSAs) now Health Savings Accounts (HSAs). Today, the company opens and services Health Savings accounts for consumers nationwide. Our commitment to customer service and leading edge products has allowed First Horizon Msaver to become one of the nation's premier Health Savings account experts. Since its inception, the company has assisted in the account set up and administration of more than 70,000 lives. First Horizon Msaver currently has partnerships with other national organizations from banks to health insurance companies to help you set up your HSA. With First Horizon Msaver, you have a single point of contact for HSA set-up and administration, HSA financial and tax question support, ongoing service, and banking relationships that provide access to the funds in your HSA through debit cards and checks. Investment alternatives are also available for your HSA. Through First Horizon Insurance Services, Inc. (FHIS), an affiliate of First Horizon Msaver, high deductible health plans (HDHP) are available from highly rated insurance companies. For more information about HDHPs and HSAs, complete the online form or call 561-845-7392. Prefer .pdf application? Click here.
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