|September 20, 2005|
BlueCross Adds First Tennessee Bank’s Subsidiary First Horizon Msaver as Health Savings Account Administrator
CHATTANOOGA, Tenn. — BlueCross BlueShield of Tennessee has expanded its health savings account (HSA) administrator partnerships to give members more choice in managing their health care costs. First Tennessee Bank’s subsidiary First Horizon Msaver joins Wells Fargo Health Benefit Services in serving employers and individuals with BlueCross HSA-compatible health plans.
“Choice is a central element of HSAs and consumer-directed health care, and we’re glad to offer yet another preferred choice in an HSA administrator for our members,” said Paul Kulpa, senior program manager of consumer-directed health care plans for BlueCross. “Both First Tennessee Bank and Wells Fargo are strong and established financial institutions which are well equipped to handle the needs of the growing number of people addressing their health care cost needs with an HSA.”
HSA account holders with First Horizon Msaver will receive a variety of HSA administrative services, including HSA eligibility verification, enrollment, consumer and broker call center support, online banking and bill pay, investment alternatives, debit card and payment transactions.
“Providing our customers with consumer-directed health care banking solutions has been our sole focus since 1997. Partnering with BlueCross BlueShield of Tennessee and leveraging the strength and presence of First Tennessee Bank is a powerful combination in which the end HSA consumer will greatly benefit,” said E. Craig Keohan, president of First Horizon Msaver.
BlueCross first introduced its HSA-compatible health plans, PlanWise and BluePartner, in 2004. HSAs are “bank accounts” that enable employees to pay for qualified medical expenses with tax-deductible dollars. Employees may use the funds to subsidize the expenses associated with a high-deductible health plan or roll over any remaining balances each year and earn interest tax-free. Although the employee owns the HSA, either the employer and/or employee can make contributions.
Individuals or employers of any size looking for alternative ways to respond to rising health care pressures can research HSA-qualified health plan options by contacting their broker or calling BlueCross at 1-800-845-2738.
For more information on HSAs, contact First Horizon Msaver at 1-866-889-8583 or visit www.firsthorizonmsaver.com.
BlueCross BlueShield of Tennessee's mission is to provide its customers and communities with peace of mind through affordable solutions for health and healing, life and living. Founded in 1945, the Chattanooga-based company is focused on reinventing the health plan for its 3 million members in Tennessee and across the country. Through its integrated health management approach, BlueCross provides patient-centric products and services that drive health improvement and positively impact health care quality and value. BlueCross BlueShield of Tennessee Inc. is an independent licensee of the BlueCross BlueShield Association. For more information, visit the company's website at www.bcbst.com.
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