Mount Pleasant, SC and Overland Park, KS (PRWEB) July 24, 2006
Benefitfocus(http://www.benefitfocus.com), a leading provider of Consumer Directed Healthcare (CDH) management tools and Internet based benefits administration software and services, today announced it has signed an agreement to roll out a program with First Horizon Msaver, Inc. One of the nation’s top administrators of Health Savings Accounts (HSAs)(http://www.firsthorizonmsaver.com), First Horizon Msaver offers health care financial services and solutions to health plans, employers, self-funded employers, and insurance brokers and consultants throughout the U.S. Health Savings Accounts are special tax-favored, interest-bearing accounts that are designed to help individuals and families more effectively save money for medical expenses.
Under the terms of the agreement, the First Horizon Msaver paperless online HSA account opening process is seamlessly integrated with the award winning Consumer Directed Healthcare and benefit management services of Benefitfocus. Individuals using the Benefitfocus service to enroll in an HSA-qualified high deductible health plan can open and fund a First Horizon HSA account (http://www.firsthorizonmsaver.com) during the same online session – no wet signature required. This is made possible by new state of the art digital signature technology based on public key infrastructure (PKI) technology. First Horizon Msaver has seen nearly a 100% adoption rate using this technology.
“This solution will be particularly strategic for health plans and employers who wish to offer employees the convenience of enrolling in a high-deductible health plan and HSA account in a single online session,” said Doug Moreland CTO of Benefitfocus. “This greatly simplifies the process for consumers and introduces them to online management services for their future healthcare and finance decisions.”
According to Forrester Research Group, a major integration effort is needed to mesh banks with health plans, healthcare providers and education tools, in order to provide a seamless, unified CDH offering. Benefitfocus already offers online enrollment, wellness programs, electronic billing and data exchange to over 33.5 million subscribers and 150 insurance carrier partners; this new partnership will offer an integrated HSA offering to health plans, which prefer to buy rather than build.
"Our ability to open and fund accounts online fits the needs of Benefitfocus and their customer base extremely well,” said E. Craig Keohan, President of First Horizon Msaver. “In addition, our HSA product offering gives consumers tremendous value, including no setup fee, unlimited debit card transactions, no-fee transactions at any of the country’s 300,000 ATMs, a competitive interest rate on account balances, investment options, a dedicated customer care center, and more."
Benefitfocus is the leader in consumer directed healthcare software and data transaction services for insurance carriers and businesses. By implementing Benefitfocus self-service enrollment, billing and data exchange, organizations can automate their business processes, reduce operating costs and errors, improve customer satisfaction, and promote compliance. Benefitfocus empowers the global consumer to take control of benefit options through a fully integrated and multi-lingual platform. Over 150 insurance carriers and their 35.5 million subscribers have chosen Benefitfocus, including companies such as Michelin, USAirways and Publix. Benefitfocus can be reached at 843-849-7476 or via the Internet at http://www.benefitfocus.com.
(843) 849-7476 ext. 356
About First Horizon Msaver, Inc.
First Horizon Msaver, Inc.(http://www.firsthorizonmsaver.com), is a leader in the servicing of Health Savings Accounts, and is a member of the First Horizon National Corp. (FHN) family of companies that provides financial services to business customers and individuals nationwide. With first-to-market technology like electronic enrollment, Banking Online, Online Bill Pay, investment options, and a dedicated HSA Customer Care Center, First Horizon Msaver is helping thousands of Americans get the most out of their tax-favored HSAs.
FHN companies have been recognized as some of the nation’s best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation’s 100 best corporate citizens by Business Ethics magazine. More information can be found at http://www.fhnc.com.
First Horizon Msaver, Inc.