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Benefitfocus enters agreement with First Horizon Msaver, Inc. to provide
health plan, bank integration |
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Charleston, SC and Overland Park, KS - July 20, 2006 - Benefitfocus, 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), 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. HSAs are special tax-favored, interest-bearing accounts that are designed to help individuals and families more effectively save money for medical expenses.
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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 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.
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"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, Chief Technology Officer for Benefitfocus. "This greatly simplifies the process for consumers and introduces them to online management services for their future healthcare and finance decisions."
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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.
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"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."
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About Benefitfocus
Benefitfocus.com, Inc. (Benefitfocus) is a leading provider of benefits administration software and services, offering employees and employers access to all benefits and human resource information securely over the Internet. Linking this data to payroll vendors and benefit providers, Benefitfocus applications seamlessly exchange data, therefore reducing errors and costs associated with traditional paper-based forms. Benefitfocus applications are designed to make companies more efficient, cost-effective, and more focused on delivering actual benefits instead of spending time on undue paperwork.
The company is headquartered in Charleston, SC and has an established client base of over 8,000 corporate employers in all fifty states.
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About First Horizon Msaver, Inc.
First Horizon Msaver, Inc., 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 www.fhnc.com.
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