Perspectives First Horizon

How Health Savings Accounts Can Help You Save Money

HSAs are special savings accounts designed to help consumers manage their healthcare expenses. With HSAs, consumers finally enjoy some of the same rights that companies do.

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First Horizon
Understanding the Benefits of Health Savings Accounts

If you have a high-deductible insurance plan, you could potentially save a lot of money by enrolling in a Health Savings Account, or HSA. Created in 2003, HSAs are special savings accounts designed to help consumers manage their healthcare expenses. With HSAs, consumers finally enjoy some of the same rights that companies do. Specifically, you can deposit a certain amount of your income into an HSA without being taxed on it. This money can later be used to cover medical, retirement, and/or long-term care costs.

Some of the benefits of HSAs include:
  • Saving money by lowering your income taxes.
  • Building your account from year to year. If there is any unused money in your HSA at the end of the year, you won’t lose it. It simply rolls over to the next year.
  • Using your HSA for many services that are not covered by typical high-deductible health plans, such as dental care.
  • HSAs are not job-dependent. That is, you can create an account whether you work or not, and you don’t have to worry about losing it if you switch jobs.
  • When you turn 65 you can withdraw the money in your HSA for any reason, tax free. In other words, at that point you could use the money not just for medical care, but also for general retirement expenses.
First Horizon Msaver

If the benefits of an HSA sound good to you, look no further than First Horizon Msaver, Inc. As one of the nation’s leading HSA administrators, we are recognized by thousands of insurance carriers and employers nationwide.

With a First Horizon Msaver HSA account you can expect:
  • Free First Horizon HSA VISA® debit card for convenient withdrawals
  • Free banking online with Bill Pay Online
  • Monthly account statements listing contributions, withdrawals, and interest earned
  • IRS information reports for use in preparing your personal tax return
  • Toll-free banking assistance
  • Toll-free telephone resources for tax-related questions
  • Unlimited debit card transactions with no transaction fees

To learn more about First Horizon Msaver, select one of the links below. If you would prefer to speak to someone over the phone, please contact us at 1-866-889-8583