Health Savings Account Blog

The HSA is an account that an employee uses to set aside funds on a pre-tax or tax-deductible basis to pay for routine healthcare such as office visits, prescription drugs or lab tests. Money that isn't spent during the year rolls over to cover future healthcare expenses. First Horizon Msaver works with employers and employees to set up HSA programs with leading insurance carriers.

"HSA-qualified health plans expose patients to the real costs of prescription drugs. We wanted to be the first HSA company to offer price transparency to pharmaceutical purchases made under consumer-directed health plans," said E. Craig Keohan, president of First Horizon Msaver. "This program not only has the potential to save HSA customers money on their prescription drugs through discounts, but also places them in the position to make more informed decisions about their choice of medications."

The program is expected to become operational next month. The DestinationRx tools allow consumers to find the least expensive drug regimen based on switching to lower-cost branded or generic alternatives. Last year the average savings per search for Rxaminer users was $730 per search for a one-year supply of drugs. DestinationRx's shopping tools allow further savings by identifying the local pharmacy with the best price for those drugs. Consumers can shop for the best price for the drug regimen they need by comparing pharmacies near their homes in addition to on-line and mail order pharmacies.

"The goal of health savings accounts is to encourage consumerism in healthcare," said Toby Rogers, executive vice president, DestinationRx and founder of Rxaminer. "First Horizon is a leading player in the consumerism movement by providing one place for HSA accountholders to learn about their healthcare while also having access to the best tools for managing their pharmacy costs."