The passage of HR 3590 will have little impact on Health Savings Accounts (HSAs), but here are two changes to be aware of:
First Horizon Msaver, Inc., one of the nation’s leading health savings account (HSA) administrators, has redesigned its Web site to include powerful new consumer engagement and educational tools to help individuals learn about and enroll in HSAs.
“With more and more employers expected to offer consumer-directed health plans this fall, we saw a need to enhance the educational content on our site to help convey to employees the value of opening up the tax-favored health savings account,” said E. Craig Keohan, president of First Horizon Msaver. (Read More)
northbaybusinessjournal.com, November 2, 2009
It’s time for middle market businesses to square up to these issues and seriously consider consumer-directed plans to right this ship before it capsizes. Whole Foods is a one example to consider. Either we begin to enter into the decision-making process or someone will do it for us. (Read More)
businessinsurance.com,
Employees with individual coverage in consumer-driven health plans are seeing their employers’ contributions decline, while those with family coverage are seeing their employers’ contributions increase, according to a survey released Tuesday by the Employee Benefit Research Institute. (Read More)
healthplaninnovation.com, November 5,
Congratulations to Blue Cross Blue Shield of Tennessee for winning a 2009 Aegis Award for video and film production. The award went to the health plan for its production of The Color of Blood, the third video in BlueCross BlueShield of Tennessee’s African-American Contributions Series. (Read More)
In just a few weeks, the leading health insurance sales and online marketing experts will descend upon the South East for a two-day event that can transform the rest of your year (and the next).
Yes, the advanced marketing and sales training you’ve been waiting for is finally here: Norvax University is coming to Atlanta, GA for 2 days only November 19-20, at the Westin Buckhead Atlanta.
And you can take $130 off the early-bird conference price if you’re one of the next 47 Msaver brokers to register. But reservations will only be taken online. So don’t delay!
Register yourself and bring
your colleagues here:
http://bit.ly/29ccrj
First Horizon Msaver, Inc
7400 W 110 St, Ste 520
Overland Park, KS 66210
Please note that if you choose to have your referral fee direct deposited, you will continue to receive the account breakdowns each quarter for your records
Employer adoption of Account Based Health Plans has risen significantly over the last five years, from 20% to 60% of companies, as employers recognize and embrace the value of these plans in controlling their health care costs and reducing the employee affordability gap. (Read More)
indystar.com, October 18, 2009
“This puts employees in a consumer position where they can start to make choices, like when they go to buy a TV,” said Bridget Scott, consultant for communication and wellness at Benefit Associates, which helps companies find the best health and benefit coverage. “They go to Best Buy, hh gregg. Then when they need health service they say, ‘I’m not going to go with the first choice. I’m going to shop around and get quotes.’ ” (Read More)
latimes.com,
Having a high-deductible insurance plan also allows you to start a health savings account, which can be used to pay medical expenses not covered by your insurance plan, either at all or until the deductible kicks in. (Read More)
nytimes.com, October 16,
The idea behind the “consumer directed” part goes like this: If you and I are spending more of our own money on health care, then we are likely to ask doctors and hospitals many more questions upfront and be more careful about which tests and procedures we receive. After all, until we exhaust that high annual deductible, it’s our money on the line. (Read More)
healthplans.hcpro.com, Octo
The report did find that more large businesses are placing more control (and costs) onto employees through account-based health plans, also known as consumer-directed health plans. Large employers have found account-based plans cost 13% less than the traditional health plan… (Read More)
First Horizon Msaver will be presenting the program “Overcoming the 7 Big HSA Challenges”at Norvax University - West Coast Conference to be held September 24, and 25, in Woodland Hills, CA. Agents can register and receive a discount for Norvax University - West Coast Conference by clicking here.
businessinsurance.com, September 21, 2009
When members of the Senate Finance Committee take up health reform legislation Tuesday, they will have more to consider than just the sweeping bill proposed by the panel’s chairman, Sen. Max Baucus, D-Mont. As of Monday morning, nearly 600 amendments had been filed with the committee. Some of those amendments include: (Read More)
healthplaninnovation.com,
One Senator, Jon Kyl, a Republican from Arizona, has offered up nine amendments aimed at preserving and improving Health Savings Accounts (HSAs). (Read More)
agentssalesjournal.com, September,
Boomers are not going to take exploding health care costs lying down. You may find that more clients are taking a closer look at health savings accounts (HSAs). (Read More)
benefitssellingmag.com,
More employers will offer CDHPs next year as they are increasingly viewed as an effective way to control rising costs. Those employers adopting new plans are generally adding a high-deductible plan, often with a health savings account. Most employers adding these plans will offer them as an option to workers rather than replacing their traditional health plans. (Read More)
You can now have your First Horizon Msaver quarterly referral fees directly deposited into your bank account. Simply fill out the Electronic Funds Transfer Form and send it to our office along with a voided check.First Horizon Msaver, Inc
7400 W 110 St, Ste 520
Overland Park, KS 66210
Please note that if you choose to have your referral fee direct deposited, you will continue to receive the account breakdowns each quarter for your records.
First Horizon Msaver will be presenting the program “Overcoming the 7 Big HSA Challenges”at Norvax University - West Coast Conference to be held September 24, and 25, in Woodland Hills, CA.
Norvax University is a conference dedicated to showing health insurance agents proven step-by-step strategies to become top producers.
Eric Johnson, director of continuing education for First Horizon Msaver, and NAHU’s Speaker of the Year, will be presenting the program which makes available a one-hour continuing education credit to agents completing the course.
“Health Savings Accounts are valuable options for consumers and offer incredible opportunities for agents and brokers, said Johnson. “Our program teaches agents how they can increase HSA sales by overcoming the seven biggest challenges they normally face in this arena.”
Agents can register and receive a discount for Norvax University - West Coast Conference by clicking here.
businessinsurance.com, September 10, 2009
Among the most popular measures employers are using to lower their 2010 health care cost trend are eliminating higher-cost or more generous health plan options as a way to move employees into lower-cost options, such as high-deductible consumer-directed health plans; auditing plans to ensure that all covered dependents are actually eligible for coverage; and adding or renegotiating performance guarantees with plan vendors.
(Read More)
workforce.com, September 9
Employers want health care reform to reduce their health care costs, improve the health of their employees and help them become competitive in the global marketplace. They are moved by a sense of social responsibility and proud of the role they have played in providing health care to millions of Americans.
(Read More)
businessinsurance.com,
In addition, the proposal would place a $2,000 annual cap on money that could be contributed to flexible spending accounts. There is no legal cap today and many employers allow employees to make up to $5,000 a year in pretax contributions to their health care FSAs.
(Read More)
healthplaninnovation.com,
Over the Labor Day weekend, President Barack Obama, noting that millions of Americans do not have enough savings to cover their retirement, announced a package of initiatives to spur increased savings.
(Read More)
Innovating Toward Health Care Reform, the Whole Foods Way.
fasstcompany.com,
With the health-care debate bogged down in mindless town hall confrontations and the President reassuring us his plan for health care reform will work–just as soon as he creates it–where can Americans turn for innovative ideas in health care? (Read More)
Fast Facts from the IRS.
We are often asked the question, “How soon can I open my HSA account?”
We recently verified with a Treasury Department official that an HSA can be established as early as the effective date of the qualified-HDHP coverage. However, if the coverage begins on any day other than the first day of the month, the account cannot be established until the first day of the following month. In other words, if coverage begins August 15th the employee would need to wait until September 1st to open their account.
It should be noted, however, that even though the employee would have to wait until September 1st in our example, on September 1st, under full contribution rule, they could contribute amount for entire year if they so desire.
First Horizon does not offer tax or legal advice. You are advised to consult your personal tax advisor.
Important Agent’s-only Phone Number.
Don’t forget that First Horizon Msaver maintains a toll-free line just for brokers and agents. Use this line to get answers to your HSA questions, or to enroll a group.
877-949-6727
The health of America is at stake, and continuing to run down the path of providing free care without engaging the consumer is a dead end solution that will turn “Yes We Can” into “What’d We Do?” (Read More)
By E. Craig Keohan, President, First Horizon Msaver
Over the next few months, our elected officials will consider 1,000+ pages of a bill labeled “Healthcare Reform”. I would suggest that, since we’re already spending a trillion dollars, we consider adding one more page to the bill that would entitle every American to a free, unlimited fuel card. Given that you can now get up to $4,500 in tax credits to buy a new vehicle, why not go ahead and gas it up on the taxpayer’s dime as well? If done correctly, this could go down in history as one of the best “Yes we Can” moments our country has ever witnessed.
The process would be relatively simple. We could start by having the badly-beaten banks issue the cards for a small fee - that’ll help solve the banking crisis. The struggling auto manufacturers should benefit as well - without high fuel costs to hold them back, many Americans will go out and buy the biggest SUV they can get their hands on. And with all the extra driving we’re guaranteed to do, everyone from repair shops to road crews will see an increase in business, helping to reduce the unemployment numbers.
Of course, no good idea is without its flaws, and as reality starts to set in I realize that my one-page addition might need a little work. If every American consumed fuel unnecessarily, we would experience record consumption that would put a significant strain on our refineries and create long lines at the gas station - there’s no way we’d be able to keep up with demand. To maintain peace among the high octane addicts, the government will have no choice but to ration the amount of fuel we can consume and limit the number of new cards that are issued. And as fuel is rationed, our anxiety as a nation will begin to rise: what if we have an emergency and need to drive - a possible life or death situation? Will we need a voucher from the Fed? And how would we pay for such a program - would we raise taxes on small businesses and those making more than $280k?
Clearly, when we work through the numbers, it becomes evident that our “Yes We Can” proposal is unrealistic - but no more so than the other thousand pages that Congress is considering. Yes, there are problems with the health care system in this country. Yes, some changes need to be made. But if we settle on a solution that provides healthcare without accountability, the consequences will be the same as the free gas card program. The health of America is at stake, and continuing to run down the path of providing free care without engaging the consumer is a dead end solution that will turn “Yes We Can” into “What’d We Do?”
Important Agent’s-only Phone Number.
Don’t forget that First Horizon Msaver maintains a toll-free line just for brokers and agents. Use this line to get answers to your HSA questions, or to enroll a group.
877-949-6727
Who Supports What? A Healthcare Stakeholder Scorecard.
healthleadersmedia.com,
Though groups have begun taking sides, more details are expected for each of the plans and the Senate Finance Committee plans to release its bipartisan bill in the next two weeks. That should change the healthcare reform landscape even more. (Read More)