First Horizon National Corp. said Monday that it has bought MSAver Resources LLC, an Overland Park, Kan., company that administers health savings accounts.
The deal's terms were not disclosed.
The Medicare Act of 2003 authorized the use of health savings accounts to set aside money tax-free to cover medical expenses not covered by high-deductible health plans. HSAs let companies and their employees take advantage of the lower premiums associated with high-deductible health insurance plans to amass funds to pay expenses that are less than the deductible.
The purchase was made by First Horizon's First Tennessee Bank in Memphis.
"Health care is a large financial consideration. Adding the ability to offer health savings accounts to our clients is another example of being on the leading edge of knowing our customers and providing the products and services to help them meet their financial goals," Rhomes Aur, the executive vice president of wealth management at First Tennessee said in a press release.
High-deductible insurance products are to be supplied by an affiliate of MSAver, which has been renamed First Horizon MSAver Resources Inc.
