HealthEquity has acquired health savings account administrator First Horizon Msaver from First Tennessee Bank National Association. The sales amount was not disclosed.
The combined company creates the nation's largest non-bank HSA custodian, with more than $600 million in assets under management and 17,000 employer customers.
"I am very excited about the benefits of this acquisition for our customers," says Msaver President E. Craig Keohan. "They will continue to enjoy Msaver's concierge-level customer service and gain access to additional capabilities and product features."
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Among the added capabilities Msaver customers will see with HealthEquity are access to live 24-hour support, free mutual fund investing within the HSA, and the ability to make online payments to doctors and hospitals.
"The combination of HealthEquity and MSaver is really a marriage of expertise," says HealthEquity Chairman Jon Kessler.
A personal health care financial services company, Salt Lake City-based HealthEquity helps employers, employees, health insurers, benefits administrators, and financial institutions save costs through its integrated health care account (HSA, HRA, FSA, VEBA) administration and investment platforms.
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