Health care innovation can take many forms. Sometimes it is a new health plan design, other times it is a way to create more transparency in pricing, but occasionally it comes in the form of repackaging something as mundane as the Welcome Kit.
That is exactly what First Horizon Msaver, the Health Savings Account administrator, did when it sought to improve on the pile of paper that most companies send out to new customers. In fact, The Consumer Driven Market Report (CDMR) has recently named First Horizon Msaver as this year’s best in class for the Best HSA Welcome Kit.
The publication noted that much of the information currently provided to new Health Savings Account (HSA) users is “confusing and unnecessarily complex,” but cited the First Horizon solution, an attractive CD, as being the best in class example of what a Welcome Kit should be.
According to the CDMR, “The cover of the CD contains reassuring, basic useful HSA information, while the CD itself gives all the details.”
E. Craig Keohan, president of First Horizon Msaver said that the CD Welcome Kit was developed over a year ago as a means to provide essential information in an interactive, easy to understand and convenient format. “Since we began providing new HSA account holders the choice between the CD Welcome Kit and a paper version, our customers have overwhelmingly opted for the interactive CD,” Keohan said.
If it saves paper and makes understanding who to use HSAs easier for new account holders, it qualifies as a Health Plan Innovation.