Opening a Health Savings Account ("HSA") with First Horizon is quick and easy. You can complete the process online in just a few minutes.

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Brokers, HR Executives, CFOs, Producers: Employers are concerned and even confused by the current alphabet soup prevalent in the employee benefits marketplace. On "The Benefits Buzz: Inside Health Insurance in America" host Sharon Alt and her expert guests clear up some of that confusion by offering answers to the difficult questions in a clear, understandable manner.

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• Plan - Receive customized wellness plans designed to help you achieve your personal goals.
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Growing Apart
May 12, 2008

Things at Sharon Alt's company began to unravel after she and her 50-50 partner began having fundamental disagreements about the business' future direction. With no exit strategy, it took nearly a year of tense negotiations and the help of a mediator before the partnership was dissolved. Read More


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Please use the information below to determine if your Cafeteria Plan is in compliance with Section 125 of the IRS Code.

• Written, signed Plan Document. This document details the benefits offered pre-tax under the Plan, requirements for eligibility, participation, termination of employment, and other required language.
• Summary Plan Description. This must be provided to ALL eligible employees and new hires, as they become eligible for the Plan. This SPD has specific required language, including name and address of Plan Administrator, person to contact in the event of questions or complaints concerning benefits under the Plan, etc. It must be written in such a way that the average employee can read and understand it.
• Form 5500 (C/R if under 100 participants). This form must be filed each year with the Internal Revenue Service for a "fringe benefit plan" under Section 6039(d) of the IRS Code. (There are NO EXCEPTIONS!)
• Irrevocable election forms. These must be signed by the employees electing to participate in pre-tax benefits, explaining to them that they are reducing their contribution to Social Security by the small amount of the premiums they are electing to pay tax-free. The employees must not be allowed to make changes to the plan benefit elections during a Plan Year, unless they have what is known as a "qualified status change". Qualified status changes include marriage, divorce, birth, etc.
• Non-discrimination testing. There must be testing performed at least one time per Plan year as required under IRS Code Section 125. This testing is called "non-discrimination testing", and ensures that the plan stays in compliance with the requirements of the Codes. These tests, along with the requirements listed above, should all be maintained in an "audit file" in the client's office, in the event of a future IRS audit on your Plan.