Health benefits solutions

A broad suite of health and benefit accounts

Designed with your needs in mind, our health and benefit account solutions can help you offer a competitive benefit plan to your employees. As your needs continually evolve and grow, we’ll be with you every step of the way. You can lean on our experience to help educate and equip your employees to make the most of their health and benefit accounts. Plus, our tools and resources are designed to make program administration as simple and seamless as possible for you.


Health Savings Account (HSA)1

Bank of America's flagship HSA for Life® works with all HSA-eligible health plans that typically offer lower monthly premiums than traditional health insurance plans, thereby saving you and your employees money. This can help employers of any size, from small businesses to large corporations potentially reduce benefit costs, putting their employees in charge of how they manage their medical expenses now, and in, retirement.


  • Contributions can be made pre-tax
  • Any interest or investment gains have tax-free potential growth
  • No federal income taxes on withdrawals for qualified medical expenses
  • "Use it or lose it" rules do not apply and funds carry over year after year3


Flexible Spending Account (FSA)

Our health and dependent care FSAs can be set up as an integrated full- or limited-purpose reimbursement account to enable employees to set aside pre-tax dollars to help pay for qualified medical expenses that occur during a particular year. When a limited FSA is combined with an HRA or an HSA, employees can access funds from both accounts with one Bank of America health account debit card4. The card's smart technology allows it to automatically pull funds from the correct account based on the expense category.


Health Reimbursement Arrangement (HRA)

Our HRA program is a customizable benefits program allowing for many variations.


Lifestyle Spending Account (LSA)

Our LSA offers you the ability to provide a customizable post tax-benefit to your employees that promotes healthy habits and overall well-being. This benefit is a great way to differentiate yourself in a highly competitive hiring marketplace.


Commuter benefits

Our employer-provided voluntary benefit program that allows employees to set aside pre-tax dollars to pay for expenses related to commuting to and from work, including mass transit, vanpooling and work-related parking costs.


Benefits for you

A dedicated client services team

Our goal is to keep everything running smoothly—from day-to-day operations to annual enrollment, strategic planning and periodic reviews.


Convenience and choice

Our flexible HSA solution works with virtually any health insurance carrier for seamless integration with your existing programs.


Employee engagement

We work with with you to communicate health account benefits to your employees.


Workplace insights

We provide ongoing thought leadership and analysis of the healthcare landscape.


Easy-to-use employer portal

Our portal is intended to help make account administration easy.



We're committed to having measures in place so your information is always protected.


Employer communications toolkit 

Online access to communications and resources you can share with your employees.


Simplified onboarding

Our experienced implementation team will assist you and your employees with a smooth onboarding process.


Benefits for your employees

HSA potential tax advantages2

Our HSA offers potential federal tax advantages—pre-tax contributions, tax-free interest and investment earnings, and tax-free withdrawals.


Member website

Secure online access making it easy for employees to submit claims and monitor accounts.


Learn Center

We created a multi-channel approach to educational content that has been designed to help your employees make the most of their health accounts based upon their individual needs.



Located in our U.S.-based, secure facilities, our dedicated customer care associates are available 24/7 to support your employees with any questions they may have along the way. Online chat is also available on the member website.


Visa® debit card4

Our debit card is the easiest way to pay for qualified medical expenses.


MyHealth mobile app5

We are continually innovating and optimizing our mobile experience, giving participants the ability to manage their entire account on the go, with unique features like our eligible expense bar code scanner, digital file cabinet and more.


HSA investment feature6

Your employees can potentially maximize their HSA by investing a portion of their balance in a select menu of mutual funds.

Frequently asked questions

What are the current HSA contribution limits?

The 2024 HSA contribution limits are $4,150 for self-coverage and $8,300 for family coverage. Those that are 55 and older can contribute an additional $1,000 per year.

What are the differences between an HSA and FSA?

A Health Savings Account (HSA) and a Flexible Savings Account (FSA) are two health benefits solutions that can help employees save on medical expenses. Both options offer potential tax benefits and have annual contribution limits. The difference between an HSA and FSA comes down to two key components: eligibility requirements and contribution limits. Generally, to be eligible to contribute to an HSA you need to be enrolled in an HSA qualified high deductible health plan (HDHP). HSAs allow for higher contributions and are portable if you change jobs or retire.  This allows the participant the ability to save for health care costs in retirement.

What are the benefits of offering an HSA to employees?

While most health savings plans are touted as advantageous for employees, you may wonder, “What are the benefits of an HSA for employers?” Since HSAs require a high-deductible health plan (HDHP), a business can save on health insurance premiums. There can also be payroll tax advantages regarding employer contributions to HSAs (rules and limits apply). Most importantly, offering an HSA to employees can help attract and retain top talent, which can help your business grow. Connect with a team member today to learn more about how an HSA could benefit your business

Are employers required to offer HSAs/FSAs to employees?

No, employees are not required to offer employees HSAs or FSAs.

Are employers required to contribute to employee HSA/FSA?

No, employers are not required to contribute to employee HSAs or FSAs. That said, employer contributions can come with benefits, like tax reductions and improvements in employee satisfaction.

Get in touch

Kevin Rountree headshot

Kevin Rountree

Benefit Solutions

Health Employee Benefits Specialist

Workplace Benefits


Get in touch with us today.

Discover how we can differentiate your program and offer employees a range of health benefit solutions.

1Bank of America, N.A. makes available The HSA for Life® Health Savings Account as a custodian only. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. In addition, an employer making contributions to the HSA of an ineligible individual may also be subject to tax consequences. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.

The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. Bank of America acts solely as claims administrator performing administrative tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. The sponsoring employer or individual under an independent plan is solely responsible for ensuring such arrangements comply with all applicable laws. Bank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish.

2HSA Account holders can receive federal income tax-free distributions from their HSA to pay or be reimbursed for qualified medical expenses they incur after they establish an HSA. If they receive distributions for other reasons, the amount withdrawn will be subject to income tax and may be subject to an additional 20% tax, unless an exception applies. Any interest or earnings on the assets in the account are federal income tax-free. Account holders may be able to claim a tax deduction for contributions they, or someone other than their employer, makes to their HSA directly (not through payroll deductions). In addition, HSA contributions may reduce state income taxes in certain states. Certain limits may apply to employees who are considered highly compensated key employees. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA.

3“Use it or lose it” refers to account portability and annual rollover of accumulated assets - it does not imply you cannot lose money. The investment portion of the HSA account is not FDIC insured, not bank guaranteed and may lose value.

4The HSA debit card program is issued by Bank of America, N.A. Visa is a registered trademark of Visa International Service Association, and is used by the issuer pursuant to license from Visa U.S.A. Inc.

5The app is populated with items that correspond to IRS Publication 502 and is updated periodically for legislative updates. However, there is no guarantee the list of items that constitute qualified medical expenses in the app is comprehensive of all products and accurately captures whether or not a product is a qualified medical expense for purpose of the tax code. You should consult your legal and/or tax advisor if you have any questions. Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.

6Mutual Fund investment offerings for the Bank of America HSA are made available by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A., for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to Bank of America, N.A. by the Chief Investment Office (“CIO”), Global Wealth & Investment Management (“GWIM”), a division of BofA Corp. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM. Investment products: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |


Neither Bank of America nor any of its affiliates provide legal, tax, accounting or benefits consulting advice. Please consult with your own attorney or tax advisor to understand the tax and legal consequences of your HSA, Health FSA and/or HRA plan or program offerings to your employees and your particular situation in your capacity as employer and/or plan administrator. This material should be regarded as general information on healthcare considerations and is not intended to provide specific healthcare advice. If you have questions regarding your particular healthcare situation, please contact your healthcare, legal or tax advisor.