Health Savings Account
Because Health Savings Accounts (HSAs) play a role in long-term financial wellness, we place a primary focus on education and engagement to help your employees fully understand how their HSA fits within their overall financial picture.
Available to employers of any size, Bank of America's flagship HSA for Life®2 works with all High Deductible Health Plans (HDHPs) that typically offer lower monthly premiums than traditional health insurance plans, thereby saving you and your employees money.3 Employees may incur higher out-of-pocket costs with the HDHP and contributing to an HSA can help them be prepared to cover the higher expenses. Pairing an HDHP with an HSA could help reduce their overall benefit costs, putting your employees in charge of how they manage their healthcare expenses now, and in, retirement.
The HSA made available by Bank of America, N.A. is a portable healthcare account with integrated investments and triple tax advantages3 to help employees keep more of their money:
- Contributions can be made pre-tax
- Any interest or investment gains grow tax-free
- No taxes on withdrawals for qualified healthcare expenses
- "Use it or lose it" rules do not apply and funds carry over year after year5
Flexible Spending Account (FSA)4
Our health FSA can be set up as an integrated full- or limited-purpose reimbursement account to enable your 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 HSA, employees can access funds from both accounts with one Bank of America health account debit card5. The card's smart technology allows it to automatically pull funds from the correct account based on the expense category.
If you're an employer enrolling fewer than 3,000 employees in an HSA or FSA, you can establish your program with us online today by visiting our Health and benefit account employer enrollment page or contacting us at 800 992 3200 or firstname.lastname@example.org.