In running a successful business, one way to stay ahead is continuous improvement—it’s the same with your company’s benefits plan. Your plan can be a valuable asset in helping you attract and retain the best employees—giving you a competitive edge that keeps your company on a strong growth track.
When it comes to getting the most from your retirement plan, Bank of America's Advisor Alliance1 offers a powerful solution. Advisor Alliance combines Merrill Lynch Wealth Management’s investment and advisory services with a network of diverse, committed third-party providers who offer competitive recordkeeping and plan administration services for your business retirement plan needs.
Advisor Alliance has become one of the largest and most successful benefit plan programs of its kind, serving more than 18,500 businesses and $64 billion in client balances.1 The value of a Merrill advisor, flexibility, a sound provider network and continuous enhancements make this retirement solution stand out for small-and mid-sized businesses.
Designed with your needs in mind, our health and benefit account solutions can help you offer a competitive benefit plan to your employees.
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 potential triple tax advantages3 to help employees keep more of their money:
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 hsaforlife@bankofamerica.com.
Merrill self-directed retirement plans can help you find a solution that is appropriate for your business needs, including:
Find out how our comprehensive benefits solution can help meet the needs of your business.
1Source: Bank of America. Advisor Alliance is part of Global Wealth and Investment Management (GWIM), the wealth and investment management division of Bank of America Corporation. As of May 31, 2022, Advisor Alliance had client balances of $65 billion. Client balances consists of assets under management, client brokerage assets and deposits.
2Bank of America 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 as set forth in Internal Revenue Code Section 223. However, the account beneficiary that establishes the HSA is solely responsible for ensuring that they satisfy the Health Savings Account eligibility requirements set forth in Section 223. If an individual/employee establishes a Health Savings Account and they are not otherwise eligible, they will be subject to adverse tax consequences. In addition, an employer who makes contributions to an HSA of an ineligible individual may also be subject to adverse tax consequences. We recommend that HSA applicants and/or employers contact qualified tax or legal counsel before establishing a Health Savings Account.
3About Potential Tax Benefits: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw 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 tax-free. You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA directly (not through payroll deductions). In addition, HSA contributions may reduce your 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.
4 Offered by Bank of America, N.A. (“BANA”), Member FDIC.
5“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.
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 plan or program offering 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.
