What is Bank of America HSA?
Bank of America Health Scheme – HSA, also known as Health Savings Account as the sole caregiver. Bank of America HSA – Health Savings Account for Life is eligible for eligibility as a Health Savings Account (HSA) as set out in the Internal Revenue Code 223. However, the beneficiary of the account establishing the HSA is solely responsible for ensuring compliance with the eligibility requirements set out in IRC section 223.
If a person / employee establishes HSA and is not eligible otherwise, we will face the negative consequences of taxation. In addition, an employer who makes contributions to the HSA of an unqualified person may be subject to tax deductions. We recommend that applicants and employers consult with a qualified tax or legal adviser before establishing an HSA.
Comprehensive list of health and benefit accounts
Designed with your needs in mind, our health account solutions and benefits can help you provide a competitive benefit plan for your employees. As your needs grow and grow, we will always be with you. You can rely on our experience to help educate and equip your employees to make the most of their health and benefits accounts. Also, our tools and resources are designed to make system management as easy and seamless as possible for you:
Health Care Account (HSA)
Bank of America’s flagship HSA for Life works with all HSA-appropriate health plans that offer lower monthly premiums than regular health insurance schemes, thus saving you and your employee’s money. This can help employers of any size, from small businesses to large corporations to cut back on profits, to place their employees on how they deal with current health care costs, as well as in retirement.
- Donations can be made before tax
- Taxes deferred on interest or invested profits
- There are no taxes on deductible health care expenses
- The “Use or Lost” rules do not apply and funds continue year after year3
Flexible Spending Account (FSA)
Bank of America HSA health can be set up as a combined compensation account for full or limited purposes so that employees can set aside pre-tax dollars to help pay for appropriate medical expenses that occur during a particular year. If the limited FSA is merged with the HRA or HSA, employees can access funds in both accounts with one Bank of America health account debit card. Smart card technology allows you to automatically withdraw money from the right account based on the cost category.
Bank of America HSA Support
Available in our U.S.-based, secure, dedicated customer care centers are available 24/7 to support staff with any questions they may have along the way. An online chat is also available on the member’s website. Our debit card is an easy way to pay for proper health care costs.