1 “Never 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.
2 About Triple Tax Advantages: 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. 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. Bank of America recommends you contact qualified tax or legal counsel before establishing a HSA.
3 In order to offer payroll deduction, an employer’s cafeteria plan must comply with Internal Revenue Code Section 125.
4 The Internal Revenue Service publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses available at www.irs.gov.
5 This 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.
6 Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.
7 Mutual fund offerings are provided by Devenir, LLC. for accounts opened prior to 12/1/2016. Otherwise mutual fund offerings are provided by Merrill Lynch Pierce Fenner and Smith, Incorporated.
Resources for individuals
Resources for employers
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Bank 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 he/she satisfies the Health Savings Account eligibility requirements set forth in Section 223. If an individual/employee establishes a Health Savings Account and he/she is not otherwise eligible, he/she 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.
Bank of America does not sponsor or maintain the Flexible Spending Accounts or Health Reimbursement Arrangements that you establish. Those programs are sponsored and maintained solely by the employer. Bank of America is nothing more than a claims administrator who performs ministerial administrative tasks with respect to such arrangements pursuant to agreement with the employer. The employer is solely responsible for ensuring that such arrangements comply with all applicable laws.
The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. Bank of America and its affiliates are not tax or legal advisors. The calculators are not intended to offer any tax, legal or financial advice and do not assure the availability of or your eligibility for any specific product offered by Bank of America or its affiliates. Please consult with qualified professionals to discuss your situation. This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Some articles, videos and calculators may have been written and produced by third parties not affiliated with Bank of America or any of its affiliates.
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 health care considerations and is not intended to provide specific health care advice.
If you have questions regarding your particular health care situation, please contact your health care, legal or tax advisor.
All trademarks and service marks belong to Bank of America Corporation unless otherwise noted.
For accounts opened prior to 12/1/2016 mutual fund investment services are provided by Devenir, LLC, a registered broker-dealer and member FINRA/SIPC. Devenir, LLC provides investment services through its affiliate Devenir Investment Advisors, LLC, which is a registered investment adviser. Devenir, LLC is not an affiliate of Bank of America Corporation. Investments in mutual funds are held in an omnibus account at MLPF ?>