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 reduce benefit costs, putting their employees in charge of how they manage their healthcare expenses now, and in, retirement.

 

  • Contributions can be made pre-tax
  • Deferred taxes on interest or investment gains
  • No taxes on withdrawals for qualified healthcare expenses
  • "Use it or lose it" rules do not apply and funds carry over year after year3

 

Flexible Spending Account (FSA)1

Our health FSA 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)1

Our HRA platform can allow many variations of a customizable benefits program.

 

Commuter benefits1

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.

 

Security

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 triple tax advantages2

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

 

Member website

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

 

Learning hub

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.

 

Support

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 healthcare expenses.

 

MyHealth mobile app5

We are continually innovating and optimizing our mobile experience to provide industry-leading account management tools.

 

HSA investment feature

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

 

Get in touch

Khristian Hawver-Scott headshot

Kevin Rountree

Benefit Solutions

Sales Consultant

252 519 3061

hsaforlife@Bankofamerica.com

Get in touch with us today.

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

1Offered by Bank of America, N.A. (“BANA”), Member FDIC.

2About tax benefits: Participants can receive tax-free distributions from their HSA to pay or be reimbursed for qualified medical expenses they incur after they establish the 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. Any interest or earnings on the assets in the account are tax free. Participants may be able to claim a tax deduction for contributions they, or someone other than their employer, make to their HSA. Certain limits may apply to employees who are considered highly compensated key employees. Bank of America recommends that applicants and employers contact qualified tax or legal counsel before establishing a 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.

5Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.

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 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.

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.

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.