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.
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.