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 triple tax advantages3 to help employees keep more of their money:
- 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 year4
If you're a business with fewer than 3,500 employees, you can begin today by setting up your group account online at our HSA employer enrollment page or contact us at 800 992 3200 or email@example.com.