Health Savings Account

A Health Savings Account (HSA) plan with Bank of America is a tax-advantaged savings account that can be used to pay for qualified medical expenses. HSAs are only available to individuals who have a high-deductible health plan (HDHP).

Here are some of the key features of an HSA plan with Bank of America:

  • Tax advantages: HSA contributions are made on a pre-tax basis, meaning they are deducted from your paycheck before taxes are calculated. This can save you a significant amount of money on your taxes, depending on your income tax bracket.

  • Investment options: Bank of America offers a variety of investment options for your HSA funds, so you can choose the ones that best meet your needs and risk tolerance.

  • No fees: Bank of America does not charge any monthly maintenance fees for HSA accounts.

  • Convenience: You can access your HSA account online or through the Bank of America mobile app. You can also use your HSA debit card to pay for qualified medical expenses directly from your account.

To be eligible for an HSA plan with Bank of America, you must meet the following requirements:

  • You must be enrolled in a high-deductible health plan (HDHP).

  • You must not be covered by any other health insurance plan, such as Medicare or Medicaid.

  • You cannot be claimed as a dependent on someone else's tax return.

Replacement or additional cards can be requested by visiting the Bank of America MyHealth site or by calling (866)791-0250.

 
 
 

Flexible Spending Accounts

A Health FSA plan with Bank of America is a type of tax-advantaged health account that allows you to set aside pre-tax dollars from your paycheck to pay for qualified medical expenses. This can help you save money on your taxes and out-of-pocket medical costs.

You can use your FSA debit card to pay for qualified expenses at the point of sale, or you can submit claims for reimbursement. You can also use your FSA to pay for qualified expenses for your spouse and dependents.

It is important to note that any money that you do not use in your FSA by the end of the plan year will be forfeited. However, we do allow a 90 day run-out period where you can get reimbursed for expenses from the previous plan year.

A Dependent Care FSA with Bank of America is an employer-sponsored reimbursement arrangement that allows you to set aside pre-tax money on an annual basis to pay for qualified dependent care expenses.

All regular, full-time employees can enroll in a DCFSA up to $5,000 each year. Once you have chosen your contribution amount, it will be deducted from your paycheck on a pre-tax basis throughout the year. The funds in your DCFSA account will be available to you to use for eligible expenses incurred during the benefit year.

Eligible dependent care expenses include:

  • Child care for children under the age of 13

  • Adult day care for elderly or disabled dependents

  • Summer camps for children under the age of 13

To be eligible for reimbursement, you must submit receipts or other documentation to verify your expenses. You can submit your claims online, through the Bank of America MyHealth mobile app, or by mail.

It is important to note that any money that you do not use in your FSA by the end of the plan year will be forfeited. However, we do allow a 90 day run-out period where you can get reimbursed for expenses from the previous plan year.

Replacement or additional cards can be requested by visiting the Bank of America MyHealth site or by calling (866)791-0250.