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Health Savings Account

A Health Savings Account (HSA) is a type of personal savings account for those with qualified high-deductible health insurance plans (HDHP) to help cover out-of-pocket medical expenses like doctor visits, vision and dental care and prescriptions.

An HSA offers unique tax advantages that help you keep more of your hard-earned money by providing the potential for:

  1. Contributions to your HSA can be made with pretax dollars, which means every dollar you contribute to your HSA is a dollar saved (your employer may offer a payroll deductionFootnote3 option to help you make contributions on a pretax basis).

  2. Any gains on the money in your HSA are tax-free so you keep 100% of any money your HSA savings or investments earn, boosting the amount of money you have to cover your out-of-pocket medical costs.

  3. You won't pay taxes on the money you withdraw from your HSA to pay for qualified medical expenses.

  • How much money to save in your account (up to the IRS contribution limit)
  • Which qualified medical expenses to pay with your HSAFootnote4
  • How to invest your money (for balances over $1,000, you may choose from a selection of mutual funds offered to account holders)Footnote5

Any unused balance in your HSA carries over from one year to the next.

The money in your HSA belongs to you, so you can use the money in your account to pay for qualified health expenses throughout your life—including retirement.

In addition to the opportunity to save with the HSA triple tax advantage, an HSA offers you peace of mind with dedicated money for your out-of-pocket health care expenses.

An HSA from Bank of America is simple and convenient:

  • Free HSA Visa® debit card with no transaction feesFootnote6
  • Secure online payments and easy account management
  • Mobile app for convenient claim submissions and account monitoring

Choose from a range of mutual funds with no additional account or transaction fees.

Get dedicated support from our Customer Care Center.

You're not eligible if you are:

  • Covered by another health insurance plan, such as a spouse's plan that is not a qualified HDHP
  • Claimed as a dependent on another person's tax return
  • Eligible for Medicare benefits (if you are eligible for Medicare, you can continue to use funds in an existing HSA, but you cannot open a new one or contribute to an account you already have)

For more information, please visit

You, your employer and any family member can deposit money into your HSA at any time—up to the annual contribution limits.

  • Payroll deduction (if offered by your employer)
  • Electronic transfer (from your checking or savings account, after sign in)
  • Mail a check to:
    Bank of America Health Benefit Solutions
    P.O. Box 2931
    Milwaukee, WI 53201
  • Swipe your HSA Visa® debit card, which is linked to your HSA account (no transaction fees)Footnote6
  • Make a secure online payment to your provider or get reimbursed for bills you already paid.
  • Use the BofA Health mobile app—you can download the app from iTunes® or Google Play™.Footnote7

If you have questions about opening a new account, please call us at 1.800.992.3200, Monday through Friday from 9 a.m. to 6 p.m. Eastern Time.

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Existing accounts

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For help with an existing account, call:

1.800.305.5109 (TTY)
Mon.-Fri. 8 a.m.-11 p.m. ET