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Health Savings Account

A Health Savings Account (HSA) is a type of personal savings account you can offer to employees covered by qualified high-deductible health insurance plans to help them save money on qualified health expenses throughout life—including retirement.

An HSA helps employees cover their out-of-pocket medical expenses like doctor visits, vision and dental care and prescriptions.

Good for you and your employees

  • Tax savings for you and your employees
  • Works with all health insurance providers
  • Helps you attract and retain good employees

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

  1. Contributions to an HSA can be made with pretax dollars, which means every dollar employees contribute to their HSA is a dollar saved (an employer may offer a payroll deduction optionFootnote2 to help employees make contributions on a pretax basis).

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

  3. Employees won’t pay taxes on the money they withdraw from their HSA to pay for qualified medical expenses.

  • No payroll taxes on employee HSA contributions made through payroll deductions
  • Federal income tax deduction for contributions you make to your employees’ HSAs

An HSA gives your employees a smart way to save on their out-of-pocket health care expenses.

  • Works with all health insurance providers
  • HSA setup wizard and concierge service make it easy to set up an HSA program and enroll employees
  • Transparent pricing
  • Easy and secure online account administration

The money in an HSA belongs to the employee even if they leave your company, so employees can use the money in their account to pay for qualified health expenses throughout their life—including retirement.

  • How much money to save in their account (up to the IRS contribution limit)
  • Which qualified medical expenses to pay with their HSAFootnote3
  • How to invest their money (for balances over $1,000, employees may choose from a selection of mutual funds offered to account holders)Footnote4

Any unused balance in an employee’s HSA carries over from one year to the next.

  • Free HSA Visa® debit card with no transaction feesFootnote5
  • Secure online payments and easy account management
  • Mobile app for convenient claim submissions and account monitoring

Your employees can select from a range of mutual funds with no additional account or transaction fees.

Dedicated support from our Customer Care Center.

For companies with more than 3,500 employees, we offer a full suite of health account solutions that provide employers and employees an easy way to save on health care:

A health savings account (HSA) is a tax-advantaged account that those with high deductible health plans can use to save and pay for out-of-pocket health care expenses like doctor visits, dental and vision care, and prescriptions. While employers can offer HSAs to their employees, the accounts are owned by the employees. Both employees and employers can contribute to an HSA.

A flexible spending account (FSA) allows employees to set aside money on a pretax basis to pay for qualified medical expenses incurred during the year. FSAs can be used with any type of health plan and are offered through and owned by the employer.

A health reimbursement arrangement (HRA) is a health benefit account funded solely by employers to help employees pay for medical expenses not covered by their health plans. HRAs can be used with any type of health plan and are offered through and owned by the employer. The money left in an HRA at the end of the year can roll over to the next year.

  • Easy online account administration
  • Tools and support to help drive enrollment
  • Cost-effective claims integration with your existing health plan
  • Flexibility to work with different health insurance companies means you don’t have to switch health benefit account providers if you change your health plan
  • Providing a Bank of America health benefit account as part of your employee benefits package can help you attract and retain valuable employees
  • Easy ways to pay for qualified medical expenses with free HSA Visa® debit cardFootnote5
  • Secure online bill pay and account management
  • Mobile app for submitting claims and monitoring accounts
  • HSAs offer a range of mutual funds with no additional account or transaction feesFootnote4
  • Dedicated support from our Customer Care Center

Employer health accounts from Bank of America
Other retirement and benefit plan services from Bank of America Merrill Lynch

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