The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223.

A Bank of America Health Savings Account can help you save money on personal medical expenses like doctor visits, prescriptions, vision and dental care.

Bank of America, N.A. makes available The HSA for Life® Health Savings Account as a custodian only. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223.

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.

The HSA is governed by the Custodial Agreement. The FSA and HRA are governed by the plan documents (including Summary Plan Description) established by your employer. The Custodial Agreement and the Plan Documents are collectively referred to as 'Account Documents'.

Any interest or earnings on the assets in the account are tax free. You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA. We recommend you contact qualified tax or legal counsel before establishing an HSA.

In our study of the top investment HSAs, Bank of America ranks as one of the lowest cost providers. There are no transaction fees to buy or sell investments within the Bank of America HSA investment account, nor are there any fees to enroll in the investment account.

Contributions to your Health Savings Account (HSA) enable you to set aside money to pay for health care in the current year or save those funds so you’re prepared for health care expenses in the future.

The Health Savings Account (HSA) calculator can help you estimate how much to set aside for health care expenses – now and in the future. In addition to helping you plan for your current year’s contribution, the calculator can show you how saving just a bit more or spending just a bit less each year could impact your balance over the long term.

2025年1月22日 · In addition, HSA contributions may reduce your state income taxes in certain states. Certain limits may apply to employees who are considered highly compensated key employees. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. Investment products: