Health Savings Accounts (HSAs) for small businesses

  • Tax savings for you and your employees
  • Works with all qualified high-deductible health plans
  • Helps you attract and retain valued employees
Set up your group today

Solutions for:

Individuals

An HSA from Bank of America helps put you in control of your health care costs.

Small businesses

An HSA from Bank of America can help you and your employees save money.

Large employers

For companies with more than 3,500 employees, we offer a full suite of health accounts.

Consultants/Brokers

A full suite of health accounts to help your clients manage health care costs now and in the future.

Tools, Resources & FAQs

Resources for individuals & account holders

Resources to help you learn about using health accounts (HSAs, FSAs, HRAs) to save money on health care.

Resources for employers

Tools, news, and insights to help you manage your health account program and engage your employees.

Why choose Bank of America

We’re committed to providing individuals and businesses the financial products and services they need to help achieve their goals at every stage of their financial lives.


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Health Savings Accounts (HSAs) for small businesses

  • Tax savings for you and your employees
  • Works with all qualified high-deductible health plans
  • Helps you attract and retain valued employees
Set up your group today

What is an HSA?

A Health Savings Account (HSA) is a type of personal savings account you can offer to employees covered by qualified high-deductible health plans (HDHPs) to help them save money on many out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions.

Benefits for you

Tools to engage your employees

Learn more

Tax savings

Health-plan agnostic

Compatible with virtually any qualified high-deductible health plans so you don’t have to change your HSA provider if you change your insurance provider.

An attractive benefit

An employer-sponsored HSA is part of a competitive benefits package that can help you attract and retain valued employees.

Tools to engage your employees

Learn more

Easy setup

HSA setup wizard and concierge service make it easy to set up your HSA program and enroll employees.

Easy administration

Secure online portal for easy account administration and tools for engaging your employees.

Benefits for your employees

Triple Tax Advantage1

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

Control

Employees decide:

Bank of America Advantage

No “use it or lose it” rules

HSA for Life®

HSA balance and tax savings calculator

Calculate

Learn more about HSAs from Bank of America

View FAQs and other helpful resources

1 About Triple Tax Advantages: Participants can receive tax-free distributions from their HSA to pay or be reimbursed for qualified medical expenses they incur after they establish the HSA. If they receive distributions for other reasons, the amount withdrawn will be subject to income tax and may be subject to an additional 20% tax. Any interest or earnings on the assets in the account are tax free. Participants may be able to claim a tax deduction for contributions made to the HSA. Bank of America recommends that applicants and employers contact qualified tax or legal counsel before establishing a HSA.

2 In order to offer payroll deduction, an employer’s cafeteria plan must comply with Internal Revenue Code Section 125.

3 The Internal Revenue Service publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses available at www.irs.gov.

4 This HSA debit card program is issued by Bank of America, N.A. Visa is a registered trademark of Visa International Service Association, and is used by the issuer pursuant to license from Visa U.S.A. Inc.

5 Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.

6 Mutual fund offerings are provided by Devenir, LLC.

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