Why choose Bank of America

The right combination of experience, resources, and insights to help you manage your health costs and other financial needs now and in the future.

Solutions for:

Individuals

An HSA from Bank of America can help 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 broad 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

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 pursue their goals at every stage of their financial lives.


Learn more how to make the most of Bank of America health accounts through review of our tools, resources and frequently asked questions for individuals and account holders and for employers.

Qualified Medical Expenses Under a Health Savings Account (HSA), a Health Flexible Savings Account (FSA) or a Health Reimbursement Arrangement (HRA)

HSAs, Health FSAs and HRAs may only reimburse services or treatments that qualify as “medical care” as defined by Internal Revenue Code Section 213(d). Generally, medical care means expenses incurred to diagnose, cure, treat, mitigate or prevent a disease, or for the purpose of affecting any structure or function of the body. This list is not exhaustive, please reference your employer’s plan description for more information regarding expenses that are eligible for reimbursement by your account. Also, you may wish to consult your tax advisor to determine whether an expense is a reimbursable medical expense.

Common expenses that are generally considered qualified health care expenses:

Qualified medical expenses that require a prescription:

Expenses for items that are merely beneficial to the general health are not expenses for medical care. Over-the-counter (OTC) medicines or drugs can be reimbursed only if prescribed by a doctor. In addition, each account is subject to additional rules that may prohibit reimbursement of an otherwise qualifying medical expense. This list is not exhaustive.

Dependent care FSA-eligible expenses include:

* Considered an eligible expense with a Limited Purpose FSA (LPFSA).

** Please refer to your employer’s plan description to confirm the qualified expense list available to you. Certain expenses may be subject to stricter scrutiny by the Internal Revenue Service (IRS). In this case, you may have to provide the IRS with substantiation or documentation from a physician that the service or treatment was necessary to treat a specific medical condition and/or that the expense would not have been incurred but for the medical condition.

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