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.

A summary of the main features of each type of health account, and how some accounts can work together. Print

  HSAHealth Savings Account FSAHealth FSAHealth Flexible Spending Account LPFSALimited Purpose FSA DCFSADependent Care FSA HRAHealth Reimbursement Arrangement
  HSAHealth Savings Account FSAHealth FSAHealth Flexible Spending Account LPFSALimited Purpose FSA DCFSADependent Care FSA HRAHealth Reimbursement Arrangement
How it works A personal savings account that helps you save for out-of-pocket medical expenses when you have a qualified high-deductible health plan. Allows you to set aside pre-tax dollars to help pay for qualified medical expenses that occur during a 12-month period. Your employer can also choose to contribute to your health FSA. Like an FSA, but typically offered in combination with an HSA. Can only be used for qualified dental and vision expenses. A reimbursement account that uses pre-tax dollars for dependent care expenses including daycare, after-school care and adult care. An employer-funded account that helps you pay for qualified medical expenses not covered by your health plan.
Who owns the account You do. You can take it with you, even if you retire, change jobs or health plans. Your employer Your employer Your employer Your employer
Type of health plan required A qualified High Deductible Health Plan (HDHP) No health plan required Typically used in combination with an HSA and HDHP No health plan required Check health plan requirements with your employer
Who can contribute? You and your employer You and your employer You and your employer You and your employer Employer only
Annual maximum contribution limit for 2017 $3,400 (individual)
$6,750 (family)
$1,000 catch up contribution for those age 55+
Based on employer plan rules, but typically up to $2,600. Based on employer plan rules, but typically up to $2,600. Based on employer plan rules and income limitations, but typically up to $5,000. Although there is no set limit, it’s subject to anti-discrimination rules.
When is the money in your account available for use? Funds are available as soon as contributions are deposited into your account throughout the year. The full contribution amount is available on the first day of coverage in your plan year. The full contribution amount is available on the first day of coverage in your plan year. Funds are available as soon as contributions are deposited into your account throughout the year. Funds are available as soon as contributions are deposited into your account throughout the year.
Do unused funds in your account carry over to the next year? Yes, unused balances carry over. It’s yours to keep and you never lose it, even if you change jobs or stop working. Up to $500 if your employer allows. Up to $500 if your employer allows. No, funds must be used during the plan year. Yes, refer to your employer for specific details.
Ability to invest funds/earn interest Yes, if the account balance exceeds $1,000. And money in your account earns interest tax-free.* No No No No
Can it be combined with another health account? Yes, with an LPFSA and/or DCFSA. Yes, with a DCFSA or HRA. Yes, with a DCFSA or HRA. Yes, with a Health FSA, LPFSA, HRA or an HSA. Yes, with a Health FSA or DCFSA.
What are the tax advantages?* Offers a triple tax advantage:
1. Pre-tax contributions
2. Potential for tax-free interest and investment earnings
3. Tax-free withdrawals Tax-free withdrawals for qualified medical expenses.
Contributions you make to your account that are used to pay for qualified medical, dental and vision expenses are tax free. Contributions you make to your account that are used to pay for qualified dental or vision expenses are tax free. Contributions you make to your account that are used to pay for qualified dependent care expenses are tax free. Reimbursements for qualified health expenses are tax free.
  HSAHealth Savings Account FSAHealth FSAHealth Flexible Spending Account LPFSALimited Purpose FSA DCFSADependent Care FSA HRAHealth Reimbursement Arrangement
  HSA
Health Savings Account
Health FSA
Health Flexible Spending Account
LPFSA
Limited Purpose FSA
DCFSA
Dependent Care
FSA
HRA
Health Reimbursement
Arrangement
How it works A personal savings account that helps you save for out-of-pocket medical expenses when you have a qualified high-deductible health plan. Allows you to set aside pre-tax dollars to help pay for qualified medical expenses that occur during a 12-month period. Your employer can also choose to contribute to your health FSA. Like an FSA, but typically offered in combination with an HSA. Can only be used for qualified dental and vision expenses. A reimbursement account that uses pre-tax dollars for dependent care expenses including daycare, after-school care and adult care. An employer-funded account that helps you pay for qualified medical expenses not covered by your health plan.
Who owns the account You do. You can take it with you, even if you retire, change jobs or health plans. Your employer Your employer Your employer Your employer
Type of health plan required A qualified High Deductible Health Plan (HDHP) No health plan required Typically used in combination with an HSA and HDHP No health plan required Check health plan requirements with your employer
Who can contribute? You and your employer You and your employer You and your employer You and your employer Employer only
Annual maximum contribution limit for 2017 $3,400 (individual)
$6,750 (family)
$1,000 catch up contribution for those age 55+
Based on employer plan rules, but typically up to $2,600 Based on employer plan rules, but typically up to $2,600 Based on employer plan rules and income limitations, but typically up to $5,000 Although there is no set limit, it’s subject to anti-discrimination rules
When is the money in your account available for use? Funds are available as soon as contributions are deposited into your account throughout the year. The full contribution amount is available on the first day of coverage in your plan year. The full contribution amount is available on the first day of coverage in your plan year. Funds are available as soon as contributions are deposited into your account throughout the year. Funds are available as soon as contributions are deposited into your account throughout the year.
Do unused funds in your account carry over to the next year? Yes, unused balances carry over. It’s yours to keep and you never lose it, even if you change jobs or stop working. Up to $500 if your employer allows. Up to $500 if your employer allows. No, funds must be used during the plan year. Yes, refer to your employer for specific details.
Ability to invest funds/earn interest Yes, if the account balance exceeds $1,000. And money in your account earns interest tax-free. (renumber disclaimer) No No No No
Can it be combined with another health account? Yes, with an LPFSA and/or DCFSA. Yes, with a DCFSA or HRA. Yes, with a DCFSA or HRA. Yes, with a Health FSA, LPFSA, HRA or an HSA. Yes, with a Health FSA or DCFSA.
What are the tax advantages?* Offers a triple tax advantage:
1. Pre-tax contributions
2. Potential for tax-free interest and investment earnings
3. Tax-free withdrawals for qualified medical expenses
Tax-free withdrawals for qualified medical expenses.
Contributions you make to your account that are used to pay for qualified medical, dental and vision expenses are tax free. Contributions you make to your account that are used to pay for qualified dental or vision expenses are tax free. Contributions you make to your account that are used to pay for qualified dependent care expenses are tax free. Reimbursements for qualified health expenses are tax free.

*Some states do not allow pre-tax employer or employee contributions to certain health care accounts. Consult with your own attorney or tax advisor to understand the tax and legal consequences of a Health FSA and/or HRA plan account and how it could impact your particular situation.

ARYB9MKJ 03/07/2018