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Health Accounts

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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.

Explore health accounts we offer
Compare HSAs, FSAs & HRAs

Tools & Resources

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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

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Why us

Bank of America, N.A. Member FDIC. Equal Housing Lender.

Bank of America 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 as set forth in Internal Revenue Code Section 223. However, the account beneficiary that establishes the HSA is solely responsible for ensuring that he/she satisfies the Health Savings Account eligibility requirements set forth in Section 223. If an individual/employee establishes a Health Savings Account and he/she is not otherwise eligible, he/she will be subject to adverse tax consequences. In addition, an employer who makes contributions to an HSA of an ineligible individual may also be subject to adverse tax consequences. We recommend that HSA applicants and/or employers contact qualified tax or legal counsel before establishing a Health Savings Account.

Bank of America does not sponsor or maintain the Flexible Spending Accounts or Health Reimbursement Arrangements that you establish. Those programs are sponsored and maintained solely by the employer. Bank of America is nothing more than a claims administrator who performs ministerial administrative tasks with respect to such arrangements pursuant to agreement with the employer. The employer is solely responsible for ensuring that such arrangements comply with all applicable laws.

The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. Bank of America and its affiliates are not tax or legal advisors. The calculators are not intended to offer any tax, legal or financial advice and do not assure the availability of or your eligibility for any specific product offered by Bank of America or its affiliates. Please consult with qualified professionals to discuss your situation. This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Some articles, videos and calculators may have been written and produced by third parties not affiliated with Bank of America or any of its affiliates.

Neither Bank of America nor any of its affiliates provide legal, tax, accounting or benefits consulting advice. Please consult with your own attorney or tax advisor to understand the tax and legal consequences of your HSA, Health FSA and/or HRA plan or program offerings to your employees and your particular situation in your capacity as employer and/or plan administrator.

This material should be regarded as general information on health care considerations and is not intended to provide specific health care advice.

If you have questions regarding your particular health care situation, please contact your health care, legal or tax advisor.

All trademarks and service marks belong to Bank of America Corporation unless otherwise noted.

Mutual fund investment services for the Bank of America HSA are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corp. ("BofA Corp."). Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A. ("BANA"), for the benefit of all HSA account owners. Investment advisory services for the HSA are provided to BANA by Devenir Investment Advisors, LLC, a registered investment adviser. Devenir is not an affiliate of BofA Corp.

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

© Bank of America Corporation. All rights reserved. ARDW9SLT Exp-11/22/2017