Solutions for businesses with more than 3,500 employees

Broad suite of health accounts

Designed with your needs in mind, our health account solutions can help you achieve a competitive benefit plan for your employees. As your needs continually evolve and grow, we’ll be with you every step of the way. You can lean on our experience to help educate and equip your employees, whether they’re new to health benefits or more advanced and want to learn how to leverage their growth opportunities. Plus, our tools and resources make program administration as simple and seamless as possible for you, from industry-leading data security, to employee engagement and ongoing education.

Long-term financial wellness

Our focus has always been helping individuals achieve better financial lives by connecting their life priorities with their financial priorities. We believe health accounts play a key role in long-term financial wellness and are devoted to helping you and your employees maximize this opportunity while reaching your plan goals.

Accounts we offer

Our flagship offering is The HSA for Life

The HSA for Life® from Bank of America is a tax-advantaged personal health care account that works with an HSA-qualified health plan. Your employees can contribute funds into an HSA on a pre-tax basis to save for current and future medical expenses – putting them in charge of how they manage their health care dollars.

Pair an HSA with an LPFSA so your employees can use it to pay for specific dental and vision expenses.

Limited Purpose Flexible Spending Account (LPFSA)

A Limited Purpose Flexible Spending Account (LPFSA) allows your employees to set aside pre-tax money on an annual basis to pay for qualified dental and vision expenses incurred during the benefit year. Take advantage of our integrated solutions by offering your employees an HSA with an LPFSA. That way, they can save their HSA funds to pay for future qualified health care needs. And, they can access the funds from both these accounts with one Bank of America health account debit card. The card's smart technology allows it to automatically pull funds from the correct account based on the expense category.

Health Flexible Spending Account (FSA)

A Health Flexible Spending Account (FSA) allows your employees to get more buying power for their dollar by paying for qualified medical, dental and vision expenses on a tax-free basis. You can also allow your employees to make payroll contributions to their FSA on a pre-tax basis.

Dependent Care Flexible Spending Account (DCFSA)

A Dependent Care Flexible Spending Account (DCFSA) allows your employees to use pre-tax dollars to pay for eligible expenses related to care for their children (under age 13), disabled spouse, elderly parent, or other qualified dependents who are physically or mentally incapable of self-care.

Health Reimbursement Arrangement (HRA)

A Health Reimbursement Arrangement (HRA) is an account funded by you to help your employees pay for certain out-of-pocket expenses not covered by your insurance plan. You decide the amount of money you want to contribute to their HRAs and define eligible expenses. They can access their HRA funds for qualified expenses for themselves and their families throughout the year. HRAs are compatible with traditional insurance plans, but not high-deductible health care plans with an HSA.

Benefits for you

Dedicated Client Service Team

We’ll keep everything running smoothly -- from day-to-day operations to annual enrollment, strategic planning and periodic plan reviews.

Convenience and choice

Our flexible HSA solution works with virtually any health insurance carrier for seamless integration with your existing programs. This gives you and your employees a consistent HSA experience regardless of your benefits design. So, you’ll have the ability to choose your health plan each year and still maintain your HSA provider.

Employee engagement

One of the best features of the Bank of America Merrill Lynch Benefit Plan is that we partner with you to communicate health account benefits to your employees. We'll also support you throughout the year with targeted email campaigns for employees designed to motivate specific behaviors, such as maximizing contributions, downloading the MyHealth mobile app, setting up direct deposit, and investing with the HSA.

Workplace insights

We’ll provide ongoing thought leadership and analysis of the health care landscape to keep you ahead of the changes and trends that impact your benefits strategy.

Easy-to-use Employer Portal

Once you’re up and running, our secure Employer Portal helps to make account administration easy. Here, you’ll find engaging tools and resources to help you with everything from employee updates to account moves to streamlined reporting.

Unmatched security

As a regulated financial institution, we already go well beyond the health benefit industry standards when it comes to safety and security and are committed to having the most rigorous measures in place so your information is always protected. Our internal controls ensure accuracy in data, security, fraud protection with Visa’s zero liability, and 24/7 support.

Employer Communications Toolkit

You’ll have online access to communications and resources you can easily customize and share with your employees --- helping them understand and better utilize their HSA benefits during the enrollment process all the way through account management and optimization. Specific messages include open enrollment, annual tax-related information, year-end contribution deadlines and more.

Simplified onboarding

Our experienced Implementation Team will ensure a smooth onboarding for you and your employees. They will make things easy for you by doing the heavy lifting on items like identity verification and bulk transfers, and communicate with you throughout every step of the process so you always know what to expect.

Benefits for your employees

HSA "triple tax advantage"1

An HSA offers three unique tax advantages that help employees keep more of their money.

  • Pre-tax contributions: Money contributed to their HSA is exempt from federal and state income tax (in most states).
  • Tax-free earnings: Any earnings in their HSA grow tax-free, including dividends, interest and capital growth.
  • Tax-free withdrawals: Your employees can make tax-free withdrawals from their HSA to pay for qualified health care expenses.

Member website

This secure online access makes it easy to submit claims and monitor accounts. Employees can view their balances, update account information, access educational tools and resources, and so much more.

Learning hub

Educational content has been thoughtfully designed to help your employees make the most of their health accounts based upon their individual needs. Whether they are beginners or more advanced, educational tools include things like:

  • Interactive user guides
  • How-to videos
  • Calculators
  • Articles and more


Located in our U.S.-based, secure facilities, our dedicated Customer Care associates are available 24/7 to support your employees with any questions they may have along the way. Online chat is also available for them on the member website.

Visa®debit card2

Our debit card is the easiest way to pay for qualified health care expenses. Plus, if your employees have more than one health account with Bank of America, the card’s smart technology allows it to automatically know which account to take the funds from based on the expense category. And, the added security of chip technology along with Visa’s zero liability policy means that your employee won’t be held responsible for fraudulent purchases made with their card or account information.*

MyHealth mobile app3

Your employees are using their mobile devices more than ever to manage their accounts. So, we are continually innovating and optimizing our mobile experience to provide industry-leading account management tools.

HSA investment feature

Your employees can potentially maximize their HSA by investing a portion of their balance in a select menu of low cost, competitive mutual funds. Plus, they’ll have the added benefit of being able to choose their threshold amount so they always know how much is available to them in their cash account to pay for qualified health care expenses.

Helping our customers improve their financial lives is at the center of all that we do

You have the promise of a strong and reliable brand and a benefit plan provider that is in the business of helping individuals and businesses pursue better financial outcomes.Through the right combination of experience and resources, we will help you manage your health costs and other financial needs now and in the future. The broad scope and depth of our insights into consumer behavior and our ability to translate them into meaningful solutions is the key to our success

At Bank of America, we invest heavily to provide innovative and flexible health account products and services for employers. We help you create a well-rounded offering of integrated health, wellness, retirement and financial services while allowing your organization to enjoy greater simplicity and efficiencies. Our comprehensive offering integrates your health accounts with other Merrill Lynch benefit plans your company offers, including a holistic view of plans on the Benefits OnLine® website or single sign-on to your benefits platform. This lessens the burden on you and gives your employees a greater appreciation of the full value of your benefits program.

Our approach emphasizes:

The talent and passion of our people

You won’t find a more experienced and devoted team of people who are genuinely proud of delivering exceptional service and reducing your administrative burden.

Commitment and unrelenting innovation

When you partner with us, your organization benefits from the capabilities of our entire enterprise and our commitment not only to the health solutions business but to continually enhancing the employee and employer experience

Capabilities across the entire spectrum of benefits and financial solutions

Your employees can enjoy the ease and clarity of a “one-stop” provider that shows them a complete view of their financial lives. Our capabilities set us apart — from debit card innovations and processing to broad banking and investment capabilities, from recordkeeping to streamlined claims processing.

Confidence in knowing your plan’s assets are safe and secure

You and your employees will have a team of deeply experienced and passionate advocates for financial wellness on your side. Our team will make your priorities their own and help reduce your administrative workload so you can focus more on your business. You and your employees will have the confidence of always knowing we are committed to having the most rigorous safety and security measures in place, and your employees' information is always protected.

*Visa’s Zero Liability policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. Cardholders must use care in protecting their card and notify their issuing financial institution immediately of any unauthorized use. Contact your issuer for more detail.

1About Tax Benefits: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw 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. You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA. 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.

2This 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.

3Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.


health savings accounts*

*As of 12/31/2018

$2.6 billion

in client balances*

*As of 12/31/2018

98% client retention rate*

*As of 12/31/2018