HSA savings calculator
See how your savings can add up to help pay for medical needs now and in the future.
A Health Savings Account (HSA) is a tax-advantaged personal savings account that helps those with HSA-qualified health plans save money on many out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions. An HSA gives you more control over your health care spending. You can contribute funds into an HSA on a pre-tax basis to save for current and future medical expenses, putting you in charge of how you spend your health care dollars.
Save it. Use it. Never lose it.1
An HSA offers unique tax advantages that help you keep more of your hard-earned money by providing the potential for:
Your HSA belongs to you, so you can use the money in your account to pay for qualified health care expenses throughout your life—including retirement. There is no time limit on when to spend your HSA funds. Even if you change health plans, switch jobs or retire, your HSA goes with you. It’s yours…for life, and the funds never expire. Your health care is directly tied to living financially well – especially as we live longer.
Any unused balance carries over from one year to the next.
Once your account balance reaches $1,000 you are eligible to activate the investment feature of your account. You may choose from a select menu of low cost, competitive mutual funds which is a great way to supplement your longer term savings strategy.
Free HSA Visa® debit card with no transaction fees4. Plus, the added security of chip technology along with Visa’s zero liability policy means you won’t be held responsible for fraudulent purchases made with their card or account information.** Use your HSA to pay for doctor visits, trips to the pharmacy or even for qualified health care purchases when shopping online.
Online account access makes it easy to submit claims and monitor accounts.
Submit claims, check your balances and monitor your account all from your smartphone.
Make the most of your account over the long term by investing in a select menu of low cost, competitive mutual funds. We make investing easy for you. Once your account reaches $1,000 you select the amount you want in your cash account and we will automatically manage the transfers to and from your investment account. Choose from a range of mutual funds with no additional account or transaction fees.
Our dedicated Customer Care associates are available 24/7 to support you with any questions along the way. Online chat is also available on the member website.
*Please consult your tax advisor regarding state specific rules.
1"Never Lose it" refers to account portability and annual rollover of accumulated assets, it does not imply you cannot lose money. The investment portion of the HSA account is not FDIC insured, not bank guaranteed and may lose value.
2About triple tax advantage: 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. Bank of America recommends you contact qualified tax or legal counsel before establishing a HSA.
3The Internal Revenue Service publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses available at www.irs.gov.
4This 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.
5Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.
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.
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 offerings for the Bank of America HSA are made available by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation (“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. Recommendations as to HSA investment menu options are provided to BANA by the Chief Investment Office (“CIO”), Global Wealth & Investment Management (“GWIM”), a division of BofA Corp. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM.
© Bank of America Corporation. All rights reserved. ARQBQG4C 03/11/2020