Solutions for businesses with less than 3,500 employees
The HSA for Life®
A Health Savings Account (HSA) 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.
Improving financial wellness
Today it's becoming increasingly clear that offering a retirement plan and an HSA gives your employees the best chance to address their health care expenses in retirement. Because HSAs play such a key role in long-term financial wellness, we place a primary focus on education and engagement to help your employees fully understand how their HSA fits within their overall financial picture.
Benefits for you
An attractive benefit
Adoption of HSAs continue to grow as the workforce becomes more educated about its numerous benefits. Offering an employer-sponsored HSA as part of a competitive benefits package can help you attract new talent and retain valued employees.
You and your employees can generally save money on your monthly health insurance premiums when you switch from a traditional health plan to an HSA-eligible plan with a Health Savings Account (HSA). Use our calculator to estimate how much you and your employees can save with an HSA-eligible plan.
You won’t have payroll taxes on employee HSA contributions made through payroll deductions. Plus, you can take a federal income tax deduction for contributions you make to your employees’ HSAs — a win-win for everyone.
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.
One of the best features of the Bank of America Merrill Lynch Benefit Plan is that we help you communicate with your employees about their health account benefits. We provide year-round targeted engagement emails for your employees that communicate the benefits of their accounts.
Ongoing thought leadership and analysis of the health care landscape will keep you ahead of the changes and trends that impact your benefits strategy.
Easy set-up and account management
It’s easy to establish your company’s HSA program and enroll employees using our HSA online enrollment tool. Then 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 keep your program running smoothly, from employee updates to account moves and streamlined reporting. And our Business Support Team is here to help when you need them.
Convenience and choice
Our flexible HSA solution is convenient and 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. You have the ability to choose your health plan each year and still maintain your HSA provider.
Learning hub for employees
Educational content has been thoughtfully designed to help your employees make the most of their HSAs based upon their individual needs. Whether they are beginners or more advanced, our educational tools include:
- Interactive user guides
- How-to videos
- Articles and more
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. Just click and print, or download and email. Yes, it’s really that easy!
Benefits for your employees
An HSA offers three unique tax advantages that help employees keep more of their money. We call this the "triple tax advantage.1"
- 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.
As your employees save money into their HSA, they can use it to pay for doctor visits, trips to the pharmacy or even for qualified health care purchases when shopping online. Our member website, mobile app and customer support allows them to conveniently manage their day-to-day account activity. And, our investment feature can help them maximize their savings.
- HSA Visa® debit card2: The easiest way for them to pay is to use their debit card. Plus, the added security of chip technology along with Visa's zero liability policy means they won’t be held responsible for fraudulent purchases made with their card or account information*.
- Secure member website: Employees can check their balance, make an HSA transaction, update their account information, set up investments and more.
- Mobile app4: The MyHealth mobile app is the convenient way for them to manage their account, whenever they’re on the go.
- Customer Care Center: 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 on the member website.
- 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 funds5. 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.
Never lose it.3
Unused funds roll over from year-to-year, and unlike an FSA, there are no “use-it-or-lose-it” rules. So, if your employee changes jobs, changes health care plans or retires, it doesn’t matter, it’s theirs for life and can grow and change with them over the years.
Helping our customers improve their financial lives is at the center of all that we do
We’re committed to providing solutions for your employees at every stage of their financial lives. Whether your employee is just starting their first job or getting close to retirement, an HSA will allow you to provide them with an account they can benefit from no matter what age or life stage they are in.
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.
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 expertise of a provider committed to improving their financial lives through capabilities that 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 burden so you can focus more on your business. Bank of America is both the financial custodian and investment administrator of The HSA for Life. That means you and your employees will have the confidence of always knowing where your money is and because we are committed to having the most rigorous safety and security measures in place, 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.
3“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.
4Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.
5Mutual 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 advisor. Devenir is not an affiliate of BofA Corp.
This paper examines the role employers play in the financial wellness of their employees through the offering of workplace financial wellness education and programs.
A roadmap for launching or overhauling a company's financial wellness program.
Read about the future of health benefits, including the prominence of HSAs as a retirement savings vehicle.
Explore how education may help employees better manage their health care responsibilities.