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How the debit card works with multiple health and benefit accounts

Your Bank of America Health and Benefit Visa® debit card¹ is a smart card. This means that if you have multiple accounts the funds will be drawn from the appropriate account based upon the type of expense incurred. See the below examples to understand how this works.

Example: Limited Purpose Flexible Spending (LPFSA) + Health Spending Account (HSA)

From left to right they are: a toothbrush, glasses, an arrow pointing to the right, an icon representing a limited purpose flexible spending account (LPFSA) and a debit card. Between the LPFSA icon and the debit card icon, there is an arched arrow pointing from the LPFSA icon to the debit card icon, which indicates funds being taken out of the LPFSA to pay for vision and dental.

When paying for vision or dental expenses using your debit card, funds are first taken out of your LPFSA.

From left to right they are: An icon representing a limited purpose flexible spending account (LPFSA), an arrow pointing to the right, an icon representing a health savings account (HSA) and a debit card. The LPFSA icon appears faded, indicating that funds in the LPFSA are depleted. Between the HSA icon and the debit card icon, there is an arched arrow pointing from the HSA icon to the debit card icon, which indicates funds being taken out of the HSA to pay for expenses once funds in the LPFSA are depleted.

Once funds in your LPFSA are depleted your HSA dollars will be used.

Example: Health Flexible spending Account (FSA) + Health Reimbursement Arrangement (HRA)

From left to right they are: An icon with a cross and shield representing qualified health expenses, an arrow pointing to the right, an icon representing a flexible spending account (FSA) and a debit card. Between the FSA icon and the debit card icon, there is an arched arrow pointing from the FSA icon to the debit card icon, which indicates funds being taken out of an FSA to pay for qualified health expenses.

When paying for qualified health care expense using debit card, funds are first taken out of your health FSA.

From left to right they are: An icon representing a flexible spending account (FSA), an arrow pointing to the right, an icon representing a health reimbursement arrangement (HRA) and a debit card. The FSA icon appears faded, indicating that funds in the FSA are depleted. Between the HRA icon and the debit card icon, there is an arched arrow pointing from the HRA icon to the debit card icon, which indicates HRA funds being used to pay for expenses once funds in the FSA are depleted.

Once funds in your FSA are depleted your money in your HRA will be used.

If you have an FSA, please be aware of the rules and deadlines for paying for qualified health care expenses using your FSA. You cannot use your Bank of America Health Account Visa® debit card to pay for expenses incurred in the previous year. Learn more about grace period, carryover and run-out.

¹This Health and Benefit 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.

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Bank of America, N.A. 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 (HSA) as set forth in Internal Revenue Code section 223. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. In addition, an employer making contributions to the HSA of an ineligible individual may also be subject to tax consequences. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.

Bank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. Bank of America acts solely as claims administrator performing administrative tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. The sponsoring employer or individual under an independent plan is solely responsible for ensuring 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 or employees provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. 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.

Please consult with your own attorney or tax advisor to understand the tax and legal consequences of establishing and maintaining a HSA, FSA, Dependent Care FSA, and/or HRA plan.

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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, registered investment adviser, Member SIPC, and a wholly owned subsidiary of Bank of America 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.

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