Health Savings Accounts (HSAs) for Individuals

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="description" content = "A Bank of America Health Savings Account can help you save money on personal medical expenses like doctor visits, prescriptions, vision and dental care." > <meta name="title" content = "Health Savings Accounts (HSAs) for Individuals" > <meta name="keywords" content = "individual health savings account, individual hsa, personal health savings account, personal hsa" > <meta name="tilePageName" content = "tile-individuals-families.shtml" > <meta name="twitter:title" content="Health Savings Accounts (HSAs) for Individuals" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:url" content="https://healthaccounts.bankofamerica.com/individuals-families.shtml" /> <meta name="twitter:image" content="https://www.bankofamerica.com/content/images/ContextualSiteGraphics/Logos/en_US/Bank_of_America_Flagscape_71x71.gif" /> <meta 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</div>  <div class="row"> <div class="col-12"> <h2>What is a Health Savings Account?</h2> <p>A Health Savings Account (HSA) is a potential tax-advantaged personal savings account that helps those with HDHP (High Deductible Health Plan) 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.</p> </div> </div>  <div class="row"> <div class="col-12"> <h2 class="no-bottom-margin">Benefits for you</h2> <h3>Triple tax advantage<a href="#1" aria-label="Footnote 1"><sup>1</sup></a></h3> <p>An HSA offers potential tax advantages that help you keep more of your hard-earned money by providing the potential for:</p> <ul> <li><em>Pre-tax contributions:</em> Funds contributed via payroll deduction are not subject to Federal income tax and is also exempt from most states income tax as well.</li> <li><em>Tax-free interest and earnings:</em> Any interest or earnings from your HSA are federal income tax-free so you keep 100% of any money your HSA savings or investments earn, boosting the amount of money you have to cover your out-of-pocket medical costs.</li> <li><em>Tax-free withdrawals:</em> You won't pay taxes on money you withdraw from your HSA for qualified medical expenses.</li> </ul> <h3>Allows you to take control of your health care costs</h3> <p>You decide how much money to save in your account (<a title="Click here to read about IRS contribution limit" href="what-are-the-current-hsa-contribution-limits.shtml" class="learn-how-to-contribute-funds-to-your-hsa-link" >up to the IRS contribution limit</a>) and which <a title="Click here to know what expenses are covered" href="what-expenses-are-covered-by-an-hsa-fsa-hra.shtml" class="what-expenses-are-covered-by-an-hsa-fsa-hra-link">qualified medical expenses</a><a href="#2" aria-label="Footnote 2"><sup>2</sup></a> to pay with your HSA.</p> <h3>HSA for Life<sup>®</sup></h3> <p>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.</p> <h3>No "use it or lose it" rules</h3> <p>Any unused balance carries over from one year to the next.</p> <p>Save it. Use it. Never lose it.<a aria-label="Footnote 3" href="#3"><sup><b>®</b>3</sup></a></p> <h3>Take charge of your health care savings by enrolling in investments.</h3> <p>You can select from a range of mutual fund options to give your account potential to grow tax-free over the long term to help be prepared for future health care expenses.</p> </div> </div>   <div class="row">  <div class="col-12"> <div class="row">  <div class="col-12 col-md-6"> <div class="row"> <div class="item1 col-3 col-md-4 col-lg-3"> <span class="icon"><img src="./images/icon_card2.png" alt="" role="presentation"/></span> </div> <div class="item1 col-9 col-md-8 col-lg-9"> <span class="text"><h4>Easy way to pay</h4> <p> Free HSA Visa<sup>®</sup> debit card with no transaction fees<a href="#4" aria-label="Footnote 4"><sup>4</sup></a>. 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. </p></span> </div> </div> <div class="row"> <div class="item2 col-3 col-md-4 col-lg-3"> <span class="icon"><img src="./images/icon_dashboard2.png" alt="" role="presentation"/></span> </div> <div class="item2 col-9 col-md-8 col-lg-9"> <span class="text"><h4>Member website</h4><p>Online account access makes it easy to submit claims and monitor accounts.</p></span> </div> </div> <div class="row"> <div class="item3 col-3 col-md-4 col-lg-3"> <span class="icon smaller"><img src="./images/icon_mobile2.png" alt="" role="presentation"/></span> </div> <div class="item3 col-9 col-md-8 col-lg-9"> <span class="text"><h4>Mobile app<a href="#5" aria-label="Footnote 5"><sup>5</sup></a></h4> <p>Submit claims, check your balances and monitor your account all from your smartphone.</p></span> </div> </div> </div>     <div class="col-12 col-md-6"> <div class="row"> <div class=" col-3 col-md-4 col-lg-3"> <span class="icon smaller"><img src="./images/icon_funds2.png" alt="" role="presentation"/></span> </div> <div class=" col-9 col-md-8 col-lg-9"> <span class="text"><h4>Investment feature</h4> <p>Make the most of your account over the long term by investing in mutual funds. You can set up your account at any time and once your account reaches the investment threshold you establish, funds will automatically transfer between cash and investments.</p></span> </div> </div> <div class="row"> <div class=" col-3 col-md-4 col-lg-3"> <span class="icon"><img src="./images/icon_assistant2.png" alt="" role="presentation"/></span> </div> <div class=" col-9 col-md-8 col-lg-9"> <span class="text"><h4>Help when you need it</h4> <p>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.</p></span> </div> </div> </div>  </div>  </div>  </div>   <div class="row"> <div class="col-12 individuals-families footnotes"> <div class="rule"></div> <p id="dis"><sup>*</sup>Please consult your tax advisor regarding state specific rules.</p> <p id="1"><sup>1</sup>About 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 federal income tax free. You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA directly (not through payroll deductions). In addition, HSA contributions may reduce your state income taxes in certain states. 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 a HSA.</p> <p id="2"><sup>2</sup>The Internal Revenue Service publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses available at <a href="https://www.irs.gov/" class="irs.gov-link" target="_blank" rel="noopener noreferrer" data-trigger="exit-modal">www.irs.gov</a>.</p> <p id="3"><sup>3</sup>"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.</p> <p id="4"><sup>4</sup>This 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.</p> <p id="5"><sup>5</sup>Data connection required. Wireless carrier fees may apply. Mobile app not available on all devices.</p> </div> </div>  </div>    <div class="col-12 col-md-5 col-lg-3 main-right" role="complementary">  <div class="row sidebar-container">  <div class="col-11 sidebar"> <div class="row"> <div class="col-12 sidebar-component borderless margin-bottom"> <h2> Health Savings Accounts (HSAs) for individuals</h2> <p>An HSA from Bank of America helps put you in control of your health care costs.</p> <div class="row"> <div class="col-12 sidebar-button"> <a href="./hsa-app.shtml" role="button" title="link to Apply for an HSA now" name="apply-to-hsa-now" class="btn btn-primary apply-to-hsa-now-link" data-bactmln="Apply_for_an_hsa_now" >Apply for an HSA now</a> </div> </div> <p class="smaller">If your employer offers an HSA from Bank of America, please follow the enrollment instructions they provided.</p> </div> </div>  <div class="row"> <div class="col-12 sidebar-component related"> <h2>Related Articles</h2> <h3> <a href="top-six-reasons.shtml" class="top-six-reasons-link" target="" data-trigger="" name="Click here to redirect to page Top reasons to use an HSA" title="Click here to redirect to page Top reasons to use an HSA">Top reasons to use an HSA</a> </h3> <p>Keep these benefits in mind when deciding if you want to set up and use a health savings account (HSA).</p>  <h3> <a href="triple-tax-savings-advantage.shtml" class="triple-tax-savings-advantage-link" target="" data-trigger="" name="Click here to redirect to page Tap into the triple tax power of a Health Savings Account" title="Click here to redirect to page Tap into the triple tax power of a Health Savings Account">Tap into the triple tax power of a Health Savings Account</a> </h3> <p>Did you know that a health savings account (HSA) offers three separate tax benefits?</p>  <div class="row"> <div class="col-12 sidebar-button"> <a href="./learn.shtml" role="button" title="link to view faqs and other resources" name="sidebar-view-faqs" class="btn btn-primary 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table-col table-col-1 text-center p-2">Are Not FDIC Insured</li> <li class="col-sm-4 col-xs-12 table-col table-col-2 text-center p-2">Are Not Bank Guaranteed</li> <li class="col-sm-4 col-xs-12 table-col text-center p-2">May Lose Value</li> </ul> <p> </p> <p id="disclosure-tt" style="display:none;"> About Triple Tax Advantages: 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 tahn your employer, make to your HSA. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. </p> <p><b>Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.</b></p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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. </p> <p>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.</p> <p>All trademarks and service marks belong to Bank of America Corporation unless otherwise noted.</p> <p id="disclosure-mf">Bank of America, N.A., Member FDIC.</p> <p>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 <a href="https://www.sipc.org/" class="sipc-link" target="_blank" rel="noopener noreferrer" data-trigger="exit-modal">SIPC</a>, 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., for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to Bank of America, N.A. 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. </p> <p id="id_mrcdtl1">© <span class="copyright-date"><script language="javascript" type="text/javascript">var today = new Date(); document.write(today.getFullYear());</script></span> Bank of America Corporation. 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Health Savings Accounts (HSAs) for Individuals