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Home Finance Bank of America Health Savings Account Management

Bank of America Health Savings Account Management

Want to save money for your medical expenses? Health Savings Account(HSA) in Bank of America is designed to allow you to live safely without any worries. At Bank of America benefits solutions login page, you can open an individual HSA account or enroll in a group HSA through your employer and health plan to start manage your saving account for health.

Bank of America Health Savings Account Instructions
Health Savings Account(HSA) is a tax-advantaged savings account, with which an individual or an employee can save money for current and future expenses on health and medical care provided that the medical expenses are qualified according to rules of HSA. A HSA account would help you handle spending for health care and pay for the qualified expenses like seeing a doctor, prescriptions, or even some over-the-counter drugs. With the account you can earn the tax free interest which rolls over year by year. What’s more, no matter you change a job or change the health plan or even retire, the account will go with you.

How to Enroll in a Group HSA or Open an Individual HSA in Bank of America
As an employee, you need to confirm whether your employer or Health Plan is providing a group program through Bank of America. If it does, get the Group ID from your employer or Health Plan to complete your Group HSA enrollment by following the steps below:

  1. Visit www.bankofamerica.com/benefitslogin.
  2. Click on the “Continue” button in the “Enroll in a Group HSA” section.
  3. Fill out the application form including Group ID, SSN, Name, Date of Birth, ZIP/Postal Code and so on. Click “Continue” to proceed.
  4. Provide other personal information in the required fields.
  5. Create your User ID.
  6. Read terms and conditions carefully.
  7. Verify your submitted information as an applicant.
  8. Create your account and finish the process.

If you are an individual, you may go through the process as follows which is a little different from a group HSA enrollment:

  1. Click the “Continue” button in the “Open an individual HSA” section.
  2. Fill out the application including SSN, Name, Date of Birth, ZIP/Postal Code, etc. Then click “Continue”.
  3. Offer other information.
  4. Create your User ID.
  5. Read terms and conditions and agree to them.
  6. ID Authentication.
  7. Applicant Verification.

Benefits of HSA
With your personal account, you can manage it online and get the following benefits:

  • Make great tax savings.
  • Balance rolls over year by year.
  • The account and the unused funds will go with you whenever you find a new job, change for a new health plan or retire.
  • Reduced health insurance premiums.
  • Tax-free growth allows that funds in the HSA can grow tax-free.

Additionally, HSA Balance and Tax Savings Calculator enables you to see your possible future balance and tax savings.

About Bank of America
Founded in 1998 and headquartered in Charlotte, North Carolina, Bank of America is a multinational banking and financial services company in the United States. Serving clients in over 150 countries, Bank of America maintains a good relationship with companies of the U.S.Fortune 500 as well as the Fortune Global 500.

Reference Links

  1. Bank of America HSA FAQs
  2. HSA Balance and Tax Savings Calculator
  3. Bank of America Homepage – www.bankofamerica.com

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