BOA Health Savings Account
- The Bank of America Health Savings Account allows individuals to save money for health expenses
- Your BofA HSA can be used to pay for traditional doctor visits, along with vision and dental care
- This account can be opened solely as an individual, or through an employee sponsored program
With the Bank of America Health Savings account, individuals who have high deductible insurance plans can save money on out of pocket medical expenses. This account can be used to pay for doctor visits, dental and vision care, or any other qualified medical expense. Since money can be placed into this account before taxes are taken out, it’s a great way to make medical expenses a little easier to deal with.
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Money can be added to your HSA account by one of three ways: direct payroll deduction, by electronic transfer from your checking or savings account, or by mailing a physical check. No matter which method you choose, the money is added to your account and will be made available to use as soon as it is received. There’s no waiting period.
There are fees associated with the account, including a monthly maintenance fee. But once you consider how much you can save with this type of account, those fees are well worth it. For an individual, the annual contribution limit is currently $3,350. For a family plan, that limit is $6,650. For the catch-up contribution for those who are age 55 or older, the annual limit that can be contributed is $1,000.
The money in your HSA account doesn’t just sit there, either! It actually earns a little interest. For most accounts, the interest rate will be .3% or .2%.
To contact Bank of America regarding your Health Savings Account:
- Bank of America Health Benefit Solutions, PO Box 2931, Milwaukee, WI 53201