![]() 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. This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Please consult with qualified professionals to discuss your situation. 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. Bank of America and its affiliates are not tax or legal advisors. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. The sponsoring employer or individual under an independent plan is solely responsible for ensuring such arrangements comply with all applicable laws. Tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. Bank of America acts solely as claims administrator performing administrative ![]() ![]() The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.īank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. HSA of an ineligible individual may also be subject to tax consequences. In addition, an employer making contributions to the If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. makes available The HSA for Life® Health Savings Account as aĬustodian only. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.īank of America, N.A. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Any interest or earnings on the assets in the account are tax free. 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. *Check your employer's plan document for specific details of your account.Ībout 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. No expiration, but there is a maximum amount of $610 No, you will need to file a claim on the member website or the MyHealth appĬan incur expenses until March 15 and then file claims up to March 31 of the new plan year To pay for expenses incurred in the previous plan yearĮxpenses from the prior plan year and the new plan yearĬannot use for prior year expenses, you can use for expenses from the new plan year To pay for expenses you incur up to March 15 of the new plan year ![]() Plan Types: Health FSA, Limited Purpose FSA Comparison chart Comparison Chart You can, however, use your debit card for any 2024 expenses in your new plan year, including any carryover funds. You will have to file a claim on the member website or the MyHealth app. *You cannot use your Bank of America Health and Benefit Account Visa® debit card to pay prior year expenses for the run-out funds. The final filing date is the deadline for filing a claim for each plan year and the final service date is the deadline for spending money on qualified health care expenses. A pop-up screen will give you the plan year, final filing date and final service date for your account. On the homepage, scroll down to the Accounts section and click on the gray information icon. You can go to the member website to find out key dates for your account(s). You'll want to check your employer's plan document for specific details on how your plan works or you can view the member website to find the key deadlines for your account. Your employer may have chosen to offer you a grace period, a run-out period, or a combination of a run-out period and carryover. But, do you know what they all mean? We'll break them down so you can better understand each of them and what they could mean for you. If you have a Flexible Spending Account (FSA) you may be familiar with one or more of these terms.
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