Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
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 Reimbursem*nt 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.
All trademarks and service marks belong to Bank of America Corporation unless otherwise noted.
Bank of America, N.A., Member FDIC.
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.
Investment products:
- Are Not FDIC Insured
- Are Not Bank Guaranteed
- May Lose Value
© Bank of America Corporation. All rights reserved. 6126940 Exp-06/05/2025(global footer) 6198031 07/22/2025
FAQs
By using pre-tax dollars in an HSA to pay for deductibles, copayments, coinsurance, and other qualified expenses, including some dental, drug, and vision expenses, you can lower your overall health care costs.
What are three things you could use your HSA to pay for? ›
By using pre-tax dollars in an HSA to pay for deductibles, copayments, coinsurance, and other qualified expenses, including some dental, drug, and vision expenses, you can lower your overall health care costs.
How do I pay for medical expenses with HSA? ›
Your Fidelity HSA® debit card is a simple way to pay for your qualified medical expenses on-the-spot. Just swipe it at your participating health care provider, and the money debits directly out of your HSA balance. If you'd prefer to write a check to pay your health care provider, that's an option too.
What are 3 advantages of an HSA? ›
6 Benefits of choosing an HSA plan
- Save on taxes. Your HSA contributions go into your account before taxes. ...
- Save on your medical expenses. Use your HSA funds to pay coinsurance, copays and your deductible (all tax-free). ...
- Your money works harder in an HSA. ...
- You're in control. ...
- An HSA is an investment. ...
- Save for retirement.
Some people opt to pay for medical expenses out of pocket and save their HSA funds for future use, even delaying reimbursem*nts from their account. This allows those HSA funds to grow tax-free over time and potentially lead to more money available to cover future medical expenses.
What can you spend on HSA for health care? ›
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your out-of-pocket health care costs.
Are condoms HSA-eligible? ›
The answer is yes! HSAs are designed to cover a wide range of qualified medical expenses, and contraceptives such as condoms are no exception. Just like other eligible healthcare expenses, you can use your HSA funds to purchase condoms, whether they are over-the-counter or prescribed by a healthcare provider.
How do I pay into my HSA? ›
You may contribute to your HSA via pretax payroll contributions through your employer or you may make post-tax deposits to your HSA by contributing funds from your account at another bank. You can add your bank account to your health savings account to easily add funds to your HSA any time.
Can I use HSA to pay for gym membership? ›
Gym memberships. While some companies and private insurers may offer discounts on gym memberships, you generally can't use your FSA or HSA account to pay for gym or health club memberships. An exception to that rule would be if your doctor deems fitness medically necessary for your recovery or treatment.
Can I use HSA to pay for medication? ›
You can use an HSA to pay for qualified medical expenses, including prescription medications. You can also use prescription discount cards with your HSA to ensure the best possible price for your medication. If you have a health savings account (HSA), you can use it to buy prescription medications.
An HSA has a unique triple tax benefit: Your contributions reduce your taxable income. Any investment growth within the account is tax-free. Qualified withdrawals (that is, ones used for medical expenses) are tax-free.
What are two ways an HSA is similar to a 529 plan? ›
For example, a Health Savings Account (HSA) works a lot like a 529 Plan: any pre-tax income you put into your HSA will remain tax-free so long as you use it for qualified medical expenses.
What is covered by HSA? ›
HSA - You can use your HSA to pay for eligible health care, dental, and vision expenses for yourself, your spouse, or eligible dependents (children, siblings, parents, and others who are considered an exemption under Section 152 of the tax code).
How do I use my HSA to pay for things? ›
To pay for a service or make a purchase, you need to have the available funds in your account. Use Your Health Benefits Card – Your HSA Bank Health Benefits Debit Card provides access to your HSA funds at point-of-sale with signature or PIN. HSA Bank limits point-of-sale debit card transactions to medical merchants.
What are the rules for an HSA? ›
Individuals Who Qualify for an HSA
- Be covered by a high-deductible health plan (HDHP) on the first day of the month.
- Not be covered by other health insurance (see Publication 969 for exceptions)
- Not be enrolled in Medicare (the individual can be HSA-eligible for the months before being covered by Medicare)
Will my HSA account remain open if I have a $0 balance? The account will remain open if you have a $0 balance. There is no fee assessed to you for having a $0 balance.
Can I use HSA for gym membership? ›
While some companies and private insurers may offer discounts on gym memberships, you generally can't use your FSA or HSA account to pay for gym or health club memberships. An exception to that rule would be if your doctor deems fitness medically necessary for your recovery or treatment.
What can HSA not be used for? ›
Generally, you can't use your HSA to pay for expenses that don't meaningfully promote the proper function of the body or prevent or treat illness or disease. Nutritional supplements and weight loss programs not prescribed by a physician are examples of expenses that would not be covered by your HSA.
Can I use my HSA for vitamins? ›
According to the IRS, you cannot use your HSA to pay for vitamins or supplements that are taken for general health. However, you can use your HSA to pay for vitamins or supplements that have been recommended by a health professional to treat or prevent a specific condition.
What if I accidentally used my HSA card for groceries? ›
If you discover you accidentally paid for something other than a qualified medical expense from your HSA, you may repay the mistaken distribution prior to filing your federal taxes for the tax year of the mistake.
