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A health saving account (HSA) is a tax-advantaged medical saving account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). It is an account for individuals with high deductible health plans to save money for medical expenses that those plans do not cover. It offered options along with some high-deductible health insurance plans. Creation of a Health Saving Account is a sensible, more convenient, and moderately simple way for you to save for medical expenses through the tax-advantaged account. By using Health Saving Account, you can pay for deductibles, copayments, coinsurance, and some other expenses. Its funds may currently be used to pay for qualified medical expenses at any time without federal tax liability.With this account you can get various advantages such as contributions to the HSA are 100% deductible, withdrawals to pay qualified medical expenses, including dental and vision, and if used to pay qualified medical expenses are tax-free.
About Bank of America
Bank of America Corporation is an American multinational financial services company. It was founded on October 17, 1904, and the founder of this bank is Amadeo Giannini. It was headquartered in Charlotte, North Carolina. It is ranked 2nd on the list of largest banks in the United States. In 2016, Bank of America was the 26th largest company in the United States.
Bank of America has 4,600 retail financial centers and approximately 15,900 automated teller machines all over the world. This bank is a number of products provide such as consumer banking, corporate banking, insurance, investment, banking, mortgage loans, private banking and equality, wealth management, and credit cards. It has more than 29,000 employees worldwide.
How to Open an Individual Bank of America HSA?
- Requirements
- You have a computer with internet access.
- Not enjoying Medicare benefits at present.
- You need to enroll in a High Deductible Health Plan.
- You can’t join other tax-return programs.
- All health coverage must be qualified based on the laws.
- Step-By-Step Guide
- Visit the HSA account at: http://www.bankofamerica.com/benefitslogin
- Then get on “Continue” when you see “Open an Individual HSA” located in the bottom right corner.
- Fill out your applicant information, and personal information into the necessary field and then create your user ID.
- Verify the terms and conditions, and confirm the applicant.
- If you have any questions, please refer to the HSA Account FAQ at: https://benefitsolutions.bankofamerica.com/common/Core-Online-Portal-FAQs-Member.html#1-1
- For further information about HSA, you can visit at: http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx
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