HSA Bank Of America

I want to apply to open Health Savings Account (HSA) in Bank Of America so can you provide me the details of the account?

[Rajkumar Agarwal]

A Health Savings Account (HSA) is a type of personal savings account that helps those with qualified high-deductible health plans (HDHPs) save money on many out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions.

Benefits -

Triple Tax Advantage-

An HSA offers unique tax advantages that help you keep more of your hard-earned money by providing the potential for:

Pretax contributions: Contributions to your HSA can be made with pretax dollars which means every dollar you contribute is a dollar saved

Tax-free gains: Any gains on the money in your HSA are tax-free so you keep 100% of any money your HSA savings or investments earn, boosting the amount of money you have to cover your out-of-pocket medical costs.

Tax-free withdrawals: You won't pay taxes on money you withdraw for qualified medical expenses

You may be eligible for an HSA if you’re covered by a qualified high-deductible health plan (HDHP).

Eligibility-

You’re not eligible for an HSA if you are:

Covered by another health insurance plan, such as a spouse’s plan, that is not a qualified HDHP

Claimed as a dependent on another person’s tax return

Enrolled in Medicare benefits

To confirm that a particular health plan is eligible for an HSA, contact your insurance provider.

Schedule of Fees -

This schedule of fees is part of the contract for a Health Savings Account with Bank of America.

Monthly maintenance fee1 $4.50

Services included in monthly maintenance fee:

HSA® Visa debit card (up to four cards per account, no fee for extra cards or replacements)
All debit card transactions
Unlimited online payments and reimbursements
Mobile app2
Monthly statements (paper or electronic)
Mutual fund investments and transactions (for balances over $1,000)
Account closure/rollover $25.00
Deposited item returned, per item $5.00
Contribution deposit slip re-orders, per 9 slips $5.00
Legal process fee (e.g., attachment, levy or garnishment), per occurrence3 $75.00
Overdraft fee, per transaction $25.00
Trustee-to-Trustee transfer fee $25.00
Stop payment, each $25.00
Excess contribution, per return $25.00
Copy of account statement, each $5.00
Copy of deposited item, each $3.00
Copy of tax statement, each $5.00

Customer service: 00 1 315-724-4022