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. Unlimited online payments and reimbursements. Generally, these are expenses incurred to diagnose, cure, treat, mitigate or prevent a disease, or for treatments affecting any structure or function of the body. Minimum balance to open: $0; Account opening fee: $10; Monthly fee: $4.50 You'll pay $2.50 per month for an account with a balance of up to $5,000. Who is eligible to be covered by my HSA account? Other account fees: $2.50 per ATM transaction that Optum Bank charges. Because any contributions GD Star Rating loading... HSA Program Features FDIC or NCUA Insured: check. Banks That Charge the Highest HSA Fees. First American Bank HSA. Please consult with your own attorney or tax advisor to understand the tax and legal consequences of your HSA, Health FSA and/or HRA plan or program offerings to your employees and your particular situation in your capacity as employer and/or plan administrator. You are eligible for an HSA on your own or through your employer, as long as you participate in a qualified high-deductible Yes, as long as your annual contributions (combined with those of your employer) do not exceed the IRS-defined limits. Bank of America does not sponsor or maintain the Flexible Spending Accounts or Health Reimbursement Arrangements that you establish. Your card makes it easier for you to manage your health care expenses, which means you have less claims paperwork and fewer billing hassles. Once you set up your individual account, you can use it to help pay for qualified medical expenses for you, your spouse and any dependent children 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. If you’re enrolled in Medicare and are age 65 or older, you can use your HSA funds to pay for Medicare premiums and out-of-pocket expenses. Text message fees may apply from your carrier. Visit bankofamerica.com in your mobile web browser for a link to download the app. The four plans have at least two of the three following features: a well-designed investment menu, solid quality underlying managers, and below-average fees. Annual Investment Fee is from Exhibit 25 of the Morningstar 2020 HSA Landscape Investment Thresholds (Minimum Cash Balances) are from Exhibit 33 of the Morningstar 2020 HSA Landscape Annual Interest on $2,000 Cash Balances are from Exhibit 16 of the Morningstar 2020 HSA Landscape Underlying Fund Fees (Expense Ratios) for Equal-Weighted 60/40 Portfolios are from Exhibit 31 of the … Available on the Member Website. The money just rolls over for use in future years, while continuing to earn interest. If you have questions regarding your particular health care situation, please contact your health care, legal or tax advisor. document.write("Exp - "); The following chart shows where HSA Bank stands in terms of fees compared to the other top 10 investment HSA administrators. Bank of America makes available The HSA for Life® Health Savings Account as a custodian only. Bank of America. The HSA Authority and Bank of America represent the next best picks for investors. Can I use my HSA to pay for expenses incurred before I opened my account? Through the years, and with our customers, we keep New Hampshire special. Still, that doesn’t mean that those banks don’t offer quality HSA features and service. Neither Bank of America nor any of its affiliates provide legal, tax, accounting or benefits consulting advice. 04/07/2021 Go to the Statements & Notifications tab and choose HSA Tax Documents. With Bank of America, you can open an HSA account with no minimum initial deposit, but they do charge a monthly fee of $2.50. Can I still open an HSA for the prior calendar year? Investments are not FDIC insured. per transaction over 52. Close Send another link. Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp. Fidelity, The HSA Authority, and HealthEquity earn recommendations for use as both spending accounts and investment accounts. Tax information is always available on the member website. Bank of America Checking Account Fees. $20 charge to transfer your HSA to another bank or custodian (outbound transfer of your entire HSA … you make from your paycheck are made before tax is applied, your contributions also save you money by reducing your taxable income. N/A ACH Credits BIA No fee for the first 200 items processed per month, $0.12 per item thereafter You should contact your Administrator if you have any questions regarding the fees listed below, which are assessed by your Administrator. Banking products are provided by Bank of America, N.A. You may begin investing once you have a minimum of $1,000 in your HSA Bank cash account. You are also allowed to use your HSA funds to pay premiums for long-term care insurance, HSA Bank is a division of Webster Bank, N.A. If you have questions regarding your particular health care situation, please contact your health care, legal or tax advisor. Morningstar gave four providers — Bank of America, HealthEquity, Optum Bank and The HSA Authority — positive scores for their investment options based on below-average fees … ATM fees are waived at Bank of America ATMs. This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Bank of America Corporation. The following chart illustrates where Bank of America stands in terms of fees compared to the other top investment HSA administrators. Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America … Enter claims to pay a provider directly from your HSA. Some accounts also have a limit on the number of ATM and online transfers and withdrawals you can perform each month, and any transfers above that number will trigger a fee. Please visit us at www.hsabank.com to enroll today. or operate. 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, Member SIPC and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). But if you decide to invest, you'll have a $3 per month fee. There is a range of mutual fund options available for investing. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Interest rates are unknown at this time. Bank of America makes available The HSA for Life® Health Savings Account as a custodian only. Mobile app. or operate. Only one rollover is permitted every 12 months. ARPKNVDH Exp - 09/24/2020(Cobranding), © var today = new Date(); document.write(today.getFullYear()); There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but only Advantage Relationship … One thing to note about Bank of America HSAs is that they charge a $2.50 per month maintenance fee, and they have a $1,000 minimum balance requirement if you want to invest. What investment options are available in for my HSA? This is not a commitment to lend. An HSA can be used to pay for your qualified health care expenses on a tax-advantaged basis, ©2020 Bank of America Corporation. If an individual/employee establishes a Health Savings Account and he/she is not otherwise eligible, he/she will be subject to adverse tax consequences. Author Topic: HSA Maintenance Fees (Bank of America) (Read 8363 times) OneCoolCat. Available on the Member Website. Text message fees may apply from your carrier. but you cannot make new contributions to the account or open a new HSA), Payroll deduction (if offered by your employer), Electronic transfer (from your checking or savings account using the member website). Somewhere hidden on their website is the fee schedule that you need to review. Health Savings Account Fee and Interest Rate Schedule Effective as of July 31, 2019 Fees_Simplified 2.50 3000BW_C_08122020 HSA Bank wants you to understand the fees associated with your Health Savings Account (HSA). Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. included on your income tax returns. All trademarks and service marks belong to Bank of America Corporation unless otherwise noted. Bank of America. Learn about your Banking by Phone options . Search around online and talk to your bank / credit union to see what types of plans they offer. Webster Financial Corporation is one of the largest independent banks in New England. Depending on what type of account you have, the checking account monthly maintenance fee can vary.. } If you don’t have enough funds in your HSA to pay for a qualified medical expense, The fees for the Bank of America Health Savings Account are below: Monthly maintenance fee 1 Services included in monthly maintenance fee: HSA Visa ® debit card (up to nine cards per account, no fee for extra cards or replacements) All debit card transactions. Please check your employer’s plan description or consult with your tax advisor for more information on eligible expenses. How to Use an HSA … Member FDIC. Assuming the average HSA investment account balance of $14,000, Bank of America has the second-cheapest passive 60/40 portfolio, with a 0.26% fee. Bank of America offers a great option if you want to invest your HSA monies too. for establishing, maintaining and using the HSA from Bank of America, as set forth in the Internal Revenue Code, Section 223. In addition to the Optum Bank ATM fee, the bank/ATM you use to withdraw funds may charge you a fee. The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. HSA Interest Rates. $36 annual fee is the HSA Authority’s total charge. Foreign exchange and cash advance fees may still apply.) Text messages may be transmitted automatically. Bank of America offers a well-balanced HSA account that can seamlessly work alongside your other accounts if you use Bank of America for banking, loans, or other financial products. You're continuing to another website that Bank of America doesn't own Previously I had an account with BOA and has happy with the fund option and fees. If you have at least $1,000 in the account, you can also choose to invest in mutual funds. View your HSA including deposit, claim activity and payment history. Mailing Address: Bank of America C/O Health Account Services PO Box 2203 Fargo, ND 58108: Phone Number: 1-800-992-3200: Back to the top. At Bank of America, you’d get an interest rate of 0.30% on a $15,000 investment. Somewhere hidden on their website is the fee schedule that you need to review. e fee for your Bank of America HSA as long as you are a retiree -qualifed medical plans. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. Use your Bank of America ATM or debit card at one of our International partner ATMs below and avoid the non-Bank of America ATM $5 usage fee for each withdrawal, transfer, or balance inquiry as well as the ATM operator access fee.. Bank of America will assess an International Transaction Fee of 3% of the converted US dollar amount. We recommend that HSA applicants and/or employers contact qualified tax or legal counsel before establishing a Health Savings Account. Visit bankofamerica.com in your mobile web browser for a link to download the app. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. Compare qualified medical expenses for a Health Savings Account (HSA), Flexible Spending Account (FSA), and Health Reimbursement Arrangement (HRA). 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. Choose low fee plans – this involves doing a bit of research before you open your HSA.While the timing of opening your HSA is important, it is also important to get the best deal possible. 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