As an employer, you recognize that a cost-effective, valued-added benefits package can help you reduce costs and retain key employees. You can count on Bank of America Benefit SolutionsTM to provide consumer directed healthcare accounts that give your employees more choice and greater control over their healthcare spending. Our health care account benefits specialists work closely with you and your employees, providing participants with the tools and support needed to ensure successful enrollment and participation.
Health Savings Account (HSA)
Our HSA is truly portable and stays with your employees whether they change health plans, move to a new job or retire. With The HSA for Life®, employees can save for current or future medical expenses on a pre-tax basis and have more control over how their healthcare dollars are spent. In addition, HSA funds do not expire and are available to pay for eligible medical expenses.
Health Reimbursement Arrangement (HRA)
With an HRA, you decide the contribution amount and eligible healthcare benefits for employees. Your employees can then access funds to pay for medical expenses not covered in your health plan. As a result, you enjoy tax savings and more efficient cash flows, while your employees avoid filing tedious claim forms and waiting for approvals.
Flexible Spending Account (FSA)
The Health FSA allows your employees to plan ahead for yearly medical outlays by allowing them to set aside pre-tax money on an annual basis. Employees can use the money to pay for qualified medical expenses incurred during that year. And because Bank of America Benefit Solutions streamlines the claims process, the paperwork for you and your employees is greatly reduced, typically fostering higher adoption rates across your organization. Employees also have the option to contribute pre-tax dollars to a Dependent Care FSA to pay for childcare and adult care expenses as well.