A summary of the main features of each type of health account, and how some accounts can work together. Answers to 9 questions many people have — from who's eligible to what costs these accounts can help you cover. Any interest or earnings on the assets in the account are tax free. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA.
Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Bank of America, N. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 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. 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.
An eligible expense is a health care service, treatment or item the IRS states can be paid for without taxes. Eligible expenses can be incurred by you, your spouse or qualified dependents. For the complete list of eligible and ineligible expenses, visit www. You should keep all your receipts and pertinent documentation to prove your HSA was used for eligible medical expenses. Note: If you pay for anything other than eligible expenses with your HSA, the amount will be taxable, and you will be required to repay the amount and pay an additional tax penalty.
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