![]() This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Please consult with qualified professionals to discuss your situation. 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. Bank of America and its affiliates are not tax or legal advisors. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. The sponsoring employer or individual under an independent plan is solely responsible for ensuring such arrangements comply with all applicable laws. Tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. Bank of America acts solely as claims administrator performing administrative ![]() The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.īank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. HSA of an ineligible individual may also be subject to tax consequences. In addition, an employer making contributions to the If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. makes available The HSA for Life® Health Savings Account as aĬustodian only. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.īank of America, N.A. ![]() Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Any interest or earnings on the assets in the account are tax free. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Once documents are received and approved, your claim status will be updated to Approved and the debit card will be unsuspended.Ībout Triple Tax Advantages: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA.When your debit card is suspended, the card suspension will last until the claim is repaid. If your documents are not received within the stated time frame, your debit card will be suspended and you will received a denial letter along with a request for repayment. If you do not return the required documents within 10 days, you’ll receive a Final Debit Card Receipt Request, and you will have an additional 10 days to submit documents.*A Medical Necessity Form is only needed if the service provided isn’t typically covered by the plan (for example, massages are not normally covered, however if the service was deemed and documented medically necessary to heal a chronic condition, by a doctor – then the service may be covered and claim approved). Medical forms are located on the member website: “Tools & Support” > “Account Support & Forms.” ![]() Once documents are received and approved, your claim will be processed and paid. Within 10 days of receiving the denial letter, submit documentation showing provider’s name, service date, service type, and dollar amount – along with the *Medical Necessity Form, if applicable.
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