Are you looking forward to saving your medical expenses money? Well! Health Saving Account(HAS) in Bank Of America is here for you. Bank of America allows an individual to open HAS account or enroll as a group via their employer as well as the health plan to immediately start to manage your health expenses savings account.
Bank Of America Health Savings Account Instructions
This account is tax advantaged. With this account, individual as well as the employee can save money for use currently or later on medical care or healthy in conditions that the expenses incurred in medical qualifies based on HAS rules.
With it, you will be able to pay for your expenses incurred on your health which have qualified and among them are prescriptions, meeting a doctor, or even purchasing over the counter drugs.
The account will enable you to earn interest-free of charge. More so, regardless of changing your job, health care and retirement, you will always use the funds in your account.
How to Enroll in a HAS Group or as an Individual HAS in the Bank of America
If you’re an employee, you have to confirm if your employer and Health Plan is offering a group via Bank of America. If it’s not, let your employer offer you with your Group ID or health plan so you can enroll in HSA as a group following these steps outlined below:
- On your computer or mobile device supporting internet connectivity, go to www.bankofamerica.com/benefitslogin using a web browser.
- Then click on the Continue Button in the section labeled as “enroll as a group”.
- Complete the application form with required details such as Name, SSN, D.O .B, Zip / Postal Code and the rest. Then click on the Continue button to go on.
- Offer other useful personal details as required in other fields.
- Once you have completed providing details, create the User ID.
- Read all the conditions and terms carefully.
- Verify all the information you submitted as an applicant.
- Finish the process of account creation.
If you’re not enrolling as a group but as an individual, below is the process to follow which is a little bit different.
- On the individual section, click on Continue button.
- Complete the form by filling out information such as SNN, Your legal name, D.O.B, Postal and Zip codes among others then hit on Continue Button.
- Provide all other useful required information to create UserID
- Go through the terms and conditions then agree
- Authentification of ID
- Verifications of Applicant
If you have your personal account, you will be able to enjoy the following benefits by managing it online.
- Save on taxes
- Yearly balance rolls over
- Continuous use of the funds regardless of changing your job or getting retirement
- Relatively reduced premiums of insurance
- Your funds in HAS account grows tax – free
Another advantage is their Tax – Savings – Calculator. This enables you to see your future tax-savings and balances.
Bank Of America
It was founded back in 1998 and has its headquarter in Charlotte, North Carolina. It is a multinational financial and banking services provider in the United States and serves clients in more than 150 countries with millions of customers.