Health Saving Account Administration
Empower your employees to make sound health care choices
Providing for good personal health and financial health is a challenge for most people, as health care costs continue to soar. Your employees want to make decisions about how and when they consume, or save, health care benefit plan dollars. They want a full view of their health savings accounts, integrated with other workplace benefits and resources.
Your company strives to provide benefits plans that work hard for employees, yet help manage costs and resources. Regardless of the size of your organization, Bank of America Merrill Lynch is ready to work with you to implement effective solutions.
When you make available The HSA for Life® Health Savings Account, offered by Bank of America, you put a powerful, respected financial services brand to work on this important part of your benefits program.
HSAs are accounts that participants can use to pay for qualified medical expenses now, or save for their retirement. They are relatively new, innovative health benefit plans that employers offer to give workers more control over funds allocated for health care services.
| HSAs and HRAs are growing in use and popularity |
| |
2010 |
2009 |
2006 |
| Assets |
$7.7 billion |
$7.1 billion |
$835.4 million |
| Accounts |
5.7 million |
5 million |
1.2 million |
(EBRI Issue Brief #353, January 2011)
Health Savings Account Administration — key to our holistic, lifetime commitment to customer needs
By giving individuals more control, they are likely to spend the money more responsibly, especially once they become more educated about the actual price of health services. Employees "own" their HSA account for life. Our flexible investment platform enables employees to build tax-advantaged, portable balances for retirement.
Watch a video explaining the benefits of The HSA for Life® Health Savings Account from Bank of America.
You may know Bank of America Merrill Lynch for our expertise with retirement and equity plans and effective employee communication, but you can also rely on Bank of America as a Heath Savings Account administrator that provides access to high levels of service and flexibility for your HSA. Health Reimbursement Arrangement plans and Flexible Spending Accounts (FSAs) are also available. We relieve you of many Health Savings Account administration burdens, and we will be there for you and your employees year after year, regardless of the health plans and providers you may choose.
During your benefits planning process, think of Bank of America Merrill Lynch for an integrated approach to providing a full spectrum of financial solutions for employees.
Visit this link for more information about Bank of America Benefit Solutions Health Savings Account Program.