Health Savings Account (HSA) Through Bank of America
A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.
Your HSA is always yours — no matter what.
One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.
How the Bank of America HSA Plan Works
- Your HSA account is set up after you enroll.
- San Francisco Symphony provides an annual employer contribution to your HSA. The contribution is paid out quarterly, shown below:
Individual: $1,000
Family: $2,000 - You can contribute up to the limit set by the IRS
(includes San Francisco Symphony contribution).
Individual: $4,300 per year
Family: $8,550 per year
Age 55+: $1,000 extra per year - You can use your HSA debit card to pay for eligible expenses like office visits, lab tests, prescriptions, dental and vision care, and even some drugstore items.
Four Reasons to Love an HSA
- Tax-free. No federal tax on contributions, or state tax in most states. Withdrawals are also tax-free as long as they’re for eligible healthcare expenses.
- No “use it or lose it.” Your balance rolls over from year to year. You own the account and can continue to use it even if you change medical plans or leave the company.
- Use it now or later. Use your HSA for healthcare expenses you have today or save the money to use in the future.
- Boosts retirement savings. After you retire, you can use your HSA for healthcare expenses tax free. You can also use it for regular living expenses, which will be taxable but without penalties.
Are You Eligible?
The HSA is not for everyone. You’re eligible only if you are:
- Enrolled in the Blue Shield/DHS HDHP.
- Not enrolled in other non-HDHP medical coverage, including a traditional health plan, Medicare, Medicaid, or Tricare, or coverage under a spouse’s plan.
- Not a tax dependent.
- Not enrolled in a healthcare Flexible Spending Account (FSA), unless it’s a “limited purpose” FSA for dental and vision expenses.
How the HSA Works
Eligibility
You must be enrolled in the High Deductible Health Plan.
Contributions
The Company contributes: $1,000 (Employee Only) | $2,000 (Family)
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,300 if you enroll only yourself or $8,550 if you enroll in family coverage. You can make an additional catch-up contribution if you are age 55 or older.
Eligible Expenses
You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.
Using Your Account
Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future healthcare expenses.