As you have asked about the Health saving account (HSA) of Bank of America, I am giving you information about it, check below for the details

A Health Savings Account (HSA) is a type of personal savings account that helps those with qualified high-deductible health plans (HDHPs) save money on many out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions.

Benefits:

Save it. Use it. Never lose it.

Triple Tax Advantage

An HSA offers unique tax advantages that help you keep more of your hard-earned money by providing the potential for:


Pretax contributions:

Contributions to your HSA can be made with pretax dollars which means
every dollar you contribute is a dollar saved

Tax-free gains:

Any gains on the money in your HSA are tax-free so you keep 100% of any
money your HSA savings or investments earn, boosting the amount of money
you have to cover your out-of-pocket medical costs.

Tax-free withdrawals:

You won't pay taxes on money you withdraw for qualified medical expenses

HSA for Life
Your HSA belongs to you, so you can use the money in your account to pay for qualified health care expenses throughout your life—including retirement

You may be eligible for an HSA if you’re covered by a qualified high-deductible health plan (HDHP).