Health Savings Accounts (HSAs)

Health savings accounts (HSAs) are employee-owned personal savings accounts, which can be funded by either an employer or an employee. They can only be offered in conjunction with a federally qualified high deductible health plan (HDHP).

Employees contribute to HSAs through payroll deduction, check, or online transfer. Contributions are tax-deductible and distributions are tax-free when used to pay for qualified medical expenses. Interest and earnings are also tax-free.

Under an HSA arrangement, an employee owns the account, so if he or she changes jobs, the account goes with them. Employees can even use their HSA as an investment to help cover health care costs in their retirement years. The interest-bearing account includes a wide variety of investment options once the balance reaches $500 to help maximize savings year after year.

The BlueSaverSM HSA through Bank of AmericaTM

Our BlueSaver HSA is closely integrated with our medical products and services to ensure a seamless experience for your employees to help them take full advantage of their health plan benefits.

The BlueSaver HSA offers employees all of the advantages of an HSA through Bank of America, and independent company, along with claim and payment integration to make account management easy. This integration provides for a one-of-a-kind experience for our members while also assisting them in becoming more informed health care consumers.

Added Pharmacy Benefit Exclusive to BlueSaver HSA Customers

You can save money and make it easier for employees with chronic conditions to more easily afford their preventive medications by opting for a benefit that waives the deductible for these prescriptions.

pdf icon Enhance your HSA-qualified High Deductible Health Plan (HDHP)

Learn more

Refer to IRS Publication 969 for more information about HSAs. Refer to IRS Publication 502: Medical and Dental Expenses for a complete list of qualified expenses.

Contact Us

For more information about the BlueSaver HSA, contact your Independence account executive, independent broker, or consultant, or call 215-241-2263.