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Benefits Guide

Accessing Your Tax Advantage Accounts

 

After you elect a tax advantage account, Bank of America will send you a Welcome Kit which provides simple instructions for setting up your on-line account and establishing a User ID and Password.

 

Visa Debit Card Regulations

 

When you enroll in the HSA, Limited Purpose Health FSA or Health FSA you will receive a Debit Card. You can use your Debit Card for HSA and FSA expenses at most pharmacies and physician offices wherever FSA debit cards are accepted.

 

If you use your debit card to pay for eligible purchases from your HSA, Limited Purpose FSA or Health Care FSA, the following rules apply:

 

Debit card can only be used:

• At a merchant who has an inventory information approval system (“IIAS”) in place, or
  Pharmacies that can show more than 90% of its receipts come from the sale of products that are reimbursable under an FSA.
• If you use a pharmacy to make purchases where the debit card will not be recognized, you can pay cash and file a claim.

 

VISA Debit Card for HSA Participants

• Save your receipts – you may have to show the IRS the expense was qualified.
• Your HSA account balance must have sufficient funds in order for you to be reimbursed for your expense. Otherwise the transaction may not process properly or you could be charged an overdraft fee, or both.

 

VISA Debit Card for FSA Participants

• Save your receipts – you may have to show the IRS the expense was qualified.
• Most health care claims will be substantiated at time of checkout. If approved, you will be paid up to the plan year contribution amount you have elected – even if you do not have those funds yet available.  You will be advised through your online account site whether further substantiation is required.
• Dependent care expenses can not be reimbursed through the debit card. Log into your account at www.bankofamerica.com/benefitslogin for payment options.

 

Online Account Management

 

Your Bank of America Welcome Kit provides easy instructions for setting up your on-line account, which will provide you access to your account 24/7. Online account management allows you to:

• View your account activity and balance online.
• Request an electronic check, one time or recurring bill payments, such as orthodontia.
• Update your contact information.
• Order additional Debit Cards (HSA and FSA).
• Invest and Save for Your Financial Future: Bank of America offers an array of mutual funds with varying risk spectrums. You can invest in these funds once your Account balance is above $1,000. Fund information is available on Bank of America’s website (HSA only).

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