Bank of America Improves HSA Participant Experience

The new digital platform includes a personalized experience and improved investment services, among other things.

Bank of America (BoA) has launched a new digital platform for health savings accounts (HSAs) designed to make the tax-advantaged savings vehicle more accessible and easier to use.

The new platform includes:

  • Seamless integration between online and mobile channels
  • A bar code scanner to validate qualified medical expenses via mobile devices
  • Customized participant experience through targeted messaging, banners and articles
  • A new online learning hub for better understanding of HSAs, featuring calculators, helpful content,  testimonials and tips for managing HSA investments

In addition, BoA has enhanced its Health Benefit Solutions program with:

  • Increased fraud monitoring and prevention measures
  • Full integration with Merrill’s Chief Investment Office
  • Increased interest rates for those with an HSA cash balance of more than $7,500
  • Expanded adviser distribution to include all of Merrill’s 4,100 advisers

“As health care costs persist as one of the greatest financial concerns facing both individuals and companies, making HSAs more accessible and convenient for them is paramount,” says Lorna Sabbia, head of retirement and personal wealth solutions at BoA. “Unlike other ‘use it or lose it’ vehicles, HSAs can be used to fund qualified health care expenses in retirement, which is why it is so important for individuals to start savings and growing balances now.”