You can open an HSA if you enrolled in a Bronze, Bronze Plus, or Silver coverage level. When it’s time for you to pay for care or prescription drugs, your HSA gives you options:
Use Your HSA Debit Card
You can use your HSA debit card when you’re ready to pay for qualified medical expenses. The funds will be taken directly from your account.
Make sure you only use the card for eligible expenses, and that you have enough money in your HSA to cover it.
Log on to Bank of America at myhealth.bankofamerica.com to check your balance beforehand.
Pay Out of Pocket
If you prefer, you can pay for your expenses up front and pay yourself back through your HSA later. You’ll log on to Bank of America at myhealth.bankofamerica.com to transfer money from your HSA to your regular bank account. You can also access your HSA through benefits.ml.com if you have an APTIM 401(k) account. If you need help with this, contact Bank of America at 1.866.791.0250.
Set Up Direct Payments
Another option is to have Bank of America make direct payments to your provider from your HSA. Log on to Bank of America at myhealth.bankofamerica.com to set up direct payments.
Eligible Expenses
You can find a complete list of eligible expenses at https://www.irs.gov/publications/p502.
Don’t forget! If you use money from your HSA to pay for nonqualified expenses, you’ll pay taxes on that money. You’ll also pay an additional 20% penalty tax if you’re under age 65. This applies to expenses such as child care, cosmetic surgery, health club fees, teeth whitening products, and vitamins.
Keep Your Receipts!
Always remember to save your receipts when you make payments from your HSA, in case you need to provide proof of your eligible expenses to the IRS.
Questions?
Learn more in the HSA User's Guide (PDF).