Changing your Health Savings Account (HSA) contribution with Bank of America is a straightforward process, but the exact steps can vary slightly depending on whether your HSA is employer-sponsored (through payroll deductions) or if you make individual contributions directly. Either way, taking control of your HSA contributions is a smart financial move, allowing you to optimize your tax savings and build a robust health care nest egg.
Ready to take charge of your healthcare savings? Let's dive in!
Understanding Your HSA Contribution Options with Bank of America
Before we get into the "how-to," it's crucial to understand the two main ways you might be contributing to your Bank of America HSA:
- Employer-Sponsored Contributions (Payroll Deductions): If your HSA is set up through your employer, a portion of your paycheck is automatically deposited into your HSA before taxes are even calculated. This is often the most common and advantageous way to contribute, as it offers immediate tax savings (federal and often state, plus FICA taxes).
- Individual Contributions (Direct Contributions): You can also make contributions directly to your Bank of America HSA from your personal checking or savings account. These contributions are after-tax but are typically tax-deductible when you file your income taxes, giving you a similar tax benefit.
The process for adjusting your contribution will depend on which of these methods you primarily use.
Step 1: Determine Your Contribution Method
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Ask yourself: How do I currently put money into my HSA? Is it automatically taken from my paycheck, or do I transfer it myself?
- If your contributions are deducted from your payroll: Your employer's benefits portal or HR department will be your primary point of contact for adjusting your contributions. Bank of America acts as the custodian of your HSA, but your employer manages the payroll deduction aspect.
- If you make direct contributions: You'll manage these adjustments directly through the Bank of America member website or the MyHealth app.
Knowing this will guide you to the correct pathway for making your desired changes.
Step 2: Adjusting Employer-Sponsored (Payroll) Contributions
If your HSA contributions are made via payroll deduction, follow these steps:
Sub-heading: Contact Your Employer's HR or Benefits Department
This is the most crucial step for payroll contributions. Your employer is responsible for setting up and adjusting your payroll deductions.
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Locate Your Benefits Portal: Many employers use online benefits portals where you can manage your health benefits, including HSA contributions. Look for a section related to "Benefits," "Health Savings Account," or "Payroll Deductions."
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Review Plan Documents: Your employer's benefits package or intranet may have specific instructions or forms for changing HSA contribution amounts.
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Speak with HR/Benefits: If you can't find the information online or prefer direct assistance, reach out to your Human Resources or Benefits department. They can guide you through their specific process, which might involve:
- Filling out a physical form.
- Making changes through an online benefits enrollment system.
- Updating your election directly in their payroll system.
Be prepared to provide your desired new contribution amount per pay period.
Sub-heading: Important Considerations for Payroll Changes
- Timing: Payroll changes often have specific deadlines to be effective for the next pay cycle. Inquire about these deadlines with your employer.
- Contribution Limits: Remember the IRS annual contribution limits for HSAs. These limits apply to all contributions, including both your own and any employer contributions. The 2025 limits are $4,300 for self-only coverage and $8,550 for family coverage. If you are 55 or older, you can contribute an additional $1,000 "catch-up" contribution. It's your responsibility to ensure you don't overcontribute.
- Pre-tax Benefits: Payroll deductions are pre-tax, meaning the money comes out of your gross pay before taxes are calculated, providing immediate tax savings.
Step 3: Adjusting Individual (Direct) Contributions
If you make individual contributions directly to your Bank of America HSA, you have more direct control. Here's how:
Sub-heading: Using the Bank of America Member Website
This is often the easiest and most common way to manage your direct contributions.
- Log In: Go to the Bank of America Health Accounts member website (myhealth.bankofamerica.com). You'll need your username and password.
- Navigate to Contributions: From the Home screen, look for an option like "Contribute to HSA" or "Make a Contribution."
- Initiate a New Transaction: Follow the on-screen instructions to create a new contribution transaction. You will likely be prompted to:
- Select the account from which you want to transfer funds (you may need to link an external bank account first if you haven't already).
- Enter the contribution amount.
- Choose the contribution year (current or prior year, if applicable, keeping in mind the tax-day deadline for prior-year contributions).
- Confirm and Submit: Review the details of your contribution carefully before confirming and submitting the transaction.
Sub-heading: Using the MyHealth App
For convenience on the go, the MyHealth app offers a similar experience.
- Open the App: Launch the MyHealth app on your smartphone or tablet.
- Log In: Enter your credentials.
- Find Contribution Option: Look for "Contribute to an HSA" or a similar option on the app's main dashboard.
- Follow Prompts: The app will guide you through entering the amount, selecting the source account, and confirming the contribution.
Sub-heading: Contributing by Mail
While less common for adjusting ongoing contributions, you can also make one-time contributions via mail.
- Download the Form: From the Bank of America Health Accounts member website, go to "Tools & Support" > "Account Support & Forms."
- Locate the HSA Contribution Form: Download and print this form.
- Complete the Form: Fill out all required information, including your account details and the contribution amount.
- Mail with Check: Send the completed form along with a check payable to Bank of America to the address provided on the form.
Sub-heading: Linking External Bank Accounts (If Needed)
If you plan to make direct contributions from a bank account not already linked to your Bank of America HSA, you'll need to set this up first. This usually involves:
- Going to your profile or settings on the member website.
- Finding an option to "Link External Accounts" or "Add Bank Account."
- Entering your external bank's routing and account number.
- Verifying the account, which often involves small test deposits that you confirm.
Step 4: Verify Your Contribution Change
After making your adjustment, whether through your employer or directly with Bank of America, it's wise to verify the change.
- For Payroll Contributions: Check your next pay stub to ensure the new HSA deduction amount is reflected. You can also log into your Bank of America HSA member website or MyHealth app a few days after your pay date to see if the updated contribution has posted.
- For Direct Contributions: Immediately after making a direct contribution online or via the app, you should receive a confirmation. Check your HSA transaction history on the Bank of America member website or MyHealth app within a day or two to confirm the contribution has been successfully processed.
Step 5: Monitor Your Contributions and Limits
It's your responsibility to track your total HSA contributions for the year to ensure you don't exceed the IRS limits.
- Regularly Check Your Account: Use the Bank of America member website or MyHealth app to view your contribution history and current balance.
- Factor in Employer Contributions: If your employer also contributes to your HSA, make sure to include their contributions when calculating your total for the year.
- Understand IRS Deadlines: Contributions for the current tax year can typically be made up until the tax filing deadline of the following calendar year (usually April 15th).
What if you overcontribute?
If you realize you have contributed more than the IRS annual limit, it's important to correct this to avoid potential tax penalties. Bank of America provides a process for this:
- Go to the member website: "Tools & Support" > "Account Support & Forms."
- Download the HSA Distribution Request Form.
- Check the box for "Excess Contribution Removal" in Step 2a and include the date of the excess contribution.
- Sign and mail or fax the form to Bank of America.
- Consider stopping or reducing your payroll contributions for the remainder of the year if that's how the overage occurred.
Frequently Asked Questions (FAQs)
Here are 10 common questions related to changing your HSA contributions with Bank of America, with quick answers:
How to find my current HSA contribution amount with Bank of America?
You can find your current contribution amount by logging into the Bank of America Health Accounts member website (myhealth.bankofamerica.com) or the MyHealth app and checking your account summary or transaction history. For payroll contributions, check your pay stub.
How to increase my HSA contribution with Bank of America?
If through payroll, contact your employer's HR/benefits department. If direct, log into the Bank of America member website or MyHealth app and initiate a new "Contribute to HSA" transaction with your desired higher amount.
How to decrease my HSA contribution with Bank of America?
For payroll deductions, you must typically go through your employer's HR or benefits portal to adjust your election. For direct contributions, simply make smaller or less frequent contributions yourself.
How to stop HSA contributions entirely with Bank of America?
If it's a payroll deduction, inform your employer's HR/benefits department to cease contributions. If you make direct contributions, simply stop making transfers to your HSA.
How to make a one-time HSA contribution to Bank of America?
Log into the Bank of America member website or MyHealth app, select "Contribute to HSA," enter the desired amount, and complete the transaction. You can also mail in a check with the HSA Contribution Form.
How to contribute for a prior tax year to my Bank of America HSA?
You can make prior-year contributions up until the tax filing deadline (typically April 15th of the current year) by selecting the "Prior Year Contribution" option when contributing through the Bank of America member website, MyHealth app, or on the mailed form.
How to know the current HSA contribution limits for Bank of America?
The IRS sets these limits annually. You can find the most up-to-date limits on the Bank of America Health Accounts website (often under FAQs or a dedicated limits page) or on the IRS website (IRS Publication 969). For 2025, they are $4,300 for self-only coverage and $8,550 for family coverage, with an additional $1,000 catch-up for those 55 and older.
How to link an external bank account to my Bank of America HSA for contributions?
Log into the Bank of America Health Accounts member website, navigate to your profile or settings, and look for an option to "Link External Accounts" or "Add Bank Account." You'll typically need your external bank's routing and account number.
How to correct an overcontribution to my Bank of America HSA?
You'll need to download and complete the "HSA Distribution Request Form" from the "Tools & Support" section of the Bank of America Health Accounts member website, specifically checking the "Excess Contribution Removal" box.
How to check if my HSA contribution change has taken effect with Bank of America?
Check your next pay stub for payroll deductions. For direct contributions, log into the Bank of America member website or MyHealth app and review your "Account Summary" or "Transaction History" a few business days after making the change.
