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Bank of America health reimbursement account (HRA)+

When you combine a deductible HMO plan with the Bank of America HRA, you and your employees get lower premiums and tax savings.* Not only can you gain greater control over your health care dollars - you can empower your employees to become well-informed, responsible health care consumers. You get:

  • A flexible selection of deductible HMO plans—deductibles range from $250 to $1,000 for individuals and $500 to $2,000 for families
  • Access to coordinated care—including primary, specialty, and hospital care, plus pharmacy and vision coverage
  • Preventive services—for most preventive services, your employees pay nothing
  • Financial protection for employees—you help your employees in meeting their health care needs, which in turn helps shield them from high costs.

The Bank of America HRA is funded and owned by your company - so you get greater control over your health care dollars while maintaining broad coverage for your employees. And with the HRA from Bank of America, you can trust in a consistent, proven approach to funds administration.

  • Better cash-flow management—you keep more money up front because you contribute funds only as employees accrue expenses.
  • Tax savings*—you can deduct HRA contributions from taxes, and the funds are tax-free for your employees.
  • More control—you can set your annual contribution level and the amount your employees can carry forward.
  • Easy access to funds with Bank of America HRA debit card—employees can use the debit card to pay for qualified medical expenses at any Kaiser Permanente facility or contracted provider, including physicians' offices, hospitals and pharmacies.

+ The HRA is administered by Bank of America. Bank of America, Kaiser Foundation Health Plan of the Mid-Atlantic States, Inc., Kaiser Foundation Hospitals, and their affiliates are not engaged in rendering tax advice. Federal and state laws and regulations are subject to change. If tax, investment, or legal advice is required, seek the services of a qualified professional. Various plans cover benefits differently so please review the Evidence of Coverage of the plans you are considering for purchase.

* The tax references in this brochure relate to federal income tax only. Consult with your financial accounting or tax advisor for information about state income tax laws. Federal and state tax laws and regulations are subject to change. If tax, investment, or legal advice is required, seek the services of a qualified professional.

† Qualified expenses include deductibles, copayments, coinsurance for medical services, prescription drugs, and more. Members should retain receipts for their records. For a general list of qualified medical expenses as defined by Internal Revenue Code Section 213(d), visit irs.gov/publications to download IRS Publication 502: Medical and Dental Expenses.

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