Bank of America Global Treasury Services plans to offer Health Savings Accounts in the commercial marketplace in time for the fall benefits enrollment cycle.
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The Charlotte banking company's treasury unit said Monday that it will initially offer HSAs to health plans and employers and later to small businesses and consumers. The unit designed its product in conjunction with the parent's insurance services group and the consumer banking and card units.
Health savings accounts enable people to save money tax-free to cover medical expenses not paid by high-deductible health plans.
