Does Bank of America HSA Roll Over for 2019?

If you have an HSA (Health Savings Account) with Bank of America, you might be wondering whether the funds in your account will roll over to the next year, like they do in other types of savings accounts. The good news is that HSAs are designed to be flexible and offer certain advantages to account holders. So, does Bank of America HSA roll over for 2019? The answer is yes!

Bank of America allows the balance in your HSA to roll over from year to year. This means that any unused funds at the end of 2019 will carry over to 2020, and so on. Rolling over your HSA balance is a great way to build up savings for future medical expenses and ensure that you have funds available when you need them.

Here are some key points to keep in mind regarding the rollover of funds in your Bank of America HSA:

• Unused funds in your HSA do not expire at the end of the year.
• There is no limit to the amount that can roll over to the next year.
• Rolled-over funds continue to grow tax-free in your HSA.

It's important to note that while the funds in your Bank of America HSA do roll over, you still need to be aware of contribution limits set by the IRS. For 2019, the contribution limit for individuals is $3,500 and $7,000 for families. If you are 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

If you’re a Bank of America HSA account holder, you can breathe easy knowing that your funds will roll over into the next year. This means not only can you avoid losing any unused funds from 2019, but you can also save them for future healthcare expenses. That’s the beauty of an HSA – it’s designed to grow your savings efficiently!