GM Health Savings Accounts Information
The HSA
- A Health Savings Account (HSA) is a tax-advantaged medical savings account that works with a high-deductible health plan.
- GM contributes $1,500 to the HSA for eligible employees
- You can contribute funds into your HSA on a pre-tax basis to save for current and future medical expenses
HSA Tax Facts
- All contributions are made tax-free
- Your investment earnings are tax-free
- Your withdrawals for qualified health care expenses are tax-free
3 Ways You Can Save
- Pre-tax contributions
- Tax-free interest and investment earnings
- Tax-free payments for qualified medical expenses
Are You Taking Full Advantage?
- Consider contributing more than you need to spend in the year, so next year begins with a positive balance
- If you have more than $1,000 in cash in your HSA, you may consider investing in the available mutual funds, any earnings are tax-free
HSA Resources
- Get a complete list of qualified health care expenses online at saveituseit.com
- Get the "MyHealth" mobile app. It's your health account on the go. You can download the app directly form the App Store or Google Play
Getting Started
- Go to the GM Benefits homepage to enroll
2021 HSA Contribution Limits
| Minimum Deductible | Maximum Out-of-Pocket | Contribution Limit | 55+ Contribution | ||
|---|---|---|---|---|---|
| Single | $1,400 | $7,000 | $3,600 | $1,000 | |
| Family | $2,800 | $14,000 | $7,200 | $1,000 |
GM/Bank of America HSA Allocations to Consider
| Conservative | Moderate | Moderate Growth | Aggressive |
US Treasury | 100% | 50% | 40% | 20% |
Large Cap Growth | 0% | 10% | 10% | 15% |
500 Index | 0% | 15% | 18% | 25% |
Mid Cap Index | 0% | 7% | 9% | 10% |
Small Cap Index | 0% | 6% | 8% | 10% |
Total International Stock Index | 0% | 10% | 12% | 15% |
Emerging Markets Index | 0% | 2% | 3% | 5% |
*The suggestions above are general guidelines. Your situation should be based upon your own personal time horizon and risk tolerance.
Consult with prospectus prior to making any decisions.