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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 Limit55+ 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.