Learn More About the Bank of America Health Savings Account (HSA) for Hourly Retirees Enrolled in GM Hourly Retiree Health Care for 2010
You’ll find important and useful information on the following HSA topics in this document:
Overview About the HSA Maximum HSA Contributions in 2010 HSA Eligible Expenses HSA Calculator Administrative Fee Turning Age 65 Following Open Enrollment Interest Rate and Fund Fact Sheets
Helpful Telephone Numbers and Links:
Bank of America HSA Sign In Page: bankofamerica.com/benefitslogin
Bank of America HSA Customer Care:
, 8:00 a.m. - 11:00 p.m. Eastern, Monday through Friday
GM Benefits Home Page: www.gmbenefits.com for HSA or other benefits enrollment information
General Motors is pleased to offer hourly retirees under age 65 who are enrolled in GM Hourly Retiree Health Care in 2010 the opportunity to fund a Health Savings Account (HSA) with Bank of America. Eligible retirees may elect to contribute to a Bank of America HSA during the 2010 Annual Enrollment. Eligible retirees may make online electronic deposits from their personal checking or savings accounts, or send contribution checks directly to Bank of America.
We hope you find the following information helpful and informative as you make your Annual Enrollment elections for 2010.
About the HSA:
An HSA allows you to save and pay for current or future health care expenses in a tax-advantaged way. You may fund your HSA through easy online electronic deposits from your personal checking or savings account or by mailing a contribution check to Bank of America. Remember, you must be enrolled in GM’s HSA-qualified medical plan in order to enroll in the Bank of America HSA.
Important HSA Benefits:
There is no use it or lose it rule - use your funds as needed to pay for current health care expenses or roll over unused funds from year to year and continue to receive tax-free earnings
Enjoy tax-advantaged earnings and tax-advantaged withdrawals to pay for your health care expenses
Choose among a wide range of mutual funds to invest your tax-advantaged dollars for your future health care needs*
Maximum HSA Contributions in 2010
In 2010, you can contribute up to $3,050 for an individual and $6,150 for a family into your HSA. An additional annual catch-up contribution is allowed for those participants ages 55 to 65. The catch-up contribution amount for 2010 is $1,000.
HSA Eligible Expenses
To find a list of eligible expenses visit bankofamerica.com/benefitslogin and click on Eligible Expenses under Tools and Resources; this link provides you with a broad list of IRS-eligible HSA expenses.