How the HSA Works

Your money, your way

USE IT: You can pay eligible healthcare expenses for yourself or your qualified tax dependents. For a list of eligible healthcare expenses, refer to IRS Publication 502.

SAVE IT: You can accumulate money to use later - especially in retirement.

INVEST IT: You can invest your money in a variety of mutual funds. It's like a 401(k) for healthcare expenses, only better.

Tax Advantages

The HSA provides three tax benefits*:

• The money you put in lowers your taxable income. That's because if you decide to make weekly contributions from your paycheck, they are deducted pre-tax. If you fund your HSA from another source, you can take the deduction when you file your taxes at year-end.
• Your money grows tax-free. You can invest your HSA dollars in one of many mutual funds once your balance reaches $500, and any earnings are tax-free.
• Any money you withdraw for an eligible healthcare expense is tax-free. For a list of eligible expenses, refer to IRS Publication 502.

*Some states tax contributions/earnings. Check with your tax advisor.

How to Contribute

You can contribute money to your HSA in the following ways:

• Weekly payroll deductions
• Deposit from a personal account
• One-time rollover from your IRA

Annual Maximum

The IRS sets annual HSA maximum contribution limits. The 2024 maximums are $4,150 for single coverage and $8,300 for family coverage. If you are age 55 or older, you can contribute an additional $1,000 as a "catch-up" contribution. These maximum amounts include contributions from all sources combined: Gulfstream's seed, your weekly payroll-deducted contributions and lump sum contributions from a personal account or an IRA rollover.

Making Changes

You can make changes to your HSA contributions at any time by calling the General Dynamics Service Center at 888-432-3633 or by logging into your account at gdbenefits.com.