What happens if I terminate from the plan mid-year (i.e. leave GMAC ResCap)?
• Upon termination, you would receive a letter from SelectAccount telling you what you need to know about your HSA. If you continue to be enrolled in the BCBS Low or High plan via COBRA, you can continue to make contributions to your HSA. However, GMAC ResCap will no longer contribute to the HSA when you are on COBRA. If you do not elect COBRA and become covered under a plan that is not a HDHP, you can no longer make contributions to your HSA. However, you can continue to use those funds for qualified medical expenses. Any funds in the HSA at the time of termination remain with the employee. • How do my contributions provide tax benefits? Your personal contributions offer you an above-the-line deduction which allows you to reduce your taxable income by the amount you contribute to your health savings account. You do not have to itemize your deductions to benefit. • What happens to the money in my HSA when I die? If you are married, your spouse will become the owner of the HSA when you
