HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) is a tax-advantaged savings tool that provides triple tax savings for participants in CDHP:
- Contributions to your HSA can be made with pre-tax dollars through payroll deductions, which reduces your taxable income. Any after-tax contributions that you make to your HSA are also tax-deductible on your tax filing at the end of the year.
- Interest and investment earnings on HSA funds grow tax-free.
- Withdrawals from the HSA are also tax-free when used to pay for qualified healthcare expenses.
- You can contribute to your HSA through payroll deductions, and Caterpillar will contribute “seed money” to your HSA.
- How does an HSA work?
- What are "qualified medical expenses"?
- Answers to employees' top 6 questions
- 3 tips to maximize your HSA savings
- Answers to your big "What if" questions
- I already have an HSA. How do I transfer the funds to a Caterpillar-sponsored HealthEquity HSA?
- HealthEquity HSA videos and tutorials (how to use your account, pay a provider, etc.)
- HealthEquity monthly webinars
FLEXIBLE SPENDING ACCOUNT
A Flexible Spending Account (FSA) allows you to set aside money for certain expenses before payroll deducts taxes from your paycheck. This means the amount of income your taxes are based on will be lower, so your tax liability will be lower. With an FSA, you can reduce your taxes while paying for things you’d have to pay for anyway.
Caterpillar offers two Flexible Spending Accounts:
- Health Care (General Purpose or Limited Purpose)
- Dependent (child or elder) Care
To access your FSA information or the FSA Tax Savings Calculator, go to myuhc.com > Claims & Accounts > Flexible Spending Account.
