How the CDHPs Work
The CDHPs are eligible to be paired with a tax-advantaged savings account feature, called a Health Savings Account (HSA). Together, these two components give you comprehensive medical coverage along with tools to help you save for health care expenses so you can use your benefits and health care dollars wisely.
Health Savings Account*
If you enroll in the UHC Consumer Choice or UHC Consumer Max plan options, you’ll be prompted to set up a Health Savings Account (HSA) with HealthEquity, provided you’re eligible to contribute to an HSA (see the Not Everyone Can Have an HSA for details.).
An HSA is a savings account that lets you pay for qualified expenses — like deductibles, coinsurance and prescription drugs, dental and orthodontia services and vision supplies — with tax-free dollars. You and Caterpillar contribute funds to the HSA, and you can use the money now or save it for the future. Here are some of the perks:
- The HSA is like a bank account and includes a debit card.
- The funds roll over from year to year, and are yours to keep, even if you leave the company or retire.
- Once your balance reaches $1,000, you can invest the balance in excess of $1,000 in a variety of funds.
* Your HSA is an account with HealthEquity. It’s not administered by Caterpillar, isn’t an employer-sponsored plan and isn’t an ERISA plan.
Want to Use a Different HSA Administrator?
You may use any HSA administrator of your choice, but you must have an HSA with HealthEquity to contribute through payroll deductions and/or receive the Caterpillar contribution.
HSA Annual Contributions
Here’s how the contributions can work in 2021, assuming you are eligible to contribute to an HSA for the entire year. If you are hired on or after October 1, Caterpillar will not make contributions to your HSA for that year.
HSA Contribution Changes
You may change your Health Savings Account payroll contribution any time during the plan year. Mid-year contribution changes will not be effective until the first day of the following month. Maximum HSA contributions are set by the IRS. It is your responsibility to ensure that your total contributions for the year do not exceed IRS limits. Consult your tax advisor for more information.
To make changes, contact the:
- For 2023: Caterpillar Benefits Center at 1-877-228-4010 (outside of U.S. 1-718-354-1345) or follow these instructions.
- For 2024: Caterpillar Health Enrollment Center at 1-833-735-2127.
Learn More About an HSA
See Frequently Asked Questions (FAQs) for more details on HSAs.
Not Everyone Can Have an HSA
Employees can enroll in either the UHC Consumer Choice or UHC Consumer Max plan option. However, you aren’t eligible to contribute or receive Company contributions to an HSA if you’re:
- Enrolled in another medical plan (such as your spouse’s/domestic partner’s plan), unless it is a qualified high-deductible health plan
- Enrolled in Medicare
- Eligible to be claimed as a dependent on another individual’s tax return
- Not a U.S. resident
- An active military member who is enrolled in TRICARE
- Enrolled in a general-purpose Health Care FSA
- Eligible for VA benefits and have been a recent patient at a VA clinic or VA hospital. Timing matters; check with your accountant regarding your eligibility to contribute to an HSA.
See IRS Publication 969 for more details and a complete list of disqualifiers.