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Tax-Savings Accounts

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Overview

Caterpillar allows you to stretch your hard-earned dollars by reducing your out-of-pocket costs for eligible health and dependent care expenses through our flexible spending accounts (FSA) and parking and transit expenses through our commuter account.

Tax-savings accounts allow you to set aside money through pretax payroll deductions to pay for certain eligible expenses. The money isn’t taxed when it goes into the FSA or commuter account, and the reimbursement isn’t taxed when it comes back to you. So, you’re able to pay for eligible expenses with tax-free dollars. Caterpillar offers you three types of accounts:

  • Health Care FSA (two types: general purpose and limited purpose)
  • Dependent Care FSA
  • Commuter Account

Tax-Savings Account Highlights

Tax-Savings Account Highlights

1 Depending on your household income, it may be more advantageous to claim dependent day care expenses on your federal income tax return. You can’t use both methods. For more information, please consult your tax advisor.

2Eligible expenses are determined by the Internal Revenue Service. For a complete listing of eligible expenses, visit irs.gov to view IRS Publication 502 (Health Care), Publication 503 (Dependent Care) or Publication 15-B (Commuter Account).

3Special Rules During the Pandemic

Recent federal COVID-19 pandemic legislation allows Caterpillar to offer these special flexible spending account (FSA) enrollment opportunities that eligible employees can take advantage of now through October 31, 2021:

  • Enroll in a Health Care and/or Dependent Care FSA and use the funds for eligible claims incurred on a prospective basis through the end of 2021. 
  • Change your Health Care and/or Dependent Care FSA contribution amounts on a prospective basis through the end of 2021.
  • Carry over unlimited unused Health Care and Dependent Care FSA funds from 2020 to 2021.
    • You must be enrolled in a 2021 FSA with a minimum contribution of $75 to carry over unused funds.
    • Carry over funds must be used during the 2021 plan year, or they will be forfeited.

Dependent Care FSA carry over funds can be used up to the date your dependent child turns age 14 (rather than 13) if your child turned 13 in 2020 or 2021.

How You Are Reimbursed

Health Care FSA and Dependent Care FSA

The Health Care and Dependent Care FSAs provide you with several options for using your funds:

  1. Debit card. If you enroll in an FSA, you’ll automatically receive a debit card that allows you to electronically access your health care and/or dependent care account to pay for eligible expenses. For health care, you can spend up to your annual contribution election even if you haven’t yet contributed that amount through payroll deduction. For dependent care, you must have contributed enough funds to your account to cover the expense.
  2. Claim form. Pay out of pocket and then submit (through mail, fax, email, online or send a photo with your mobile device) your completed FSA claim form along with an itemized receipt or Explanation of Benefits (not a credit card receipt) to receive reimbursement from your account by direct deposit or manual check — you decide. Contact UHC if you need assistance with setting up your reimbursement selection.
  3. Automatic. Some medical, dental and prescription drug claims will automatically roll to your FSA for payment. You can disable this feature if you prefer to use your FSA debit card instead. Contact UHC for assistance.
Set Up Direct Deposit

You can have your FSA reimbursements deposited automatically into your bank account. Visit myuhc.com or call UnitedHealthcare for details.

Commuter Account

You can use your commuter account funds in four easy ways:

  1. Get monthly transit passes or tickets delivered to your home. If you order through HealthEquity, they will mail passes or tickets to you each month.
  2. Order a HealthEquity Commuter Card. Use this debit card to pay for eligible expenses yourself.
  3. Ask HealthEquity to pay your parking provider directly. This option works well if you have a recurring monthly expense, like a monthly parking space or permit.
  4. Submit a claim. Pay out of pocket and then submit (through mail, email, fax, online or through the EZ Receipts mobile app) your receipt and claim form.

Debit Card Details

  • If you enroll in an FSA, you’ll receive two debit cards — one for you and one for any eligible dependents. Sign the back of your card and ask your eligible dependent to do the same.
    • Need more cards? Call UHC [link to contacts].
    • Destroy any cards you don’t plan to use.
  • Use your debit card wherever Mastercard is accepted.
  • Choose “credit” when paying to avoid having to enter a PIN. If you prefer to use it as a debit card, call UHC to obtain a PIN.
  • Keep your receipts in case UHC requests them.
  • See FSA Debit Card Information and FAQs for more details.

Special Rules for an FSA

The IRS has certain rules and guidelines for the funds in your FSA, such as:

Special Rules for an FSA