If you enroll in one of Catalina’s HDHP medical plans (Lower Deductible HSA and Higher Deductible HSA medical plans), you may be eligible to open a Health Savings Account (HSA). This is an account both you and Catalina contribute to that you can use throughout the year to pay for medical, dental, and vision expenses for yourself and your tax dependents (even if they are not enrolled in your medical plan).
The money in your HSA will roll over from year-to-year and is yours to keep, regardless of your employment status. You may start or stop HSA contributions at any time. HSA money can also grow over time, so it is a great way to save for future qualified medical expenses!
| Health Savings Account (HSA) |
|
|---|---|
| Eligibility | Employee must be enrolled in one of Catalina's high deductible health plans |
| Contributions made by | Employer and Employee |
| Eligible Expenses | All those permitted under IRS Code, Section 213(d) |
| Tax Benefits | Eligible expenses can be paid with pre-tax dollars. Additionally, once balance is sufficient, funds can accrue interest. If withdraws are made for qualified medical expense, no penalty applies. |
| Contribution elections | You can initiate, change or terminate your HSA election at any time for any reason. |
| Account Ownership | An employee owns their Health Savings Account. Any money in the account (contributed by employee or employer) is theirs to keep. It will rollover from one year to the next. |
| Maximum Annual Contributions | For 2024, $4,150 is maximum for Singles, or $8,300 for Families. Catch-up election of $1,000 for employees 55+ as of December 31 of the current plan year. Contributions made by Catalina apply towards the annual IRS limits identified above. |
How to Update Your HSA Contributions:
Contribution changes are maintained and submitted directly through Workday. Please utilize the below step-by-step guide.
HSA Contributions from Catalina:
The amount Catalina contributes to your account depends on your salary, who you cover, and what you contribute personally. Catalina will make a matching contribution to your HSA up until you reach the limits illustrated in the chart below.
Catalina matches employee contributions each pay period until the employer match limit is met, assuming the employee has established his/her personal HSA with WEX.
| Salary & Coverage | Catalina Matching Contribution* |
|---|---|
| Less than $75,000 & Single Coverage | $750 |
| Less than $75,000 & Family Coverage | $1,500 |
| $75,000 or higher & Single Coverage | $500 |
| $75,000 or higher & Family Coverage | $1,000 |
*In addition to the matching contribution formula (on a per pay period basis and contingent on the employee contributing), Catalina will make a lump sum contribution of $300 in January 2024. Employees are not required to contribute to their HSA in order to receive the $300 lump sum, but they must ensure their HSA is open and in active status. New hires throughout 2024 who elect one of the HSA plans will receive their $300 lump sum as soon as administratively possible after establishing their HSA account.
WEX - Your HSA Administrator
With WEX, you have access to a variety of tools and resources to help you manage and keep tabs on your HSA. You can:
Open and manage your account on your smartphone or tablet
Find a list of qualified healthcare expenses
Access their knowledgebase of help articles to get answers to common questions
Use the Decision Support Tool Optimize Your HSA OR use the Decision Support Tool Optimize Your HSA
Take a photo of your receipts and upload them using your smartphone or tablet
Learn how to benefit from your HSA. Get started here.
Eligible HSA Expenses
You can use your HSA for a variety of medical, dental and vision expenses, including:
Contact lenses and eyeglasses
X-rays
Dental treatments
Prescription drugs
Tobacco-cessation programs
Chiropractor visits
Laser eye surgery
For a complete list of eligible expenses, see IRS Publication 502.
Important Tax Information Regarding Domestic Partners:
By law, expenses for domestic partners and their dependents are not eligible for reimbursement from HSAs unless they are your tax dependents.