1
Catalina contributes to your hsa, if you do
The amount Catalina contributes depends on if you contribute, your base salary and who you cover. Catalina's and your combined contributions cannot exceed the year's IRS limits.
2023: $3,850 for single coverage; $7,750 for family coverage
Catch Up: $1,000 for employees turning 55+ by December 31 of current year
2
you might not spend all of your HSA funds
If your total healthcare claim expenses for the year are less than your contributions (and Catalina’s) to your HSA, you may have the opportunity to invest some of your funds.
3
You get triple-tax savings
This means tax-free contributions, tax-free interest earned on invested funds* and tax-free withdrawals when you spend the money on eligible healthcare expenses.
For more details on tax savings, visit WEX.
*Investing with your HSA requires you to maintain a minimum balance of $2,000.
4
There is no "use it or lose it" rule
Any contributions to your account are yours to keep - whether you use the money now, 10 years from now or during your retirement.
Additionally, starting at age 65, you may take penalty-free distributions for any reason. Distributions for non-qualified medical expenses will be subject to taxation but will not incur the 20% penalty.
5
It's like a 401(k), but for healthcare
If your current healthcare expenses are pretty low, opening and contributing to an HSA might still be a smart choice. Your account balance will grow over time, and you can save up for eligible healthcare expenses you may incur in the future.
Just like 401(k)s, accounts can be transferred and rolled-over. For information regarding transfers and rollovers, visit WEX or complete a Transfer Request Form.