Health Savings Account (HSA)

If you enroll in one of the HSA Medical Plans, you are eligible to open an HSA through PayFlex. The HSA is a tax-advantaged personal savings account, which allows you to set aside before-tax dollars to pay for eligible medical, prescription drug, dental and vision expenses you have now or in the future. You then pay for expenses using your HSA debit card or pay out of pocket. If you pay out of pocket, you can reimburse yourself by debiting funds from your account. Be sure to keep your receipts. A full list of eligible expenses is available in IRS Publication 969 and IRS Publication 502.

  • The money you save in your account can be spent on qualified Medical, Dental, and/or Vision expenses.
  • The money you save stays with you if you change jobs, just like any other bank account. Unspent funds remain in your bank account.
  • Save for your future by contributing to the limit – an HSA is a great way to save for your immediate expenses and for retirement.
  • The money in the account is available as it’s deposited.
  • Start, stop, or change your contributions at any time (limitations may apply – consult HR).
  1. Reduce your taxable income by contributing into this account.
  2. Pay for qualified healthcare expenses free of tax.
  3. Earn tax-free interest on HSA dollars and invest tax-free.
  • Be enrolled in Medicare or Medicaid, or a non-HDHP plan (if you gain this coverage, you must stop HSA contributions, but you can spend down any money in your account).*
  • Be claimed as another person’s tax dependent.
  • Have a full purpose/healthcare Flexible Spending Account (FSA) – nor can your spouse, even if you are not participating in their medical plan and/or they are not enrolled with you.

*Those Medicare eligible should speak with a licensed Medicare consultant. For high-level HSA considerations, reference medicare.gov (look for ‘I have a Health Savings Account (HSA)’).

Flexible Spending Accounts (FSAs)

Flexible Spending Accounts (FSAs) allow you to contribute before-tax dollars to an account to pay for eligible healthcare and dependent care expenses you have during the year. Because contributions are deducted from your paycheck before taxes are taken out, you reduce your taxable income, which means there’s less money for the government to tax, so you save on taxes! CATIC offers the FSA through Meritain Health.

You must newly elect/re-elect the FSAs each year – your election will not roll forward. Once elected, you must have a qualifying life event to stop or change your deduction amount. If you do not elect when eligible/available, you cannot newly enroll without a qualifying life event.

Full Purpose FSA

The Full Purpose FSA allows you to set aside pre-tax dollars, up to IRS limits, to help pay for eligible medical, prescription drug, dental and vision expenses. Because IRS rules state you cannot have both an HSA and a Full Purpose FSA at the same time, the Full Purpose FSA is available only if you are not contributing to an HSA. You can also participate in the Full Purpose FSA if you are enrolled in a non-HSA-eligible medical plan with your spouse.

Life and AD&D

Basic Life and AD&D

Life and AD&D insurance provide you and your beneficiaries the financial protection you need if you die or become injured or sick from an accident.

All employees are covered by a benefit of 1X your earnings to a maximum of $250,000.

This coverage is at no cost to you.

Accidental death and dismemberment (AD&D) insurance may pay: your beneficiary an additional benefit (in additional to any life insurance) if you pass away due to an accident or you a partial benefit due to the loss, or the loss of use, of body parts or functions such as limbs, speech, eyesight, and hearing.

A beneficiary is the person, persons, or organization who would receive your benefit in the event you lose your life. Make sure your beneficiaries are up to date – you can change them at any time! Update your beneficiaries in the portal.

Voluntary Life and AD&D

With this optional benefit you can purchase additional coverage for yourself, your spouse, and/or your child(ren). You, the employee, must enroll/be approved for coverage for your spouse and/or child(ren) to also enroll.

Applies to Vol. Life and AD&D only.

When you are first eligible (as a new hire or become newly eligible for benefits) you can elect an amount of coverage up to the Guarantee Issue (GI) without needing to provide proof of good health (called ‘Evidence of Insurability’ or EOI).

Applies to Vol. Life and AD&D only.

Electing an amount over GI? Are you a late enrollee (declined coverage when first eligible)?

If you answered yes to either or both questions, you must complete an Evidence of Insurability (EOI) form. If you are newly eligible and electing coverage over the GI, you will not be approved for coverage over the GI until your EOI form has been approved. If you are a late enrollee, the GI does not apply and any amount you apply for will not go into effect until your EOI is approved.

Disability

Short Term Disability (STD)

STD pays you 60% of your weekly pay to a maximum of $1,000. Your disability leave begins the day you have an accident or are injured – this benefit will pay you: accident on day 1, sickness/maternity on day 8. The duration of benefits is determined by your leave carrier to a maximum of 180 days.

This coverage is at no cost to you.

Long Term Disability (LTD)

LTD covered accidents or illness that extend beyond STD. This benefit covers 60% of your monthly pay (maximums vary.) These benefits would begin to pay 180 days after your accident or illness leave began.

This coverage is at no cost to you.

Disability insurance is income protection. If you experience a qualifying accident or illness while employed (experienced at work or away form work) these benefits will pay a portion of your weekly or monthly income.

Vocabulary: STD = Short Term Disability | LTD = Long Term Disability

If you have a disability claim within the first year of being covered, check your plan details to see how pre-existing condition limitations might impact your coverage.

When you are out of work for a disability, you should apply for FMLA (if applicable) and state paid leave (if applicable) at the same time as your disability claim. These benefits run concurrently (at the same time).

Note on Short Term Disability (STD): STD payments will begin to pay after 7 days of your disability, but the day you become disabled is considered day 1 of your disability claim. For example, you break your leg 6/1 and benefits begin to pay 6/8, but 6/1 is considered day 1 of your claim and is used to calculate the duration of your disability.

The amount you are paid by disability insurance will be reduced by other income including: PTO, state paid leave, retirement benefits, social security – see your plan document for full list.

Once your claim is opened, a claim examiner will be assigned to you and will follow up with 24 hours. Your HR representative will also reach out to confirm that your case has been opened.

Retirement Benefits

Set your future self up for financial stability with a 401(k) through Empower Services. Choose from pre-tax (traditional) or after-tax (Roth) contributions, depending on your need. You can change your contribution amount or pre- or after-tax election at any time.

Employer Match

CATIC will match 100% of employee deferrals up to 3% of salary and 50% of employee deferrals after 3% to a 6% maximum.

Vesting Schedule

You will own 25% of CATIC’s match after one year of service, and 100% of CATIC’s match after two years of service.

2025 Contribution Limits

$23,500 for employee contributions, and $70,000 for the combined employee and employer contributions. If you’re age 50 or older, you are eligible for an additional $7,500 catch-up contribution, in addition to the limit.

Questions?

Contact Empower directly by calling 855-756-4738 or visiting their website. You can also view the FAQs to learn more.

Financial Planning–Retirement Visions, LLC

While most financial planning firms work with clients based on their money goals, we work with ours based on life goals. Our sole purpose is to help people and to enable them to feel confident that their life can be full of possibility as opposed to worry.

Jay Gershman
jay@allset2retire.com
860-899-1280
allset2retire.com

Ready to Enroll?

Enrollment is completed online. You must complete your enrollment during your new hire/newly eligible waiting period or annually before open enrollment ends.