Catch is now offering Health Expense Accounts -- what exactly does that mean?
Health Expense Accounts allow anyone to set aside funds to pay for out-of-pocket health care expenses, regardless of the type of plan you have. Catch allows you to withhold funds from any paycheck and send that money directly to your Health Expense Account the same way you withhold for taxes, time off, or retirement. You can use the money saved in your Health Expense Account to pay for any health related expense, and the funds remain in your account until you withdraw them.
Health Savings Accounts (HSAs) are tax-advantaged savings accounts designed to help people with High Deductible Health Plans* pay for medical expenses. The contributions are invested over time and must be used to pay for qualified medical expenses, which include most medical care such as dental, vision, and over-the-counter drugs.
*To have an HSA, you must be enrolled in a High Deductible Health Plan.