What’s New for 2024?

These are the changes we communicated during open enrollment, effective January 1, 2024.

We are pleased to report that there will be minimal changes to the benefits we currently offer. More good news:

  • There are no changes to employee contributions for our health care plans for 2024—your rates for coverage will stay the same.
  • Premiums for employee-paid long-term disability (LTD) coverage will decrease by approximately 10% in 2024. With employee-paid LTD coverage, any benefit you would receive from the plan would not be taxable. You may elect to have Seagate pay your premiums; however, keep in mind that any potential benefits you may receive from the plan will be taxable to you.
  • The IRS has increased contribution limits for Health Savings Accounts and is projected to increase contribution limits for Flexible Spending Accounts for 2024. See details below under Updates and Reminders.

Other changes for 2024

  • Due to IRS requirements, the annual deductible for the High Deductible Health Plan 1 (HDHP 1) will increase from $1,500 to $1,600 for Employee Only coverage and from $3,000 to $3,200 for Employee + Dependent(s) coverage.
  • Please have your dependents’ Social Security numbers handy when you enroll this year. They are required for all new and currently covered dependents.
  • The basic and supplemental short-term disability (STD) rate for 2024 is increasing as a result of an increase in claims. Seagate will cover the cost of your basic STD coverage. However, potential benefits that you may receive from the plan will be taxable to you. To receive non-taxable basic STD benefits, you may opt to pay the cost of coverage yourself. If you opt to pay for your own basic STD coverage, the rate is increasing from 0.0012 to 0.004 of pay. This means that an employee with an annual salary of $100,000 will see a change in their biweekly basic STD contribution from $4.62 to $15.38 in 2024.

Updates and reminders

Health Savings Account (HSA): Save more in 2024

Flexible Spending Accounts (FSAs) and Commuter Benefits for 2024

Consider increasing employee supplemental life insurance coverage

Coming soon: dependent eligibility audit

What You Need to Do

  • Review your current 2023 benefits (medical, dental, vision, life and accident insurance options) and consider which will best meet your needs in 2024. Your current 2023 benefits elections will display under Your benefits at a glance on the home page of the enrollment platform (see instructions below for accessing U.S. Benefits Enrollment/Changes).
  • Review 2024 per-paycheck costs.
  • If you want to contribute to a Health Savings Account, Limited Purpose FSA, Dependent Day Care FSA, Health Care FSA, or Commuter Benefits account, elect your contributions for 2024. Your 2023 elections will not carry into 2024.
  • Enroll or disenroll in the ARAG legal plans through YouDecide.
  • Add or remove dependent coverage, as necessary. NEW THIS YEAR: Social Security numbers are required for all new dependents added to your coverage. Also, you will not be able to complete your enrollment if any of your currently covered dependents are missing an SSN.
  • Designate or update beneficiaries for your life and accident insurance.