Seagate is committed to providing benefits that support the health, well-being, and security of our employees and their families. We recognize the many facets that make up our employees’ work and personal lives—and that there are many paths to reaching one’s maximum potential.
Seagate wants to encourage you in your health and life goals. Check out the wide range of programs that we offer in support of these goals.
Don’t forget to explore the perks of working at Seagate, such as access to discounts just for Seagate employees.
Sign up for Seagate’s Financial Wellness Email Series
Receive curated advice about one small thing you can do to meet a financial goal or eliminate a financial stressor from your life.
Glossary of Common Terms
While we strive to be as clear as possible, some jargon is unavoidable. Here are the definitions for common terms you’ll see throughout your benefits communications.
COBRA
COBRA
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives those who lose their health benefits the right to continue their employer-provided health plan for limited periods of time under certain circumstances such as job loss, reduction in hours worked, transition between jobs, death, divorce and other life events.
Coinsurance
Coinsurance
Your share of a covered health care service after you have met your deductible. For example, Seagate’s PPO medical plan pays 90% of the cost of a service, and you pay the remaining 10%. You must pay your deductible first.
Deductible
Deductible
A flat dollar amount you pay each year before your medical plan starts paying a portion of your medical bills. The deductible varies based on the number of people on your plan and generally does not apply for those services that you pay a copay for.
Evidence of insurability (EOI)
Evidence of insurability (EOI)
This is sometimes called “proof of good health” and is used to qualify for certain amounts of life insurance coverage. This process can involve urine and blood tests, along with a physical exam.
High Deductible Health Plan (HDHP)
High Deductible Health Plan (HDHP)
In return for lower per-paycheck costs, you pay the full cost of all care (except preventive care, such as annual physicals and lab tests) until you reach the plan’s deductible. After you reach the deductible, the plan pays a portion of the cost, and you pay the rest.
In-network
In-network
Medical plans negotiate with doctors and hospitals to determine what rates they’ll charge for specific services. In-network providers have agreed to charge lower rates for their services. In most cases, you pay less and receive a higher benefit from your medical plan when you use in-network providers.
Out-of-network
Out-of-network
These services are usually covered at a lower rate, because in-network providers have agreed to charge lower rates. So you’ll pay more if you choose to use out-of-network providers such as doctors and hospitals.
Out-of-pocket maximum (OOP max)
Out-of-pocket maximum (OOP max)
The maximum amount you could pay, annually, after you’ve paid your per-paycheck costs, deductible and coinsurance.
Per-paycheck costs
Per-paycheck costs
The amount you pay out of each paycheck for medical, dental, vision and other insurance coverage.