Health Savings Account

You can use the money in your HSA to pay for eligible health care expenses you incur today or save it (and build it) to cover planned and unplanned future expenses—even in retirement. Your HSA is yours to use forever, even if you leave Seagate.

Here are the five main advantages of having an HSA:

1. You get free money from Seagate—a match of 50% of your annual contribution amount up to $500 for individual coverage and $1,000 for family coverage—to help cover your health-related expenses.

2. You save on taxes three ways:

• The contributions you make to your HSA aren’t taxed*—and they reduce your taxable income, too!
• You’re not taxed on HSA withdrawals for qualified health care expenses. 
• You earn tax-free interest on your HSA balance and any investment earnings.*

3. Once your balance reaches $1,000, you can invest the funds in your account to potentially grow your balance even more.

4. You can use money in your HSA to pay for your dependents’ qualified health expenses, even if they’re not enrolled in a Seagate medical plan.**

5. Your HSA is another way to save for retirement (and the health expenses you’ll have then).

Seagate deposits its contribution each payroll period over the course of the full calendar year. You can use your HSA to pay for eligible health expenses you incur as of the date your HSA is established. Here are other important facts to know about HSA contributions:

• Per IRS regulations, you must be enrolled in a qualified HDHP on the first day of the month in order to make or receive an HSA contribution during that month.
• You must elect your HSA contributions every year. Your prior year contribution will not carry over into the new year.
• You can stop or change your contribution (HR Services > Fast Access > US Benefits Enrollment/Changes) as often as once a month to cover planned or unplanned health expenses. 
• If you’re hired between December 2 and December 31, you won’t receive the company contribution for that year, and you won’t be able to make personal contributions until January of the following year.
• If you don’t want to enroll in an HSA or are ineligible for an HSA, you can opt out by waiving coverage (HR Services > Fast Access > US Benefits Enrollment/Changes).

After you open your HSA and elect your annual contribution level, HSA Bank will send you an HSA debit card that you can use to pay for qualified health expenses. You can use it anywhere MasterCard debit cards are accepted. You can also choose to receive a checkbook in addition to the debit card.

Here’s what you can do with your HSA debit card:

• Pay your provider
• Get cash from any ATM that displays the participating network logos displayed on the back of your debit card

If you prefer, you can use Online Bill Pay to pay a provider directly from your HSA. To access Bill Pay, log into the member website or mobile app and click on “Pay Bill/Contribute” (To use HSA Bank Mobile, you must first create a username and password on the member website).

The IRS determines the health care expenses that are qualified and, thus, eligible for reimbursement from your HSA.* Here are some expenses you can use your HSA for:

• Doctor and hospital visits (copayments and coinsurance)
• Prescription drugs
• Over-the-counter medications, without a prescription
• Acupuncture
• Hearing aids and batteries
• Fertility treatment
• Insulin
• Lab fees
• Vision exams
• Eyeglasses and contact lenses (and contact lens solution)
• Dental treatments
• Menstrual products

Learn what else your HSA covers.

To open and contribute to an HSA, you must be enrolled in the HDHP medical plan.

You are not eligible for an HSA if you:

• Are enrolled in another medical plan,* unless it’s a qualified High Deductible Health Plan
• Are claimed as a dependent on someone else’s tax return
• Are enrolled in a general purpose Health Care Flexible Spending Account
• Are enrolled in Medicare Parts A, B or D
• Have received benefits from the Veterans Administration within the past three months or are enrolled in TRICARE