If your commute involves public transportation or paying for public parking, you can pay for a portion of those expenses with tax-free dollars to save money. How much you can set aside is determined by the IRS each year. Currently, you can set aside up to $300 per month on transit expenses and up to $300 per month on parking expenses. Visit HSA Bank for the current limits.
Your full 2023 Commuter Benefits Account balance will carry over to January 2024 if you elect to participate for 2024.
HSA Bank Administers the Benefit
HSA Bank is the administrator for our Commuter Transit and Parking Benefits plans, and other tax-advantaged plans (the Health Savings Account and Flexible Spending Accounts). For details, view the Commuter Benefits Overview [PDF].
What you should know:
Your commuter election will remain in effect until you change it. You can change it as often as once a month.
Commuter Benefits elections take effect the first of the month after the payroll cycle in which elections are made. Elections can’t be made retroactively.
Any unused funds will be forfeited upon termination of employment.
If you wish to enroll in or change Commuter elections, you may do so via the Seagate Benefits Enrollment site available on my.seagate.com > HR Services > Fast Access > US Benefits Enrollment/Changes.
Submit all claims within 180 days of receiving the service, to get reimbursed for out-of-pocket expenses.
Two Types of Accounts
Pay for tickets, vouchers, and passes to ride a subway, train, or city bus, or the costs of transportation in a commuter highway vehicle (e.g., vanpool).
Pay for parking at or near your primary worksite, as well as parking where you access transportation to work, such as a train station or vanpool stop. Parking on or near property used for residential purposes does not qualify.
How to Use Your Benefits
HSA Bank Health Benefits Debit Card
Use your debit card at the point of sale for benefits providers, such as parking garages, transit stations, and rideshare and vanpool expenses. Transaction amounts are automatically deducted from your account balance.
Direct Deposit or Check (only available as an option for Parking account)
Sign up for direct deposit online by providing your bank routing and account number. Submit your claim, and when the claim is validated and substantiated, a direct deposit is generated the following business day to your bank account. If you don’t sign up for direct deposit, you’ll receive a paper check in the mail.
On hsabank.com and the mobile app
Submit claims for cash reimbursement for parking plans, vanpool expenses (where electronic payment method isn’t available), any post-tax expenses related to your commute.
You can make 2024 commuter elections using Seagate’s Benefits Enrollment site as often as once per month. Visit my.seagate.com > HR Services > Fast Access > US Benefits Enrollment/Changes.