2024 Benefit Changes

For 2024, the IRS raised the annual HSA contribution limit by $300 for individual medical coverage and by $550 for family coverage. This means that, in addition to the contribution Seagate makes to your HSA (which isn’t changing), you can save a bit more, including catch-up contributions if you are or will be 55 or older in 2024. You must have enrolled during the Open Enrollment period to contribute to your HSA in 2024.

Important note for Medicare enrollees: Per IRS regulations, Medicare enrollees may not contribute to an HSA. If you enroll in Medicare, you must discontinue all HSA contributions (including the Seagate contribution) by waiving coverage in the enrollment system on the U.S. Benefits Enrollment/Changes site. Please call HR Central for assistance. For more information, please refer to the Medicare and the Health Savings Account document.

2024 IRS Health Savings Account contribution limits Anthem HDHP 1

2024 IRS Health Savings Account contribution limits Anthem HDHP 2

A Flexible Spending Account (FSA) lets you pay for qualified health care and dependent day care expenses with pre-tax dollars, which reduces your taxable income. You must enroll if you want to participate in an FSA in 2024. Your current 2023 FSA election will not carry over to the new plan year.

• Health Care FSA: If you are not contributing to a Health Savings Account (including the Seagate contribution), you can contribute up to $3,050* for 2024.
• Limited Purpose FSA: If you are contributing to a Health Savings Account, you can contribute up to $3,050* for 2024. This FSA may be used only for qualified dental and vision expenses, so you can reserve your HSA funds to meet your annual medical deductible.
• Dependent Day Care FSA: You can contribute up to $5,000 for 2024 to pay for day care for dependent children up to age 13 or elder care expenses for your IRS-qualified dependents.

Commuter Benefits: With commuter benefits you can use pre-tax payroll deductions to cover mass transit and parking expenses. You can contribute up to $300* per month per account for 2024.

Important FSA and Commuter Benefits considerations

• Review the Flexible Spending Accounts and Commuter Benefits FAQs for details about these accounts.
• If you have a remaining balance in a Health Care or Limited Purpose FSA at the end of 2023, up to $610 will be carried over to your 2024 account with HSA Bank. You’ll have until March 31, 2024, to submit your 2023 claims to HSA Bank.
• If you have unused funds in your 2023 FSA at the end of the year, and you do not elect an FSA for 2024, HSA Bank will set up a 2024 carryover account for you. Please note: You will not be eligible to contribute to a carryover account.
• FSA carryover does not apply to the Dependent Day Care FSA. Per the IRS, the Dependent Day Care FSA remains a use-it-or-lose-it account.
• Your full 2023 commuter benefit account balance will carry over to 2024 if you elect to participate for 2024.
• You can elect to participate in Commuter Benefits from month to month, and your commuter election will remain in effect until you change it.

Open Enrollment is your once-a-year opportunity to elect or increase employee supplemental life insurance coverage without experiencing a qualifying life event or completing a medical questionnaire. You may elect or increase coverage by 1 times your annual salary up to 3 times your annual salary or $500,000, whichever is less. Coverage amounts above 3 times annual salary will require proof of good health.

As you enroll in your 2024 coverage, please take the time to confirm that the dependents you are covering under a Seagate health plan meet the eligibility requirements for coverage. Starting early next year, we will be conducting an audit of covered dependents and may ask you to provide supporting documentation to verify their eligibility, such as a marriage license, birth certificate, and/or Social Security number. Thank you in advance for your cooperation!