Health Savings Account (HSA)
A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.
Your HSA is always yours — no matter what.
One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.
Eligibility
You must be enrolled in the High Deductible Health Plan.
Contributions
Veeva contributes: $1,700 (Individual Only) | $3,400 (Family)
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,400 if you enroll only yourself or $8,750 if you enroll in family coverage. You can make an additional $1,000 catch-up contribution if you are age 55 or older.
Get income tax-free contributions and income tax-free withdrawals for qualified medical expenses. Plus, your money grows income tax-free.
Managing Your Funds
You are responsible for monitoring the amount deposited into your HSA each calendar year. Keep in mind that if your employer contributes funds, those also count toward the maximum. If you exceed the maximum contribution limit, there is a penalty imposed by the IRS.
If you over-contributed to your HSA for the year, you generally have two options:
- Request a removal of the excess contribution (recommended).
You can contact your HSA administrator (Optum) and request an “excess contribution removal” for the 2025 tax year. If the excess amount (and any earnings on it) is withdrawn before the tax filing deadline, you can typically avoid IRS penalty taxes. - Apply the excess toward a future year.
If you remain HSA-eligible next year, you may be able to leave the funds in the account and reduce next year’s contributions accordingly. If the excess is not corrected, the IRS may assess an excise tax for each year the excess remains.
Because HSAs are individually owned accounts, corrections must be handled directly with the HSA custodian and reported on your personal tax return.
If you have questions about the process, we recommend contacting Optum or speaking with a tax advisor.
Using Your Account
Eligible Expenses
There are so many qualified medical expenses that your HSA can help you cover. In addition to deductibles and copays, you can use your funds to pay for dental, vision, chiropractic care, acupuncture and more.
Your Debit Card
Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future healthcare expenses.