Voluntary employees’ beneficiary association (VEBA)
Support employees’ long-term healthcare needs by providing the investment and savings benefits of a funded HRA with a VEBA trust account to qualified participants.
WEX makes it easy to offer employer-funded, tax-free irrevocable trust arrangements
A simple way for qualified employees to spend VEBA dollars
- VEBAs are employer-funded, tax-free irrevocable trust arrangements that are often paired with HRAs. Because of this, the term “VEBA” often refers to a funded HRA with VEBA trust.
- Employees must be covered by an employer-sponsored health plan to be eligible for a VEBA.
- Employees can use their VEBA fund to pay for 213(d) eligible expenses and medicare premiums in retirement. The employer determines eligible expenses and if enrollees can spend their funds on eligible medical expenses while actively employed.
Watch the episode of our Benefits Buzz podcast at right to learn more about VEBAs.
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