HRA - VEBA-Voluntary Employees' Beneficiary Association
What is the HRA VEBA Plan?
The HRA VEBA Plan is a funded health reimbursement arrangement (HRA) offered by HRA VEBA Trust.
Created in 1990, HRA VEBA Trust is a non-profit, tax-exempt health and welfare benefit trust. HRA VEBA Trust currently provides benefits to 60,000+ public employees and retirees from more than 600 governmental employers in the Northwest (Washington, Oregon, and Idaho).
Participating employers include cities, counties, ports, public utility districts, fire districts, water and wastewater districts, and other types of special purpose districts, including school districts in Oregon and Idaho
What does “VEBA” stand for?
“VEBA” stands for voluntary employees’ beneficiary association. VEBAs are a type of trust instrument used to hold plan assets for the purpose of providing employee benefits. VEBAs are authorized by Internal Revenue Code section 501(c)(9). HRA VEBA Trust offers a health reimbursement arrangement commonly known as the HRA VEBA Plan.
What is an HRA?
A health reimbursement arrangement (HRA) is an account-based health plan you can use, after becoming claims-eligible, to reimburse your qualified out-of-pocket medical care costs as defined by the IRS. Common qualified expenses include co-pays, deductibles, prescription drugs, retiree insurance premiums, etc. An HRA is not an insurance plan, and you do not pay a premium. Your account is funded with contributions from your employer. Employer contributions, investment earnings, and withdrawals (claims) are tax-fee. Contribution amounts will not be included on Form W-2 from your employer, and you will not receive a Form 1099 for earnings or withdrawals (claims).