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SelectAccount Learning Site

Voluntary Employee Beneficiary Association (VEBA)

This content in this section provides an introduction to VEBAs and covers the basics of this type of account.

Looking for a quick overview? Download our VEBA Essential Guide.

Frequently Asked Questions

Who puts money into my VEBA account?
Your employer allocates money into your VEBA account. In addition, if you have a post-retirement VEBA plan, once you retire, all or a portion of your sick pay, vacation pay and severance pay will be deposited into your account if provided for in your collective bargaining agreement or personnel policy. Contributions to your VEBA account are not included in your gross income. You may not select cash in lieu of your VEBA contribution.
Can I use my VEBA account to pay for my spouse’s deductibles, copayments, and other out-of-pocket medical expenses?
Yes. Your VEBA can be used to cover expenses incurred by you, your spouse, and your dependents (as defined by Code Section 152).
What happens to my VEBA when I leave employment?
The funds in the VEBA account are yours to keep and can continue to be utilized for eligible medical expenses after you leave employment.
I have a retiree VEBA. When can I start submitting claims to the account?
The funds in the account are in a suspended state until you retire from employment. Once you retire, your employer will send SelectAccount notification to release the funds in the account and you can start submitting claims to the account.

 

 

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