Consumer Driven Health Benefit Initiatives
In partnership with the Minnesota Healthcare Consortium and the participating Minnesota Service Cooperatives, we have taken the initiative to develop and deliver consumer-driven health products, such as Voluntary Employee Beneficiary Association (VEBA) accounts and Health Savings Accounts (HSA). VEBA accounts allow employers to contribute money to an employee account that can be saved or used for medical expenses. HSAs allow contributions from employers and employees and are available to those with a qualified high-deductible health plan.
Questions? Please contact:
Jeremy Kovash, Executive Director
888-401-4032
WEX Products
Health Savings Account (HSA)
The Health Savings Account (HSA) is a financial account owned by an individual and associated with a Consumer Directed Health Plan (CDHP). Contributions, up to the IRS maximum allowed amount annually, can be made by an employee, employer, or both to the account to pay for eligible medical expenses. With the HSA, there is no “use it or lose it”, unused funds will roll over. The money in your HSA will earn tax-free interest, and investment options are provided for account balances over $1,000.
For more HSA information, visit the WEX Employee Benefits Website.
Voluntary Employee Beneficiary Association (VEBA)
The VEBA is a tax-free health care savings plan funded by an employer while enrolled in an employer-sponsored medical health plan. This plan is offered through the Minnesota Healthcare Consortium and the participating Minnesota Service Cooperatives. It gives you a way to reduce your health care costs while allowing employees more control and choice in their health care usage. The interest-earning account is employer-funded and can be used to pay for qualified medical expenses until the deductible has been satisfied. Since the funds in the account are not taxed, your health care dollar goes further. Also, the funds in the account will carry over from year to year.
For more VEBA information, visit the WEX Employee Benefits Website.
Questions? Please contact:
Melissa Walvatne, Deputy Executive Director of Finance and Risk Management
888-401-4032