Earn an extra $200 for your HRA/VEBA account
New this year, you may earn an extra $200 for your HRA/VEBA account. Here’s how:
- If you cover a spouse on your health plan, earn the $200 contribution by having your spouse complete the Personal Health Profile in the My Health Rewards by Medica program by Aug. 31, 2014.
- If you do not cover a spouse on your health plan, earn the $200 contribution by earning more than 300 points on your Medica scorecard by Aug. 31, 2014.
The extra $200 will be automatically deposited into your account by Dec. 31, 2014, if you complete the applicable action listed above. (Please note, if you have a spouse on your health plan, you will earn the extra $200 contribution only by having your spouse complete the Personal Health Profile -- not by earning more than 300 points on your Medica scorecard.)
Due to the medical plan changes in 2014, employees have a higher health plan deductible this year, and the opportunity to earn an extra $200 is an effort to help you offset that higher deductible.
More about HRA/VEBA accounts
The City established a health reimbursement arrangement (HRA) account for employees to help them pay for eligible health care expenses not paid by insurance. The account is funded using a voluntary employees’ beneficiary association trust, or VEBA.
The City deposits money in the HRA/VEBA accounts of all employees who enroll in the City of Minneapolis medical plan. The contribution amount varies based on whether the employee has single or family coverage. The monthly amounts are:
- $90 for single coverage.
- $190 for family coverage.
Unused funds in your HRA/VEBA account are carried over from year to year to save for future health care expenses while earning tax-free interest.
Generally, the HRA/VEBA account can be used to pay for health care expenses incurred by yourself, your spouse or your eligible dependents after you enroll for City-sponsored medical coverage. See a list of eligible health care expenses typically covered by an HRA.
Last updated Jun 16, 2014