Incorrect account settings mean you can’t access your HRA/VEBA funds

All employees who have medical insurance through the City have an HRA/VEBA account which can be used to pay for eligible health care expenses. If you want to access your HRA/VEBA account funds, you need to change your account setting from the default setting of “Save It” to “Spend It” If you don’t change the setting to “Spend It,” you won’t be able to access your HRA/VEBA account with your WageWorks debit card or through the claims reimbursement process.

How to change the setting to access your HRA/VEBA account

To change your account setting to “Spend it,” visit www.wageworks.com and make the change on your online account or call WageWorks at 855-428-0446.

If you are accessing only your FSA account, there is nothing else you need to do.

If you want to access only your flexible spending account, but don’t want reimbursement from HRA/VEBA, there is nothing else you need to do.

WageWorks automatically uses your Flexible Spending Account first so that these “use it or lose it” dollars can be spent. Your account is automatically set to save — not use — these dollars. (That way, the money in your account is saved for future expenses or retirement health care costs.)

About your FSA and VEBA accounts

FSA Accounts (Flexible Spending Accounts) are optional accounts employees set up during open enrollment to set aside money, before taxes, to pay for eligible health care expenses. These are “use it or lose-it” accounts — any money that is not used by the annual deadline is forfeited.

HRA/VEBA Accounts (Health Reimbursement Arrangement/Voluntary Employee Beneficiary Association) are not “use it or lose-it” accounts. Funds in your HRA/VEBA account can be carried over from one year to the next. Funds in this account come from deposits the City of Minneapolis makes to help you cover out-of-pocket health care expenses.

 

Published Mar. 13, 2013