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What is a VEBA and how does it work?
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- What is a VEBA and how does it work?
- A voluntary employee beneficiary association (VEBA) account is a health reimbursement account that allows employers to contribute pretax money to a 501(c)(9) tax-exempt trust on behalf of its employees. Money in the trust can be used to pay for current eligible medical expenses and is often saved for medical expenses in retirement.
Further® offers VEBAs to governmental entities and 501(c) organizations that are tax-exempt trusts. (Further® can also provide these same services to governmental entities as Section 115 tax exempt governmental trusts).