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What is a VEBA account, and how can Washington State employees use it to pay for healthcare in retirement?

In this episode of the WA Retirement Podcast, we break down how VEBA accounts work, including how they can be funded, how unused sick leave can be converted into a VEBA account, and why the account can provide a valuable tax advantage for healthcare expenses.

We explain how VEBA compares to an HSA, how the money can be invested, and how you can use it to pay for expenses such as Medicare and PEBB premiums. We also discuss why moving unused sick leave into VEBA can be more valuable than taking the cash and paying taxes on it.

Then we answer a listener question about whether SEBB or PEBB funds can be withdrawn at age 64. We clarify the difference between healthcare plans and actual retirement accounts, and explain when you can access accounts like Plan 3, DCP, 403(b), and IRAs after separating from service.

If you're a Washington State employee planning for retirement, understanding how VEBA works could help you reduce healthcare costs and make better use of benefits you've already earned.

00:00 What is a VEBA account and how does it work?

01:57 How VEBA works and the triple tax benefit

02:40 Using unused sick leave to fund VEBA

03:49 Can you withdraw SEBB or PEBB funds at 64?

05:15 Should you withdraw money at age 64?

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DISCLAIMER

**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️