|
HRAs (health reimbursement arrangements) are becoming increasingly popular as governmental employees and employers seek methods to fund supplemental and post-retirement healthcare costs. The roots for the growth and popularity of HRAs can be found right here in Spokane, Washington. For 21 years (since 1984) VEBA Service Group, LLC (VSG) has been helping governmental employers install variations of HRAs. Currently, 3 Spokane firms, VSG, REHN & ASSOCIATES, and Washington Trust Bank are involved in delivering HRA programs to over 40,000 participants and over 450 employers primarily in Washington, Oregon and Idaho, plus clients in California, Indiana, and Montana. Total client plan assets exceed $250,000,000 "The rapidly rising cost of healthcare - particularly for retirees prior to age 65 - has fueled the demand for tax-advantaged programs like HRAs," according to Rich Dickman, VSG Service Representative for Eastern Washington, Oregon and Idaho. Mr. Dickman added, "Employers and employees alike are seeking methods to pre-fund the high cost of post-retirement healthcare. Our funded HRA program helps solve that problem." VSG provides consulting services to the plan sponsors as well as sales and local service to eligible employers. VSG is a consulting firm specializing in HRAs offered to governmental employees through VEBAs and other tax-exempt trust entities. VSG also maintains an office in Puyallup, Washington. REHN & ASSOCIATES provides third party administration services such as: participant accounting; claims payment; statement generation; and COBRA and HIPAA compliance. REHN is a regional employee benefits firm founded in 1961 and based in Spokane. Washington Trust Bank provides investment management and/or custodial services. Washington Trust Bank is a Spokane based regional bank and trust company.
In addition, HRA Consultants (a Division of VSG), REHN and Washington Trust are currently working with a leading national financial services provider to develop and distribute an HRA program to governmental employers nationwide.
|
