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VantageCare Retirement Health Savings (RHS) Plans

StethoscopeAccumulate assets to pay for one of retirement's greatest financial needs — health care. The VantageCare Retirement Health Savings (RHS) Plan is ICMA-RC's employer-sponsored health benefit created exclusively for public sector employees.

RHS is similar to your ICMA-RC retirement plan. Depending upon your plan's design, contributions may be made by your employer and through payroll deduction or on separation from service, and your assets are invested in the Vantagepoint Mutual Funds. Earnings are tax-deferred and withdrawals are tax-free when used for reimbursement of qualified health care expenses.

With RHS:

  • You accumulate assets — tax-free — to pay for medical expenses as designated in your plan. Eligible expenses may include health insurance premiums, out-of-pocket expenses and co-pays for you, your spouse and/or your dependents. Expenses may be reimbursed in retirement or at other eligibility as designated in your plan.
  • Assets grow in a tax-deferred account.
  • Contributions are invested in the Vantagepoint Mutual Funds including the Milestone Funds (age-related funds), Model Portfolio Funds (risk-related return funds) and low-cost index funds (Class I).
  • Upon your death, your account balance is transferred to an account to pay medical expenses for your surviving spouse and/or dependents tax-free.

Getting started is easy. Your employer will provide you with enrollment material when you are eligible to participate. Once you complete the enrollment form and return it to your employer, you'll receive a Welcome Letter from ICMA-RC that includes all of the specifics of your plan. That's all there is to it!

Keep in mind:

Your RHS Plan designates the specifics of your program, including the following:

  • There may be several types of contributions that may be made to your RHS account. Please see contributions information for detailed information.
  • Your plan may provide specific limits for different types of contributions.
  • Your plan specifies when you are eligible to begin receiving benefits and which medical expenses are covered.

For more information on ICMA-RC's VantageCare Retirement Health Savings Plan, please contact your Retirement Plans Specialist.