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HSA Designation of Beneficiary Form Purpose: Use this form to name or change beneficiaries for your HSA. 1. Personal Information Name (HSA Owner) Soc. Sec # Date of Birth Account # 2. Designation

How to fill out hsa designation of beneficiary

How to fill out HSA designation of beneficiary:

1. Gather necessary information: Before starting the process, make sure you have all the required information handy. This includes the name, date of birth, and social security number of the primary and contingent beneficiaries.
2. Locate the appropriate forms: Contact your HSA provider or employer to obtain the designated beneficiary forms. These forms may also be available online, so check the provider's website or employee portal.
3. Fill in personal information: Begin by providing your own personal information, such as your name, address, and contact details. This is important for the purposes of identification.
4. Identify primary beneficiary: Indicate the person whom you want to designate as the primary beneficiary of your HSA. Provide their full name, date of birth, and social security number. You may need to specify the percentage or dollar amount of your HSA funds that should be allocated to the primary beneficiary.
5. Choose contingent beneficiaries: In case the primary beneficiary is unable to inherit your HSA, you should select one or more contingent beneficiaries. These are individuals who will receive the HSA funds if the primary beneficiary is deceased or unable to claim the funds. Again, provide their personal information and specify the allocation.
6. Review and sign: Carefully review all the information you have provided on the form. Ensure accuracy and make any necessary corrections. Once you are satisfied, sign and date the form as required.
7. Submit the form: Follow the instructions provided by your HSA provider or employer to submit the completed form. This may involve mailing it to a specific address or submitting it online through a secure portal.

Who needs HSA designation of beneficiary:

1. HSA account holders: Every individual who owns a Health Savings Account (HSA) should consider filling out the designation of beneficiary form. This ensures that their HSA funds are distributed according to their wishes in the event of their death.
2. Individuals with dependents: If you have dependents who rely on your HSA funds for their medical expenses, it is crucial to designate a beneficiary. This will guarantee that your HSA funds are passed down to your loved ones and used for their healthcare needs.
3. Those looking to avoid probate: By designating a beneficiary for your HSA, you can potentially bypass the probate process. HSA funds with a designated beneficiary can be transferred directly to the beneficiary, avoiding delays and complications associated with probate court.

It is important to regularly review and update your HSA designation of beneficiary form to ensure it aligns with your current wishes and circumstances.

For pdfFiller’s FAQs

What is hsa designation of beneficiary?

It is a form that allows the account holder of a Health Savings Account (HSA) to designate who will receive the funds in the account upon their death.

Who is required to file hsa designation of beneficiary?

The account holder of a Health Savings Account (HSA) is required to file the designation of beneficiary form.

How to fill out hsa designation of beneficiary?

The account holder must complete the form with the name, relationship, and contact information of the designated beneficiary.

What is the purpose of hsa designation of beneficiary?

The purpose is to ensure that the funds in the Health Savings Account (HSA) are distributed according to the account holder's wishes upon their death.

What information must be reported on hsa designation of beneficiary?

The form must include the name, relationship, and contact information of the designated beneficiary.

How do I make changes in hsa designation of beneficiary?

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