Human Resources

A beneficiary is a person or legal entity that is entitled to receive the proceeds from an estate, trust, retirement account, life insurance policy, or HSA balance at the time of the death of the account holder. A beneficiary can be one or more individuals or organizations. You can designate two types of beneficiaries:

• Primary beneficiaries are first in line to receive the designated asset upon your death
• Secondary (or contingent) beneficiaries receive the asset if there are no surviving primary beneficiaries upon your death

Beneficiaries should be reviewed, at a minimum, once per year. You should also consider reviewing them when you:

• Experience a major life event such as a birth, marriage, divorce, or a death in the family
• Update your will or estate plan
• Receive a beneficiary verification notice

You should keep copies of your beneficiary designation forms or online confirmation statements for your records. If you do not have copies of your current beneficiary designations, request copies from your account providers.

Because the beneficiary designations you make can override your will, we recommend you consult with a legal advisor or an estate planning professional before you make changes.

When you designate a beneficiary, seek legal and tax advice if:

• You wish to name someone other than your spouse as a beneficiary.
• You have special estate planning needs.
• Your beneficiary is a minor who needs legal protection. If a minor child is designated as a beneficiary, you may wish to establish a guardianship or trust, as children cannot access funds until age 18.

Consult with a legal advisor to make sure you understand whether the beneficiary designations you make on insurance plans or financial accounts are affected by your will.

There are specific laws regarding the payment of benefits to minor children. Before listing your minor child(ren) as beneficiaries, you should consult your legal advisor to determine the best way to accomplish this under state law.

You may add, view/ update, or remove your beneficiaries at any time online directly with WEX under your member profile page.

• Log in to www.benefit-info.com/iu/
• Select Accounts
• Under the Profile section, click on Profile Summary
• Go to the Beneficiaries section and click on Add Beneficiary, View/Update, or Remove.

You can also send a completed HSA Beneficiary Change / Spousal Consent Form to WEX.

For any questions regarding changing your beneficiary, or if you want to assign beneficiary rights to your estate or a living trust, please contact WEX directly at 800-284-8412 or .

Your Health Savings Account will pass to your surviving spouse or named beneficiary. If your spouse is the recipient, no taxes will be assessed if the funds are used for qualified health expenses. If someone other than a spouse is the beneficiary, that person will have to pay any applicable taxes. If you are unmarried and do not have a named beneficiary, the money is disbursed to your estate and subject to any applicable taxes.

Beneficiary designations can be done at any time online at www.benefit-info.com/iu/. If you want to assign beneficiary rights to your estate or a living trust, please contact WEX directly at 800-284-8412 or .

If you have a beneficiary listed on your HSA, your beneficiary will be able to submit an HSA Death Distribution Request Form along with a notarized copy of the death certificate, and request the HSA be sent to the estate, or converted to an HSA in the surviving spouse’s name.

If no beneficiary is listed on your HSA, the state of Indiana requires the HSA distribution to be made to the estate of the deceased. Extra documentation may be requested to process a death distribution to an estate (see HSA FAQ L8 below). If you need assistance with completing the HSA Death Distribution Request Form, please contact WEX directly at 800-284-8412 or at .

If a beneficiary is listed on the HSA, WEX will need a completed HSA Death Distribution Request Form returned to them with a notarized copy of the death certificate.

If a beneficiary is not listed on the account, WEX will need a completed HSA Death Distribution Request Form, a notarized copy of the death certificate, and one of the following:

• Letters Testamentary for Estate
• Small Estate Affidavit
• Affidavit of No Administration

If a death distribution does not have the necessary paperwork, WEX will reach out to the submitter via letter or phone to request additional documentation.