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Edition #141 April 9, 2024

Edition #141 April 9, 2024

Citywide Cleanup 2024

Citywide Cleanup 2024

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WEX -Adding a Beneficiary to your HSA or VEBA Account – Video Getting Started with your Online Account

For those of you that have a Health Savings Account or VEBA, we’d like to remind you to add a beneficiary to your plans, if you haven’t already done so. It’s important to note that the beneficiaries of these two plans are handled separately. Designating a beneficiary ensures that in the event of your death, the assets held in the account will be transferred directly to the person or people that you’ve chosen.

For the Health Savings Account (HSA), you can add or remove a beneficiary in your online account. A designated beneficiary will receive your HSA assets in the event of your death. If you are married in a common law or marital property state, we recommend that you designate your spouse as your primary beneficiary.

To add a beneficiary to your HSA, log into your online account and follow these steps:
Video Adding a Beneficiary to you HSA
Getting Started with you online account

1. Navigate to the Accounts tab.
2. Under Profile, click “Profile Summary.”
3. Click “Add Beneficiary.”
4. Complete the required information and then click “Submit.”

For your VEBA, the beneficiary is automatically the spouse first and dependents under age 26 second. You have the ability to add an additional beneficiary to your plan in the event that you don’t have a spouse or dependents under age 26 at the time of your death.

To add a beneficiary to your VEBA, log into your online WEX account, click on “Manage My VEBA” and then follow these steps:

Click on “My Profile” from the top toolbar.
Navigate to the beneficiaries tab and click “New”
Provide your beneficiary information and click “Save”

Adding a beneficiary to your account will help to provide peace of mind and facilitate the smooth transfer of assets to your chosen airs.