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Choosing Beneficiaries for your VEBA Account

Learn what a beneficiary is and how to add or change beneficiaries on your VEBA account.

We recommend all HSA holders designate a beneficiary so that in the event of death, the funds in the account are dispersed appropriately.

What is a beneficiary?

A beneficiary is a person, group of people, trust, or estate that receives the funds in your account when you die. 

Unused funds upon death

After the death of an account holder, the balance of a VEBA account can be used by the surviving spouse and eligible dependents. 

In cases where there is no surviving spouse or children, the account passes to the beneficiaries named by the account holder.

VEBA accounts are forfeited if a participant dies without a spouse or dependent children, however the Internal Revenue Code was amended by the Consolidated Appropriations Act of 2016 to allow the payment of medical reimbursements to non-dependent heirs. This amendment applies only to plans that provided medical reimbursement benefits to non-dependent heirs prior to January 1, 2008. 

Types of beneficiaries 

There are two types of beneficiaries:

  • Primary beneficiary - Receives 100% of your account balance upon your death
  • Contingent beneficiary - Receives the account balance if the primary beneficiary has already passed away at the time of your death.  Some plans may not allow for contingent beneficiaries.

A spouse is automatically considered the primary beneficiary for a VEBA.

More than one person can be named as your primary beneficiary and more than one person as your contingent beneficiary. 

When naming more than one person, indicate the specific whole-number percentage of your balance to be paid to each beneficiary. Make sure your primary allocation percentages total 100% and your contingent allocation percentages total 100% as well.

Adding beneficiaries

Adding primary beneficiaries

  1. Sign into www.hellofurther.com
  2. Click the My Profile menu
  3. Choose VEBA Beneficiary Designation from the menu
  4. In the Primary Beneficiaries section, click the Update button
  5. Click the Add Beneficiary button
  6. On the My Profile: Add Beneficiary screen, fill out the new beneficiary form and click Save

Adding contingent beneficiaries

Call Further customer service at 1-800-859-2144 to add a contingent beneficiary to your account.  The beneficiary's name and social security number is required. 

Contingent beneficiaries cannot be added on the member portal. 

Editing beneficiary information

  1. Sign into www.hellofurther.com
  2. Click the My Profile menu
  3. Choose VEBA Beneficiary Designation from the menu
  4. In the Primary Beneficiaries section, click the Edit link
  5. Update the beneficiary's information
  6. Click Save

Removing beneficiaries

  1. Sign into www.hellofurther.com
  2. Click the My Profile menu
  3. Choose VEBA Beneficiary Designation from the menu
  4. In the Primary Beneficiaries section, click the Remove link
  5. On the Remove Beneficiary screen, click Save to remove the beneficiary
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