Account Beneficiary definition

Account Beneficiary means a qualifying Participant on whose behalf the Health Savings Account has been established.
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Account Beneficiary means the account owner whose qualified expenses are expected to be paid from an account.
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Account Beneficiary means a person who is registered or identified as the beneficiary of a Financial Account. A person, other than a Financial Institution, who maintains a Financial Account for the benefit of another person as an agent, custodian, trustee, signatory, investment advisor, intermediary or legal guardian is not considered an Account Beneficiary. In the above cases, the Account Beneficiary is the said other person 2 .
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Examples of Account Beneficiary in a sentence

  • If all or a portion of an HSA is transferred to a former spouse's HSA under a divorce decree (or under a written instrument incident to divorce) or separation instrument, the HSA Account Beneficiary will not be deemed to have made a taxable distribution, but merely a transfer.

  • Qualified medical expenses include amounts paid with respect to the Account Beneficiary, the Account Beneficiary's spouse, and the Account Beneficiary's dependents, for medical care defined under section 213(d) and such amounts are not compensated for by insurance or otherwise.

  • If an HSA is inherited by another person due to the death of the Account Beneficiary, no rollover is permitted unless the spouse of the decedent is the designated beneficiary.

  • If the Account Beneficiary has more than one HSA, the aggregate of all contributions are subject to the contribution limit.

  • If the Account Beneficiary or designated beneficiary engage in a prohibited transaction (as defined under Section 4975 of the Internal Revenue Code) with the HSA, it will lose its tax exemption and the value of the account is included in gross income for that taxable year.

  • The Account Beneficiary must be an “eligible individual” in order to make HSA contributions.

  • The maximum annual cash contribution is the sum of the limits determined separately for each month that the Account Beneficiary is an eligible individual.

  • In making any payment from the Impound Account, Beneficiary shall be entitled to rely on any ▇▇▇▇, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such ▇▇▇▇, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof.

  • The person or persons named by the Account Beneficiary that will become entitled to the HSA balance upon the Account Beneficiary’s death.

  • The Custodian may change its fee schedule at any time by giving the Account Beneficiary or Designated Beneficiary 30 days prior written notice.


More Definitions of Account Beneficiary

Account Beneficiary means a person who has become eligible for benefits from an Individual Account under Section 2.1(b).
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Related to Account Beneficiary

  • Current beneficiary means a beneficiary that on the date the beneficiary’s qualification is determined is a distributee or permissible distributee of trust income or principal. The term includes the holder of a presently exercisable general power of appointment but does not include a person that is a beneficiary only because the person holds any other power of appointment.

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • primary beneficiary means the individual for whose primary benefit the trust is then held.