How to designate beneficiaries at Optum Bank
Beneficiaries are managed online or by mail
Preparing your Optum Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
The transfer rules at Optum Bank vary across 7 accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
- Sign in to your account at optumbank.com
- Select Settings from the drop-down menu, then choose Beneficiaries
- Select + Add a New Beneficiary; the date of birth and Social Security number of each person added are needed
- Complete the online form, then select Submit
- List each primary and secondary beneficiary with relationship, date of birth (or date of trust), taxpayer identification number, mailing address and share
- Primary shares must total 100% and secondary shares must total 100%
- To name a trust, enter the trustee in the beneficiary name field and the date of the trust, with the trust's taxpayer identification number, mailing address and share
- If married in a community or marital property state and naming a primary beneficiary other than the spouse, have the spouse sign the spousal consent
- Sign and date the form; forms without a signature are not processed
Required Documents
- Beneficiary's date of birth
- Beneficiary's Social Security number (online)
- Beneficiary's relationship, taxpayer identification number, mailing address and share (on the Designation of Beneficiary form)
- Trustee name and date of the trust (for a trust, on the Designation of Beneficiary form)
- Trust taxpayer identification number and mailing address (for a trust, on the Designation of Beneficiary form)
- Spouse's signature on the spousal consent (if married in a community or marital property state and naming a primary beneficiary other than the spouse)
- Designation of Beneficiary form, signed and dated (by mail, fax or email). Missing or incorrect information can delay processing or prevent timely distribution
What Optum Bank says about beneficiaries
Each section is Optum Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Health savings account
An Optum Bank HSA is an individual custodial account and is not retitled to a trust. A trust is connected to it only by naming the trust as beneficiary.1
Who can be named1
- A trust
A trust can be named as beneficiary on the Designation of Beneficiary form, by entering the trustee and the date of the trust.2
How many beneficiaries, and how shares are split
What a designation takes to be effective
Beneficiary forms Optum Bank issues1
- Designation of Beneficiary
Available to download.2
Return to
Email: HSAforms@optum.com
Fax: 1-866-314-9795
Mailing address: Optum Bank, P.O. Box 30777, Salt Lake City, UT 84130
What Optum Bank's agreement says about beneficiaries4
- No beneficiary survives
If there is no valid beneficiary designation on file at death, the legal spouse is deemed the beneficiary. If the owner is not married, the funds are paid to the estate.2
- A beneficiary who dies first
A beneficiary who dies first drops out, and the remaining shares increase pro rata.2
- When a designation takes effect
A designation is effective only if Optum Bank receives it before the account holder's death.2
- Changing or revoking a designation
A new form supersedes all prior designations. Optum Bank may require the written consent of any beneficiary before an existing designation is changed.2
Sources
Data sourced from Optum Bank primary sources (10 pages reviewed). How we research.
Download these Optum Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Optum Bank primary sources. Bring it to the branch or keep it beside the phone.
Optum Bank estate support
Customer Support (Optum Bank Health Savings Account)
Phone
UHC HSA
MyCDH HSA
FSA, HRA and Dependent Care FSA
Medicare Advantage MSA
Commuter benefits
Retiree reimbursement account (RRA)
Employer support
Provider and health plan support
COBRA
HealthSafe ID
Hours
Mailing address
Website
Estate requests go through general customer service.
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