Does the Flexible Spending Account(s) (FSA) have a beneficiary designation form in case of an employee’s death? What happens to the contributions left in the account in the event of the employee’s death?
· The Health Savings Account (HSA) has a beneficiary designation form but there is no beneficiary form for the FSA – this differs from HSA as HSA is a personal bank account.
· For FSA, the member owns the account through their employer. If an FSA member passes away, the account is terminated on that date.
· An executor to the employee could submit expenses on his behalf for those incurred prior to death.
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