Can a Company Take Your HSA Funds if Not Used?

Many people have questions and concerns about their Health Savings Account (HSA) funds, including whether a company can take your HSA funds if they are not used. The good news is that HSA funds belong to you, the account holder, and cannot be taken by the company or employer.

HSAs are individual savings accounts that are used to pay for qualified medical expenses. Here are some key points to keep in mind regarding HSA funds:

• HSA funds are owned by the account holder, not the employer or company.
• Unused HSA funds roll over from year to year, unlike Flexible Spending Accounts (FSAs) which may have a
  

  It's understandable to worry about your Health Savings Account (HSA) funds, especially in relation to your employer. Thankfully, rest assured that HSA funds are unequivocally owned by you. This means your employer or the company cannot seize your unused HSA funds.

  One of the greatest advantages of HSAs is that they allow you to save money specifically for healthcare expenses. Here’s what you should keep in mind:

  • Unlike Flexible Spending Accounts (FSAs), which often require you to use funds within the plan year, HSA funds remain available for use indefinitely as they roll over year after year.
  • Additionally, your HSA funds can grow tax-free when invested, providing you with the opportunity to enhance your savings over time.
  • Withdrawals from an HSA used for qualified medical expenses are tax-deductible, offering you a double tax benefit.