Can I Continue to Contribute to HSA Plan After Being Laid Off?

If you have been laid off from your job, you may be wondering whether you can continue to contribute to your HSA (Health Savings Account) plan. Here is some important information to help you navigate this situation:

When it comes to contributing to your HSA after being laid off, the key factors to consider are your eligibility and the source of contributions.

• Eligibility for HSA contributions is based on being covered by a high-deductible health plan (HDHP).
• If you are no longer covered by an HDHP due to job loss, you may not be able to contribute to your HSA.
• If you are still enrolled in an HDHP through COBRA or another insurance option, you can continue to contribute to your HSA.
• You can also use funds already in your HSA for eligible medical expenses even if you are no longer contributing to the account.

It's essential to understand the rules and regulations surrounding HSA contributions, especially during times of transition like being laid off. If you have any doubts or questions, it is recommended to consult with a financial advisor or a healthcare benefits specialist.

If you've recently been laid off, you might be in a whirlwind of uncertainty, especially when it comes to your finances and health insurance. A common question many have is whether they can continue to contribute to their Health Savings Account (HSA). Here is what you need to know:

First, understanding your eligibility is crucial when it comes to making HSA contributions. To contribute, you must be enrolled in a high-deductible health plan (HDHP).

• If your job loss means your HDHP coverage has ended, you will not be able to make further contributions to your HSA.
• However, if you maintain your HDHP coverage through COBRA or if you secure another health plan that qualifies, you can keep contributing to your HSA.
• Even if you're not contributing anymore due to job loss, remember that you can still use your HSA funds for eligible medical expenses whenever you need to.

Dealing with a layoff can be challenging, so it’s wise to familiarize yourself with HSA rules to ensure you make informed decisions. Should there be lingering questions, don't hesitate to reach out to a financial advisor or a healthcare benefits specialist for guidance.