Can You Add Money to HSA If Left Company but Still Have Insurance Until End of Month?

If you've recently left your job but are still covered by your health insurance until the end of the month, you may be wondering whether you can continue to contribute to your Health Savings Account (HSA). The short answer is – yes, you can still add money to your HSA even after leaving your company as long as you're still enrolled in a high-deductible health plan (HDHP) and meet the eligibility criteria.

When you leave a company, your HSA remains yours, and you can keep the funds in the account even if you no longer contribute through payroll deductions. Here are a few key points to consider:

• Leaving your job doesn't affect the money already in your HSA.
• You can continue to use the existing funds in your HSA for eligible medical expenses.
• If you're eligible to contribute to an HSA, you can make contributions on your own, even without an employer match.
• Ensure you're still enrolled in an HDHP to be eligible to contribute to your HSA.

While you can continue to add money to your HSA post-employment under certain conditions, it's essential to be aware of the rules and limits regarding contributions. Contributions to your HSA can be made until the tax filing deadline for the year, typically April 15 of the following year, similar to an IRA. Be mindful of not exceeding the annual contribution limits set by the IRS to avoid any penalties.

If you've just stepped away from your job but still hold health insurance coverage until the month's end, the answer to whether you can continue to fund your Health Savings Account (HSA) is a resounding yes! As long as you're enrolled in a high-deductible health plan (HDHP), you can keep adding money to your HSA.