Can You Contribute to HSA After Quitting a Job?

One common question that arises when discussing Health Savings Accounts (HSAs) is whether you can continue to contribute to your HSA after quitting a job. The short answer is yes, you can still contribute to your HSA even after leaving a job, provided you meet certain criteria.

When you leave a job, your HSA remains yours, and you can keep it open and continue using it for eligible medical expenses. Here are a few key points to consider:

• You can contribute to your HSA with your own funds even after leaving a job, as long as you are still enrolled in a high-deductible health plan (HDHP).
• If you change jobs and your new employer also offers an HSA-eligible HDHP, you can continue contributing to your existing HSA or open a new one with your new employer.
• If you no longer have an HDHP, you can still use the funds in your HSA for eligible medical expenses tax-free, but you cannot make additional contributions until you are again enrolled in an HDHP.
• You can also use the funds in your HSA for non-medical expenses after the age of 65, subject to income tax but not the additional 20% penalty.

So, even if you decide to quit your job, rest assured that your HSA can still be a valuable tool for managing your healthcare expenses now and in the future.

Did you know that after quitting a job, your Health Savings Account (HSA) remains your financial ally for healthcare expenses? You can absolutely continue contributing to it, as long as you meet specific eligibility requirements.