Can You Keep Adding to an Existing HSA Without a High Deductible Plan?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question that arises is whether you can keep adding to an existing HSA without a high deductible plan.

The short answer is yes, you can continue to contribute to your HSA even if you no longer have a high deductible health plan (HDHP). However, there are some important details to consider:

• If you switch to a non-HDHP, you can still use the funds in your HSA for qualified medical expenses tax-free.
• You cannot make new contributions to your HSA if you are not enrolled in an HDHP.
• Any existing funds in your HSA can remain and be used for medical expenses in the future.
• If you are planning to re-enroll in an HDHP in the future, you can resume making contributions to your HSA at that time.

It's important to note that while you can keep your existing HSA funds, you won't be able to make new contributions until you have an HDHP again. Make sure to check with your HSA provider for specific details and guidelines.

Health Savings Accounts (HSAs) provide an excellent opportunity to save for medical expenses while gaining significant tax advantages. But what happens if you no longer have a high deductible health plan (HDHP)? You might be wondering if you can keep adding to your HSA without the HDHP. The answer is yes, but there are some crucial aspects to be aware of.