Can You Take FSA or HSA If You Change Jobs?

Changing jobs can bring about many financial changes and considerations, including what happens to your FSA or HSA accounts.

If you have an FSA or HSA through your current employer and are leaving for a new job, here are a few things to consider:

• Flexible Spending Account (FSA):
• FSAs are tied to your employer, so when you change jobs, you might lose access to your FSA funds if you haven't used them all before leaving.
• Health Savings Account (HSA):
• HSAs are different as they are individually owned, meaning you can take your HSA with you when you change jobs.
• You can keep contributing to your HSA at your new job, and the funds in your HSA are yours to keep and use for qualified medical expenses even after you've left the job.

It's important to understand the specific rules and regulations around FSAs and HSAs when changing jobs to make the best decisions for your healthcare needs.

When transitioning between jobs, it's crucial to understand what happens to your FSA and HSA accounts so you can make informed decisions about your finances and healthcare.

If you're equipped with an FSA, be mindful that these accounts are employer-specific. If you've not utilized all available funds upon your departure, those funds may be lost. It's wise to check your balance and plan your medical expenses accordingly!

On the other hand, Health Savings Accounts (HSAs) offer more flexibility. They are independently owned accounts that you can carry with you from one employer to the next. Not only can you keep your HSA funds intact, but you can also continue contributing to your HSA at your new job, as long as you meet eligibility requirements.