Do HSA Plans Roll Over for New Company?

When you switch jobs or your employee benefits change, you may be wondering what happens to your HSA plan. Health Savings Accounts (HSAs) are a great way to save money for medical expenses while enjoying tax benefits. So, do HSA plans roll over for a new company? Let's find out!

HSAs are owned by the individual, not the employer, which means you can keep your HSA account even if you change jobs. Here's what happens to your HSA plan when you switch to a new company:

• Your HSA funds remain yours to keep, even if you leave your current employer.
• You can continue using your HSA funds for qualified medical expenses.
• You can still make contributions to your HSA account with your new employer.
• If your new employer offers an HSA-eligible health insurance plan, you can use the same HSA account or open a new one.

It's important to note that each employer may have different HSA policies, so it's a good idea to check with your new HR department to understand any specific rules or limitations.

Transitioning to a new job can be both exciting and daunting, especially when it comes to understanding your employee benefits. If you have a Health Savings Account (HSA), you’ll be relieved to know that these accounts are designed to stay with you, regardless of your employment changes. So, what really happens to your HSA when you switch jobs?

• Your HSA funds are yours, and they won't disappear if you leave your current employer.
• You can continue to spend your HSA funds on qualified medical expenses without any interruptions.
• Your new employer might have an HSA-compatible health plan, allowing you to continue contributing to the same account or opening a new one.
• Since HSAs are individual accounts, you can manage them as you like, even if your employer changes.