Do You Keep an HSA When You Leave Company?

When you leave a company, you may wonder what happens to your Health Savings Account (HSA). An HSA is a valuable tool that allows you to save money for medical expenses tax-free. It's important to know what options are available to you regarding your HSA when you switch jobs or retire.

So, do you keep your HSA when you leave a company? The answer is - yes! Your HSA belongs to you, not your employer. Here's what you need to know:

What Happens to Your HSA When You Leave a Company:

• Your HSA is portable, meaning you own it regardless of your employment status.
• You can continue to use the funds in your HSA for qualified medical expenses.
• You can keep contributing to your HSA on your own, even if your employer was making contributions.
• You have the option to transfer your HSA to a new provider if you prefer a different HSA custodian.

Things to Consider:

• Review the fees and investment options of your current HSA provider before making a decision.
• Ensure you understand any transfer or closure fees that may apply.
• Keep track of your HSA funds and contributions for tax purposes.

Overall, your HSA is a valuable asset that you can take with you when you leave a company. It's essential to make informed decisions about managing your HSA to maximize its benefits.

When changing jobs, it's common to have questions about your Health Savings Account (HSA). An HSA is not just a company benefit; it’s a personal account that you can continue to utilize after your employment ends.