Do You Lose HSA Money at the End of the Year?

Are you wondering whether you lose HSA money at the end of the year? Well, the good news is that unlike some other types of accounts, the funds in your Health Savings Account (HSA) do not expire at the end of the year. HSAs are designed to help you save for qualified medical expenses both now and in the future.

Here are some key points to keep in mind:

• Contributions to your HSA roll over from year to year.
• The money in your HSA belongs to you, even if you change jobs or health plans.
• You can invest your HSA funds, allowing them to grow over time.
• There is no deadline for using the money in your HSA.

It's important to note that while the funds in your HSA do not expire, there are rules and regulations governing how you can use them. Make sure to use your HSA funds for qualified medical expenses to avoid penalties.

Are you curious about what happens to your HSA funds at the end of the year? The reassuring news is that your Health Savings Account (HSA) offers flexibility that many other accounts do not. Unlike Flexible Spending Accounts (FSAs) where funds can disappear, your HSA funds will carry over, allowing you to save effectively for both immediate and future medical expenses.