Do You Lose Your HSA When You Change Employers?

When it comes to Health Savings Accounts (HSAs), one common concern for individuals changing employers is whether they will lose access to their HSA funds. The good news is that your HSA is yours to keep, even if you change jobs. Here are some important points to consider:

If you have an HSA through your current employer and you switch jobs, you can take your HSA with you. Your HSA belongs to you, not your employer, so you have the freedom to continue using the account and contributing to it.

However, there are a few things to keep in mind when changing employers:

• Contributions: If your new employer offers an HSA-eligible health insurance plan, you can continue contributing to your HSA. If not, you can still use the funds in your existing HSA for qualified medical expenses.
• Employer Contributions: If your current employer makes contributions to your HSA, those funds belong to you and will stay in your account even after you leave the job.
• Investments: If your HSA funds are invested, you may need to consider how to manage those investments when changing jobs. Some providers may have restrictions on investments when you no longer have an employer-sponsored HSA plan.
• Health Insurance: Your HSA is tied to an HSA-eligible high-deductible health plan (HDHP). When changing jobs, make sure your new employer offers an HSA-qualified HDHP to continue contributing to your HSA.
• Rollover Options: If you prefer, you can also rollover your HSA to a different provider for better investment options or lower fees.

Overall, you do not lose your HSA when changing employers. Your HSA funds are portable and belong to you, allowing you to continue using the account for qualified medical expenses and saving for future healthcare costs.

Your Health Savings Account (HSA) is more than just a job perk; it's an asset you can carry with you even if you decide to change employers. The freedom to take your HSA along means you're never left without the ability to manage your health expenses.