Does an Employer Keep Your HSA? Understanding Health Savings Accounts

Health Savings Accounts (HSAs) are a valuable tool for individuals looking to save for medical expenses while enjoying tax benefits. One common question that arises is whether the employer keeps the HSA account or if it belongs to the employee. Let's delve into this topic to gain a better understanding of how HSAs work.

When it comes to HSAs, it's important to note that these accounts belong to the individual, not the employer. Here's a breakdown of how HSAs typically work:

• Employees contribute pre-tax money to their HSA accounts through payroll deductions.
• Employers can also make contributions to their employees' HSAs, but the account always remains under the employee's name and control.
• Employees can use the funds in their HSA to pay for qualified medical expenses, both current and future.
• The money in an HSA rolls over from year to year, unlike Flexible Spending Accounts (FSAs), which have a
  

  When exploring Health Savings Accounts (HSAs), the ownership of the account is a crucial factor to understand. Unlike other benefit programs, your HSA is yours, no matter where you work. This means you carry your account with you, even if you change employers.