Does My HSA Come with Me to a New Job?

Changing jobs can be an exciting but also stressful time in your life. One question you may have is, 'Does my HSA come with me to a new job?' The short answer is: Yes, your HSA belongs to you, not your employer, so it does move with you when you switch jobs. This portability is one of the great benefits of having an HSA.

When you switch jobs, your HSA remains yours to keep, and you can continue to use it for qualified medical expenses. Here are a few things to keep in mind:

• Make sure to update your new employer with your HSA information so that they can facilitate contributions to your account if they offer an HSA plan.
• Check if your new employer offers a high-deductible health plan (HDHP) that is compatible with HSAs. If they do, you can continue contributing to your HSA with pre-tax dollars.
• If your new employer does not offer an HSA-eligible plan, you can still use the funds in your existing HSA for qualified medical expenses tax-free. However, you will not be able to make additional contributions until you are enrolled in an HDHP.

Remember that the money in your HSA is always yours, and it rolls over year after year, unlike a flexible spending account (FSA). So, even if you change jobs or health insurance plans, your HSA funds will stay with you.

When transitioning to a new job, many people wonder, 'Does my HSA travel with me?' The reassurance is that your HSA is yours, allowing it to seamlessly go where you go. This is one of the key perks of owning a Health Savings Account!