Does My HSA Stay with Me If I Change Jobs?

Many individuals who have a Health Savings Account (HSA) often wonder what happens to their HSA if they change jobs. The good news is that your HSA stays with you regardless of changes in employment status. Here's what you need to know about HSAs and job transitions.

Firstly, an HSA is a personal account that belongs to you, not your employer. This means that you own the funds in your HSA, and they are not tied to your job in any way. So, if you decide to leave your current job, your HSA will remain intact, and you can continue to use it for qualified medical expenses.

When changing jobs, you have a few options regarding your HSA:

• You can keep your HSA and continue to contribute to it independently. Your new employer may also offer an HSA where you can transfer or rollover funds from your previous HSA.
• If you are no longer eligible for an HSA due to changes in health insurance coverage, you can still use the funds in your existing HSA for eligible expenses, but you won't be able to make further contributions.
• It's important to be aware of any fees or minimum balance requirements associated with your HSA, especially if you are no longer contributing to it regularly.

In summary, your HSA is a portable account that stays with you throughout different job transitions. It provides a convenient and tax-advantaged way to save for healthcare expenses both now and in the future. So, rest assured that your HSA is yours to keep, no matter where your career takes you.

Worried about what to do with your Health Savings Account (HSA) when changing jobs? The good news is, your HSA is yours to keep, offering you peace of mind whether you're transitioning to a new position or career.