All You Need to Know: Does the Balance in My HSA Roll Over to the Next Year?

One of the common questions many people have about their Health Savings Account (HSA) is whether the balance rolls over to the next year. The good news is that unlike other types of accounts, the funds in your HSA do roll over from year to year.

Here are some key points to keep in mind:

• HSAs are owned by the individual, so the money in the account stays with you regardless of any changes in employment or insurance.
• There is no 'use it or lose it' rule with HSAs, meaning any unused funds at the end of the year carry over to the next year.
• Rolling over your HSA balance can help you save for future healthcare expenses, including retirement.
• Since the funds in your HSA belong to you, you can continue to use them for qualified medical expenses tax-free.
• It's important to track your HSA balance and expenses to maximize the benefits of the account.

By understanding how the balance in your HSA rolls over, you can make the most of this valuable savings tool for your healthcare needs.

One crucial aspect to understand about your Health Savings Account (HSA) is the rollover process. You can rest easy knowing that your HSA balance rolls over to the following year, allowing you to plan effectively for your healthcare needs.