HSA Guide
How to Take Your HSA With You When Leaving an Employer
Published August 4, 2023
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Get the appShort answer: You can take your HSA with you by transferring it to a new employer plan, keeping it with the current provider, or converting it to an individual plan, and you still own the funds for qualified medical expenses.
What happens to your HSA when leaving
Leaving your job can be a big life change, and when it comes to your Health Savings Account (HSA), it's important to understand what options you have.
Steps to take your HSA with you
Here are steps on how to take your HSA with you when leaving an employer:
- Understand Your HSA: Know the details of your HSA, including the balance and any possible employer contributions.
- Transfer to a New Employer: If you have a new job with benefits, you can transfer your HSA to the new employer's plan.
- Keep Your HSA: You can keep your HSA with the current provider even after leaving your job.
- Convert to an Individual HSA: If you're not moving to a new employer with benefits, you can convert your HSA to an individual plan.
- Use HSA Funds: Remember that HSA funds are yours to keep and use for qualified medical expenses even if you no longer contribute to the account.
- Stay Informed: Be aware of any fees or restrictions that may apply when moving or converting your HSA.
Why managing your HSA matters
By following these steps, you can ensure that your HSA stays with you, providing you with continued financial support for your healthcare needs.
When you're ready to move on to a new chapter in your career, managing your Health Savings Account (HSA) is crucial. Itâs not just about saving money; itâs about keeping your healthcare options open.