Can You Access HSA If You Are Fired from a Job?

One common question that arises when an individual is fired from a job is whether they still have access to their HSA (Health Savings Account). The good news is that losing your job does not mean losing access to your HSA funds. Here's what you need to know:

Even if you are fired from your job, the money in your HSA still belongs to you. It is your account, and you have full control over the funds in it. This means that you can continue to use your HSA to pay for qualified medical expenses, even after leaving your job.

It's important to note that while you can still access your HSA funds after being fired, you will no longer be able to contribute to the account unless you have another HSA-eligible health plan. If you do find a new job with a high deductible health plan, you can continue contributing to your HSA and even roll over funds from your previous account.

Additionally, if you were receiving employer contributions to your HSA, those contributions will cease once you are no longer employed with that company. However, any contributions made by your employer while you were still employed are yours to keep, regardless of your employment status.

In summary, being fired from a job does not impact your access to your HSA funds. You can still use the money in your account for qualified medical expenses, but you may no longer be able to contribute to the account until you have another HSA-eligible health plan.

When facing job loss, many wonder about their Health Savings Account (HSA) status. The bright side is that your HSA funds remain intact, regardless of your employment situation.