What Can I Do with My HSA When I Leave My Job?

When you leave your job, you may be wondering what will happen to your Health Savings Account (HSA). First and foremost, it's important to understand that your HSA is portable, meaning it belongs to you, not your employer. So, even if you leave your job, you still have options for managing your HSA.

Here are some things you can do with your HSA when you leave your job:

• Keep Your HSA: Your HSA is yours to keep, regardless of your employment status. It is a personal account that goes with you wherever you go.
• Use the Funds for Qualified Medical Expenses: You can continue to use the funds in your HSA to pay for qualified medical expenses for yourself, your spouse, and any dependents, tax-free.
• Continue to Contribute: If you have a high-deductible health plan (HDHP) with another employer or on your own, you can continue to contribute to your HSA and receive tax benefits.
• Invest the Funds: Some HSAs offer investment options that allow you to grow your funds over time. You can choose to invest your HSA funds even after leaving your job.
• Roll Over to a New HSA: If you prefer, you can roll over the funds from your old employer-sponsored HSA to a new HSA provider of your choice without incurring taxes or penalties.

When transitioning from one job to another, many people overlook the implications for their Health Savings Account (HSA). The good news? Your HSA is portable. It’s an asset that is truly yours, giving you flexibility no matter where your career takes you.