What Can I Do with the HSA After I Leave the Company?

When it comes to Health Savings Accounts (HSAs), many people wonder what happens to their HSA when they leave a company. Fortunately, an HSA is a portable account, meaning you own it regardless of your employment status. Here's what you can do with your HSA after you leave the company:

1. Keep your HSA: You can keep your HSA and continue to use it for qualified medical expenses even after leaving the company. The money in the account remains yours, and you can keep contributing to it if you have a high deductible health plan.
2. Use the funds: Use the funds in your HSA to pay for eligible medical expenses, including deductibles, copays, prescriptions, and more. Your HSA can be a valuable resource for managing healthcare costs even after you've moved on from your previous employer.
3. Invest the funds: If your HSA provider offers investment options, you can invest the funds in your HSA for potential growth. This can help you build a nest egg for future healthcare expenses.

It's important to note that while you can keep your HSA after leaving the company, you may no longer be able to contribute to it tax-free if you're not enrolled in a high deductible health plan. However, you can continue to use the funds for qualified medical expenses tax-free.

When you leave a company, your Health Savings Account (HSA) doesn't just disappear; you actually have quite a few options.

1. Retain Ownership: Your HSA travels with you, meaning you maintain ownership even after employment ends. Continue to use it for qualified expenses all while keeping your balance intact.
2. Utilize Your Balance: Take advantage of the funds in your HSA to cover various medical expenses like deductibles, co-pays, and medications. It's a handy tool even in your post-employment journey!
3. Make Investments: If your HSA provider allows investment options, consider growing your savings by investing your HSA funds for future healthcare needs.

Do keep in mind that if you’re not enrolled in a high deductible health plan, you might lose the ability to make tax-free contributions. However, you can still withdraw the funds tax-free for eligible medical expenses at any time.