What Do I Do With My HSA After I Left a Company?

Leaving a company can bring about many changes, including what happens to your Health Savings Account (HSA). If you had an HSA with your previous employer, don't worry, there are options available to you.

Here's what you can do with your HSA after you've left a company:

1. Keep Your HSA: You have the option to keep your HSA even after leaving the company. Your funds will remain in the account, and you can continue to use them for eligible medical expenses.
2. Roll Over to a New HSA: If you have a new job that offers an HSA, you can transfer your existing HSA funds to the new account. This can help you consolidate your funds and manage them more efficiently.
3. Use the Funds: You can use the funds in your HSA for qualified medical expenses, even if you no longer have an HSA-eligible health plan. Just keep in mind that using the funds for non-qualified expenses may incur taxes and penalties.

When you leave a company, your Health Savings Account (HSA) can still be a valuable asset. No need to worry about losing it! Here are your options for handling your HSA after an employment change:

1. Keep It as Is: If you choose to keep your HSA with your previous employer, your money remains intact and you can continue to withdraw funds for eligible medical expenses.
2. Transfer to a New Provider: If your new employer also offers an HSA, rolling over your existing funds makes managing finances simpler and aids in maximizing your tax benefits.
3. Spend Smart: Remember, those HSA funds aren't going anywhere. You can still use them for qualified medical expenses, even if your current health plan isn't HSA-eligible.