What Do I Do with My HSA If I Change Health Insurance?

Changing health insurance can be a common occurrence, and many individuals may wonder what happens to their Health Savings Account (HSA) in such situations. If you find yourself switching health insurance plans, you can still keep your HSA and continue to enjoy its benefits. Here are some steps to consider:

1. Keep Your HSA: Your HSA is yours to keep, regardless of changing health insurance plans. It is a personal savings account that belongs to you, not your employer or insurance provider.

2. Continue Contributing: You can keep contributing to your HSA even if you switch health insurance plans, as long as you are enrolled in a High Deductible Health Plan (HDHP).

3. Use HSA Funds: You can continue to use the funds in your HSA to pay for qualified medical expenses, including those covered by your new health insurance plan.

4. Review Investment Options: If your HSA offers investment options, you may want to review and adjust them based on your new health insurance plan and financial goals.

5. Update Beneficiary Information: If needed, update your beneficiary information on your HSA to ensure that your funds are transferred as intended in the future.

Remember that your HSA is portable and can move with you even if you change jobs or health insurance plans. By staying informed and managing your HSA wisely, you can continue to benefit from this valuable savings tool.

When changing your health insurance, it's important to note that your Health Savings Account (HSA) remains under your control and isn't affected by your insurance switch. This means you can keep it, manage it, and see renewed benefits as you transition to a new plan.