What Happens to HSA Carry Over? | HSA Awareness Article

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How HSA carry over works year-end

HSA carry over is a common concern for individuals who have a Health Savings Account. It is important to understand what happens to the funds in your HSA account at the end of the year. Let's explore in more detail:

When it comes to HSA carry over:

• The money in your HSA account rolls over year after year, unlike a Flexible Spending Account (FSA) where there is a 'use it or lose it' rule.
• You do not lose the funds at the end of the year, so you can continue to save and accumulate funds in your HSA for future healthcare expenses.
• There is no expiration date for the funds in your HSA, allowing you to use them whenever needed.
• If you change jobs or health insurance plans, you can still keep your HSA account and the funds in it.

Why HSA carry over helps savings build

It's essential to maximize the benefits of your HSA account and take advantage of the carry over feature to build a financial safety net for medical expenses.

One of the key advantages of having a Health Savings Account (HSA) is that any money remaining in your account at the end of the year does not go to waste, as it rolls over into the following year. This feature ensures that you can build your savings over time, unlike a Flexible Spending Account (FSA) where unused funds could be forfeited.