What Happens If You Have an HSA and Switch Insurance Plans?

Health Savings Account (HSA) is a valuable tool for managing healthcare expenses. However, what happens if you have an HSA and switch insurance plans?

When you switch insurance plans, here's what you need to know about your HSA:

• Your HSA funds are yours to keep even if you switch insurance plans.
• You can continue to use your HSA funds for eligible medical expenses.
• If you switch to a High Deductible Health Plan (HDHP), you can still contribute to your HSA.
• If you switch to a non-HDHP, you can no longer contribute to your HSA but can still use the existing funds for medical expenses.
• It's important to update your new insurance information with your HSA provider.

When you switch your insurance plans, it’s crucial to understand how your Health Savings Account (HSA) functions during this transition. Your HSA funds are not tied to any specific insurance policy; they are fully yours to keep as a safety net for healthcare costs.