What Happens to an HSA When You Change Jobs?

Changing jobs can be an exciting yet overwhelming time, and one thing you may be wondering about is your Health Savings Account (HSA). So, what happens to your HSA when you change jobs?

When you switch jobs, you have a few options regarding your HSA:

• You can keep your HSA: Your HSA is yours to keep, and the funds in the account remain available to you even if you change jobs. This means you can continue to use the money in your HSA for qualified medical expenses at any time.
• You can roll over your HSA: If your new employer also offers an HSA, you can roll over the funds from your old HSA to the new one. This allows you to consolidate your HSA funds and keep track of them more easily.
• You can cash out your HSA: While possible, cashing out your HSA when changing jobs is generally not recommended. Doing so may result in tax implications and penalty fees.

It's essential to understand the options available to you and choose the one that best suits your needs and financial situation when changing jobs.

Changing jobs can often feel like a whirlwind of emotions, but don't forget about your Health Savings Account (HSA). So, what options do you have concerning your HSA during this transition?

Your HSA is yours—meaning it travels with you! You can maintain your account even if you leave your job, and the funds are still available for eligible medical expenses whenever you need them.