What Happens to Cigna HSA Account If You Leave Company?

When you leave a company that offers a Cigna HSA account, it's important to understand what happens to your account.

If you have a Health Savings Account (HSA) through Cigna at your workplace and you leave the company, you still own the HSA. Here's what you need to know:

• Your HSA is portable, meaning it goes with you when you leave the employer.
• You can continue to use the funds in your HSA for qualified medical expenses even after you've left the company.
• You have the option to keep contributing to your HSA on your own, but make sure to check if your new employer offers an HSA plan or if you are eligible to contribute to an HSA independently.
• If you decide to close your Cigna HSA account, you may incur taxes and penalties on non-qualified withdrawals.

It's essential to stay informed about the rules and regulations surrounding HSAs to make the best decision for your healthcare savings.

When you depart from a company that provides a Cigna HSA account, remember that it's not just a work benefit; it's your asset. Your HSA remains with you, and here’s how you can manage it effectively:

• It's truly portable! Your HSA goes wherever you do, so you don’t lose those hard-earned savings.
• Once you leave, you can still tap into your HSA funds for qualified medical expenses, giving you peace of mind for any upcoming health costs.
• If your new employer also offers an HSA, you can continue to make contributions, but confirm your eligibility to contribute independently if they don’t.
• Closing your Cigna HSA could lead to unexpected taxes and penalties on non-qualified withdrawals, so consider your options wisely.
• Staying educated on HSA guidelines ensures you’re making informed choices for your health and finances.