What Happens to HSA When You Leave Your Job?

When you leave your job, your Health Savings Account (HSA) remains yours to keep. It's a valuable savings tool that goes with you wherever you go. Here's what you need to know about what happens to your HSA when you leave your job:

1. Ownership: Your HSA is yours, and you have full control over the funds in it even after leaving your job.

2. Portability: You can continue to use the HSA funds for qualified medical expenses, regardless of your employment status.

3. Contributions: If your employer was contributing to your HSA, those contributions will stop once you leave your job. However, you can continue to make contributions on your own.

4. Rollover: You can roll over your HSA balance to another HSA provider without any tax consequences.

5. COBRA: If you're eligible for COBRA coverage after leaving your job, you can use your HSA funds to pay for COBRA premiums.

6. Inactivity: If you choose not to use your HSA funds for a period of time, they will continue to grow tax-free until you're ready to use them.

Remember to keep track of your HSA account and stay informed about any changes that may affect your account.

When you leave your job, rest assured that your Health Savings Account (HSA) is entirely yours. This means you get to dictate how and when you access those funds, making it a flexible option for your healthcare needs.