What Happens to HSA When Switching Jobs?

When you switch jobs, your Health Savings Account (HSA) can continue to be a valuable asset for managing healthcare expenses. Here's what happens to your HSA when transitioning to a new job:

• Ownership: Your HSA is yours to keep, regardless of job changes. It remains with you throughout your career.
• Contributions: You can no longer contribute to your HSA through payroll deductions from your previous employer. However, you can make contributions on your own using after-tax dollars.
• Employer Contributions: If your previous employer was contributing to your HSA, those contributions will cease once you leave the company.
• Investments: You can manage your HSA investments even after changing jobs. It's essential to review and adjust your investment strategy if needed.
• Healthcare Expenses: You can continue to use your HSA funds for qualified medical expenses, even if you no longer have an HDHP (High Deductible Health Plan).
• Portability: HSAs are portable, meaning you can take it with you wherever you go, maintaining access to the funds for medical costs.

When you find yourself switching jobs, it's crucial to remember that your Health Savings Account (HSA) remains your personal asset, empowering you to manage your healthcare needs seamlessly.