What Happens to HSA When You Leave a Company?

When you leave a company, you may wonder what happens to your HSA (Health Savings Account). An HSA is a valuable tool for managing healthcare expenses, but it's crucial to understand the implications of leaving your job on your HSA. Here's what you need to know:

1. Ownership: Your HSA belongs to you, not your employer. You can take it with you when you leave the company.

2. Access: You retain full access to the funds in your HSA even after leaving your job.

3. Contributions: You can no longer make contributions to your HSA through payroll deductions once you leave the company.

4. Employer Contributions: If your employer contributed to your HSA, those funds are yours to keep.

5. Investments: If your HSA offers investment options, you can continue managing your investments even after leaving your job.

6. COBRA: If you elect COBRA continuation coverage, you can use your HSA to pay for qualified medical expenses.

7. Future Use: You can use the funds in your HSA for eligible healthcare expenses in the future, even if you're no longer with the same employer.

Leaving a company doesn't mean losing your HSA benefits. Your HSA is portable and stays with you wherever you go, providing a valuable resource for managing healthcare costs.

When you transition from one employer to another, understanding the fate of your Health Savings Account (HSA) is vital. Your HSA is indeed yours to keep, independent of your employer, ensuring that it remains a reliable resource for your future healthcare needs.