What Happens to Money in Your HSA Account When You Leave a Job?

Leaving a job can bring up questions about what happens to various benefits, including your Health Savings Account (HSA). When you leave a job, here is what typically happens to the money in your HSA account:

1. The HSA belongs to you: Unlike some benefits that are tied to employment, your HSA is yours to keep, regardless of your job status.

2. You can continue using the funds: You can still use the money in your HSA for qualified medical expenses even after leaving your job.

3. Options if you have a high-deductible health plan (HDHP) at a new job: If you enroll in a new HDHP, you can continue contributing to your HSA. If not, you can still use the existing funds for medical expenses.

4. No time limit on using the funds: There's no expiration date on the money in your HSA, so you can let it grow and use it for healthcare expenses in the future.

5. Potential fees and investment options: Depending on your HSA provider, there may be fees associated with maintaining the account. You can also explore investment options to grow your HSA balance.

When you bid farewell to your job, the money in your Health Savings Account (HSA) remains yours, ensuring you have access to that important healthcare resource.