What Happens to My HSA If I Change Insurance?

Changing insurance can be a common occurrence, whether due to a new job, switching plans, or other reasons. One concern many people have when changing insurance is what happens to their Health Savings Account (HSA).

When you change insurance, here's what typically happens to your HSA:

• If you maintain an HSA-qualified high-deductible health plan (HDHP) with your new insurance, you can keep using your HSA as before.
• If your new insurance is not an HSA-qualified HDHP, you can no longer contribute to your HSA, but you can still use the funds for eligible medical expenses.
• You have the option to keep your existing HSA account even if you switch insurance plans.
• It's important to review your new insurance plan's details to understand any changes in coverage that may affect your HSA.

Remember, your HSA is owned by you, so it stays with you regardless of changes in insurance.

Changing your health insurance plan can bring a lot of questions to mind, especially regarding your Health Savings Account (HSA). If you're switching your insurance, rest assured that your HSA remains a valuable tool for managing your healthcare expenses.

Here's what you need to know about your HSA during the transition:

• As long as your new insurance plan is an HSA-qualified high-deductible health plan (HDHP), you can continue to contribute to and utilize your HSA as you have before.
• If the new plan doesn’t qualify as an HDHP, you won't be able to contribute more money to your HSA, though you can still use the funds for qualified medical expenses.
• You can choose to retain your HSA account despite changing your health insurance provider, giving you ongoing access to your saved funds.
• Always take a moment to review the specifics of your new health insurance to see how it may impact what is covered under your HSA.

Ultimately, your HSA is an asset that goes with you; it is yours to manage regardless of fluctuations in your insurance plan!