What Happens to My HSA if I Leave My Job?

Leaving a job can bring about various changes, including implications for your Health Savings Account (HSA). So, what exactly happens to your HSA if you leave your job? Let's find out.

When you leave your job, your HSA remains yours. It is a portable account linked to you as an individual, not your employer. Here's what you need to know:

• If you leave your job but are still eligible for an HSA, you can continue to use the funds in your account for qualified medical expenses.
• You can no longer contribute to your HSA through payroll deductions once you leave your job.
• If your new job offers an HSA-eligible health plan, you can continue to contribute to your HSA through that plan.
• If you're not eligible for an HSA after leaving your job, you can still use the existing funds in your account for qualified medical expenses tax-free.
• Consider keeping your HSA open even if you're not eligible to contribute, as the funds can still be used tax-free for medical expenses now or in the future.

It's important to understand the implications of leaving your job on your HSA to make informed decisions about your healthcare finances.

When you decide to leave your job, your Health Savings Account (HSA) will remain your personal asset. It’s a fund you can take with you, regardless of your employment status.