What Happens to My HSA If My New Employer Doesn't Offer? - HSA Awareness and Solutions

If you find yourself in a situation where your new employer doesn't offer a Health Savings Account (HSA), don't worry, you have options to manage your HSA account effectively.

Here's what happens to your HSA if your new employer doesn't offer one:

• You can keep your existing HSA account: Your HSA account stays with you even if your new employer doesn't provide one. You have the flexibility to continue using the funds in your HSA for eligible medical expenses.
• You can contribute to your HSA independently: Even without employer contributions, you can still contribute to your HSA on your own. Individuals can contribute up to a certain amount each year (2021 limits are $3,600 for self-only coverage and $7,200 for family coverage).
• You can explore alternative health insurance options: If your new employer doesn't offer an HSA-eligible high-deductible health plan (HDHP), you can consider enrolling in a qualified HDHP through a spouse's employer or through a marketplace.
• You can utilize your HSA for retirement savings: HSAs offer a triple tax benefit, making them a valuable tool for retirement savings. You can continue to grow your HSA funds over time and use them tax-free for qualified medical expenses in retirement.

It's important to stay informed about your HSA options and make the most of your healthcare savings.

If you've just started a new job and your employer doesn't offer a Health Savings Account (HSA), there’s no need to panic—many people find themselves in the same boat, and there are still plenty of options available for you!