What Happens to My HSA When I Leave a Company?

When you leave a company, you may have questions about what happens to your Health Savings Account (HSA). An HSA is a valuable tool for saving money on medical expenses, but it's important to understand what happens to your account when your employment status changes.

Here's what you need to know about your HSA when you leave a company:

• Ownership: Your HSA is yours to keep, even if you change jobs or retire. The funds in your HSA are portable and will stay with you.
• Contributions: You can no longer contribute to your HSA through payroll deductions once you leave a company. However, you can continue to make contributions on your own, up to the annual limits set by the IRS.
• Withdrawals: You can still use the funds in your HSA for qualified medical expenses, even after leaving a company. There is no time limit on when you can use the money in your HSA.
• Investment Options: If your HSA offers investment options, you may need to review and manage your investments after leaving a company.
• Health Insurance: Your HSA is not tied to your health insurance plan, so you can keep your HSA even if you switch insurance providers.

It's essential to stay informed about your HSA and how it can benefit you, especially during transitions like leaving a company. By understanding the rules and options available to you, you can continue to use your HSA effectively.

Leaving a company can be a big change, but your Health Savings Account (HSA) remains yours to keep and manage. This means even if you transition to a new job or retire, the funds in your HSA are still available to you.