What Happens to Your HSA If You Change Plans?

When you change health insurance plans, your Health Savings Account (HSA) remains yours to keep. However, there are a few things to consider to ensure you can continue using your HSA effectively:

1. You can keep your HSA: Your HSA is portable and independent of your health insurance plan. It stays with you regardless of any changes in your coverage.

2. Check HSA eligibility: Make sure your new health plan is HSA-eligible, as not all plans qualify for an HSA.

3. Rollover funds: If you have funds remaining in your HSA from your previous plan, you can continue using them for qualified medical expenses under the new plan.

4. Stop contributions: You cannot contribute to your HSA if you switch to a non-HSA-eligible plan. However, you can still use the existing funds for eligible expenses.

5. Tax implications: Changing plans does not affect the tax benefits of your HSA. You can still enjoy tax-free contributions, growth, and withdrawals for medical expenses.

When you decide to change your health insurance plan, it's important to know that your Health Savings Account (HSA) is yours to retain no matter what. This means you can take your funds and use them as you see fit for qualified medical expenses, ensuring that you don’t lose your hard-earned savings.