HSA Guide
What Happens to Your HSA When You Leave a Company - ConnectYourCare
Published July 14, 2024
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Get the appShort answer: Your HSA belongs to you, so you can keep it, use funds for eligible medical expenses, contribute on your own if enrolled in an HDHP, roll it over to a new plan, and review any post-employment account terms.
What happens to your HSA
Leaving a company can bring about various changes in your benefits, including your Health Savings Account (HSA). It's essential to understand what happens to your HSA when you part ways with your employer, such as with ConnectYourCare.
When you leave a company like ConnectYourCare, here's what typically happens to your HSA:
Leaving a job can be stressful, but knowing what happens to your HSA can provide peace of mind and help you plan for the future.
Your HSA stays your personal asset
- Your HSA is yours to keep: Your HSA belongs to you, not your employer. You can continue to use the funds in your HSA for eligible medical expenses, even after leaving the company.
- You can still contribute to your HSA: If you're enrolled in a high-deductible health plan (HDHP) with HSA, you can make contributions to your HSA on your own, without employer contributions.
- Portability: You can roll over your HSA to a new employer's plan or a personal HSA account. This way, you can continue saving for future medical expenses.
- Options for investing: Depending on your HSA provider, you may have options to invest your HSA funds for potential growth.
- Review your options: It's essential to review the terms of your HSA and understand any fees or account maintenance requirements that may apply after leaving ConnectYourCare.
When leaving a job like ConnectYourCare, itâs vital to remember that your HSA is your personal asset, which means you own it even after your employment ends.