What Happens When I Leave My HSA?

Leaving your HSA can raise questions about its future. If you change jobs or no longer have a high deductible health plan, your HSA remains yours to keep. Here's what you need to know:

• You keep the funds in your HSA. They belong to you and can be used for eligible medical expenses anytime.

• You can continue to let the funds grow tax-free. Even if you're no longer contributing, the money in your HSA continues to accumulate interest or investment gains.

• You can still make withdrawals for qualified medical expenses. As long as the expenses are incurred after you opened the HSA, you can use the funds without being subject to taxes or penalties.

• You cannot contribute to the HSA anymore. Without being enrolled in a high deductible health plan, you are not eligible to make new contributions to the HSA.

• There are no time limits on using the funds. Your HSA balance rolls over year after year, allowing you to use the money as needed in the future.

When you leave your HSA, it's crucial to understand the specifics of what happens to your account. First and foremost, the funds within your HSA remain 100% yours, regardless of whether you switch jobs or are no longer enrolled in a high deductible health plan. You can still use this money for eligible medical expenses whenever necessary.