What to do if you contributed to an HSA in 2018 but switched to a non-high deductible plan?

So, you contributed to an HSA in 2018 but then switched to a non-high deductible plan. Don't worry, you still have options to manage your Health Savings Account and funds efficiently.

Here's what you can do:

• Contact your HSA provider: Get in touch with your HSA provider to discuss your options and understand the procedures for managing your account post-switching to a non-high deductible plan.
• Verify your eligibility: Make sure you are still eligible to have an HSA even after switching to a non-high deductible plan. Consult with your employer or a financial advisor to confirm this.
• Stop future contributions: If you are no longer eligible to contribute to an HSA due to being on a non-high deductible plan, ensure that you stop any future contributions to avoid penalties.
• Use existing funds for qualified medical expenses: You can still use the funds in your HSA for qualified medical expenses, even if you are no longer contributing to the account. Keep track of your expenses and save receipts for documentation.
• Consider a rollover: If allowed by your HSA provider, you may be able to roll over the funds from your HSA to another eligible account, such as an IRA. This can help you avoid penalties and make the most of your savings.

If you found yourself contributing to an HSA in 2018 before switching to a non-high deductible plan, don’t fret! There are still several ways to manage your Health Savings Account effectively and make the most out of your funds.

Start by reaching out to your HSA provider. They can shed light on your options after the switch, ensuring you understand how your account can work for you.

Next, it’s crucial to verify your eligibility. Just because you've moved to a different plan doesn't necessarily mean you’re out of the game with your HSA. Consult with your employer or a financial advisor — they can help clarify your status.

It’s important to stop further contributions if you're not eligible to contribute to your HSA anymore. This will prevent potential penalties and ensure your account stays in good standing.

Don’t forget that even if you're no longer contributing, you can still use your existing HSA funds to cover qualified medical expenses. Keep your receipts organized — they're important when it comes to claiming those expenses!

Consider talking to your HSA provider about rollover options. Some providers allow you to roll over HSA funds into another eligible account like an IRA, giving you more flexibility with your savings.