What to Do with an HSA Now That I've Left My Job?

Leaving a job can bring about a lot of changes, especially when it comes to benefits like a Health Savings Account (HSA). An HSA is a valuable tool for managing healthcare costs, but what should you do with it once you leave your job?

Here are some options to consider:

• Keep the HSA and continue using it for eligible healthcare expenses.
• Rollover the HSA funds to a new HSA account if you have one.
• Convert the HSA to an Individual Retirement Account (IRA) if you no longer have a high deductible health plan.
• Spend the HSA funds on qualified medical expenses, even if you're no longer eligible to contribute to the account.
• Consult a financial advisor to explore all available options based on your specific situation.

When you leave your job, especially if you've been contributing to a Health Savings Account (HSA), it's important to know your options to maximize your benefits. So, what can you do with your HSA?

Here are the key options you might consider:

• Keep your HSA active for future eligible healthcare expenses—this can be a lifesaver down the road.
• If you're moving to a new job that offers an HSA, you can roll over your funds into your new account without any tax implications.
• In the absence of a high-deductible health plan, you still have the option to convert your HSA into an Individual Retirement Account (IRA), allowing for a different type of savings growth.
• Remember, you can use your existing HSA funds for qualified medical expenses even if you’re no longer eligible to add to the account.
• It's wise to consult with a financial advisor who can help tailor your choices based on your unique circumstances.