What to Do with HSA When Leaving Job?

Leaving a job can be a mix of emotions, but one thing you need to consider is what to do with your Health Savings Account (HSA). An HSA is a valuable savings tool for your healthcare expenses, and it's essential to make the right decisions with it when transitioning from one job to another. Here are some key steps to take when leaving a job with an HSA:

1. Understand your options: Know the rules and restrictions of your HSA to make informed decisions.
2. Use the funds for eligible expenses: You can still use your HSA funds for qualified medical expenses even after leaving your job.
3. Continue contributing: If you're eligible and have another HSA-qualified health plan, you can keep contributing to your HSA.
4. Consider rolling over the HSA: You have the option to roll over your HSA to a new provider or into an IRA.
5. Avoid non-qualified expenses: Be cautious not to use HSA funds for non-medical expenses to avoid penalties.

By following these steps, you can ensure that your HSA continues to support your healthcare needs effectively even after leaving your job.

When leaving a job, it's crucial to consider the future of your Health Savings Account (HSA). This savings tool remains beneficial for managing healthcare costs, so understanding your choices is the first step.