What to Do with My HSA If My New Employer Doesn't Offer an HSA?

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No new employer HSA: what to do

Having a Health Savings Account (HSA) is a great financial tool for managing healthcare expenses. But what happens if your new employer doesn't offer an HSA?

If you find yourself in this situation, there are several options to consider:

Options for using or replacing HSA benefits

• Keep Your HSA: You can keep your existing HSA account even if your new employer doesn't offer one. Your funds will still be available for qualified medical expenses.
• Use HSA Funds: You can continue using the funds in your HSA for eligible medical expenses. HSA funds roll over from year to year, so you don't have to worry about losing them.
• Contribute to an IRA: If you no longer have an HSA-eligible high-deductible health plan, you can no longer contribute to your HSA. Consider contributing to an Individual Retirement Account (IRA) instead to save for retirement.
• Explore Other Options: Look into other tax-advantaged accounts, such as a Flexible Spending Account (FSA) or a Health Reimbursement Arrangement (HRA), offered by your new employer.

Choosing the best option for you

Ultimately, the best option for what to do with your HSA if your new employer doesn't offer one will depend on your individual financial situation and healthcare needs.

It's a common scenario: you've landed a new job, but your new employer doesn't offer a Health Savings Account (HSA). No need to panic! You can keep your existing HSA active and continue benefiting from the tax advantages it offers for qualified medical expenses.