What To Do With My HSA When I Can't Have One Anymore?

Having a Health Savings Account (HSA) is a great way to save for medical expenses tax-free while having a high-deductible health plan. However, there may come a time when you can no longer contribute to an HSA. So, what should you do with your HSA in that situation?

Here are some options to consider:

• Keep the HSA funds in the account for eligible medical expenses in the future
• Use the HSA funds to pay for current medical expenses until depleted
• Consider converting the HSA to a retirement account if you are over 65
• Transfer the HSA funds to a spouse's HSA account tax-free
• Close the HSA account and withdraw the remaining funds (note: there may be tax implications)

It's essential to understand the rules and regulations surrounding HSAs to make the best decision for your situation. Consult with a financial advisor if you need further guidance on what to do with your HSA when you can no longer contribute to it.

Deciding what to do with your Health Savings Account (HSA) once you can no longer contribute can feel daunting, but rest assured, there are options available. Keep your HSA funds for future eligible medical expenses, which can help alleviate costs when you need it most.